As stated earlier, non-fungible tokens (NFTs) are now more popular than ever before. Non-interchangeable units provide an excellent way of selling any digital item. For instance, the breakthrough of the NFTs in arts, fashion, and toys. This also has led to the revival of the ICURY project. This post will explain and compare which blockchain is the most sustainable.
The current crypto landscape hype leads to multiple blockchains available on the market. But, the challenge is to figure out which ones are the most ‘sustainable blockchains.’ For example, the ICURY project was initially built on the Ethereum blockchain. The goal is to create NFTs by attaching a unique Icecat product barcode as an image. In addition, I am exploring two other popular blockchains, Polygon and Solana.
I compare three blockchains: Ethereum, Polygon, and Solana in the comparison table below.
| Feature | Ethereum | Polygon | Solana |
|---|---|---|---|
| Cryptocurrency | ETH | MATIC | SOL |
| Gas Fee | Very high. Average $3.5. Peak was $71.72. | Very Low. Average $0.002 | Close to zero. Average $0.00025 |
| Throughput | <=15 TPS Handles individual transactions. | <= 65K TPS Transactions are handled in bulk. | <= 50K TPS Transactions are handled using Proof of Stake and Proof of History. |
| Block Time | 14 seconds on average | 2.3 seconds on average | 0.610 seconds on average |
| Consensus Mechanism | Proof-of-Work. | Proof of Stake, Plasma-enabled sidechain. | Proof of Stake and Proof of History. |
| Programming Language (Smart Contracts) | Solidity | Golang, solidity, and Vyper | Rust, C, and C++ |
| Github | Open Source | ||
| Architecture | Stateful. The complete network needs to update the copy for reflecting the new transaction. | Stateful. (Carries from Ethereum) | Stateless. The complete network need not be updated upon every transaction. |
| Top DApps Projects | 3032+ DApps | 720+ DApps | 39+ DApps |
| Scalability | Slower | Fastest | Fastest |
| Security | Very secure | Very secure (Carries from Ethereum) | Relatively less secure |
| Stability | Very stable | Very stable | Not stable as it is still in beta. It suffered a 17-hours downtime in Sep 2021. |
| Sustainability | High CO2 emission | Eco-friendly | Eco-friendly |
| Market Cap (in billions) | $376 | $15 | $42 |
| YTD Token Performance (%) | +7% | +6,104% | +12,010% |
| Crypto exchanges. Liquidity based (Top 5) | BitFinex Binance.com gate.io Gemini Coinbase | Binance.com gate.io Gemini Coinbase Binance US | BitFinex Binance.com gate.io Binance US Crypto.com |
| NFT marketplaces (Top 3) | LooksRare Opensea CruptoPunks | Opensea Aavegotchi Playdapp | Magic Eden Solanart SolSea |
To conclude, Ethereum has the most pivotal role in building the backbone of decentralized finance. For that reason it has a firm footing in the industry. The Ethereum blockchain scores are, for example, high on security and stability parameters. But on the other hand, it scores low on throughput and fee of transactions. On the other hand, Solana and Polygon are relatively new. That is why it is hard to say who will win in the long term.
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