In this video we discuss Ethereum Alternative Networks such as Polygon and Cardano, but specifically, Solana. Each of these Crypto Network alternatives are decentralized networks that allow for decentralized applications and utility such as the creation and transactions of non-fungible tokens (NFTs).
Despite the Polygon blockchain being added on to the OpenSea marketplace – the main secondary market for NFTs at the moment – they have not had much success. Cardano has just recently implemented smart contracts which allows for the creation of decentralized apps and the creation of NFTs on their network. While there is some hype behind Cardano NFTs (I will make a video on them soon!), it appears that Solana is poised to be the winner.
Each of these chains offer quick transaction times with.. NO GAS FEES!!! The main problem for the Ethereum network is the ridiculously high miners fees which occur in almost every transaction. This is due to the vast amount of people entering the crypto space everyday. While Ethereum claims they will fix these problems in the future with ETH 2.0 and staking, it appears that the problem keeps returning with every new NFT news or spike on the network.
Polygon (Matic), Cardano (ADA), and Solana (SOL) appear to be the first alt-coins to enter the race with Ethereum. In the future, I believe many crypto networks will be able to coexist and have different functionalities. Eth may always be the most well respected, but the average Joe will likely look to gas free networks to hop into the NFT space!
In addition, gas free networks allow all new types of NFTs to be created such as NFTs that level up over time or NFTs that you can customize by buying add-ons. This wouldn’t make sense on ETH as you would have to pay for each transaction making it extremely costly to offer these forms of utility.
Do you think Solana will ever surpass Ethereum? How many blockchains do you think will be able to live together in harmony?
Please let me know your thoughts in the comments!
This is not financial advice.
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0:00 New Frontier for NFTs
1:16 ETH Problems
5:44 ETH Alternatives: SOL vs ADA vs Polygon
11:43 Why Solana?
16:06 Solana Marketplaces & Activity (EXPLODING)
19:51 Solsea – The Future of NFTs?
21:08 Outro 🙂
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