Thread by @pythontony

If you have been in the Crypto space for enough time, you must have seen comparison threads of various L1 Blockchains.

Sometimes these are good sources of alpha, while many times these are crafted shilling pitches.

So why another comparison? And specifically Solana vs NEAR?

To be clear, Solana was the first L1 blockchain where I started my BUIDLing journey. Two Reasons:

1.My mentor suggested me
2.It had numerous benefits like speed and low gas

So why did I switch to NEAR?

You see there are some key principles that make any project a true blockchain 💯 This was termed as Blockchain Trilemma by @VitalikButerin

1. Decentralization,
2. Security, and
3. Scalability

The inherently complex architecture of Blockchains makes it really hard to implement all three features simultaneously.

Bitcoin is by far the most decentralized and secure network from all perspectives. No doubt why its so valuable to Web3.0

We miss you Satoshi!!

Ethereum is a very popular L1 chain. But it lacks scalability till now at least.

Its Transactions per Second (TPS) is quite low compared to existing Web2 solutions. For instance,

Ethereum’s 3600 TPS is no match for Financial behemoth Visa, that processes over 100k TPS 😅🫠🫠

Building a network that can onboard Billion+ users to Web3 is a tough task. And Scalability is its Achilles’ Heel 🔱

Solana was launched with this goal to bring the dream of ultra high TPS into a Reality. And you know what;

They Actually Did. At the cost of Security 🤌🏽 But how?

Before coming to security, lemme tell you an important fact.

48% of $SOL Tokens are allocated to Venture Capitalists, and the Company itself.

Such insane private ownership certainly raises legitimate questions on the oligarch nature of Solana.

🤔 Composability?

Coming back to Security, its the most important aspect of Blockchain Trilemma.

In fact, its more like an overall pyramid structure where Security is the bottom-most layer.

Decentralization takes time (increasing nodes) while Scalability is a lifelong process 🤌🏽

For every PoS chain, tokens are the rewards that also maintain its security. Everybody wants to win staking and delegation rewards 🤤

But what if some malicious transaction paases through and corrupts the network?

To counter this, Slashing is implemented. Whenever malicious transactions are committed, some portion of staked tokens by validator is slashed (reduced) as punishment

Solana hasn’t yet implemented Slashing into their network

No automated slashing for sure till now. Manually? 🌝

Multiple exploits and outages signal that Solana definitely needs a wide-scale security audit.

Nobody can forget the $320mn Wormhole Bridge heist. This attack exploited some unpatched Rust contracts in Solana. Altho, the issue was fixed, it was a big 🚩for me to leave Solana 👋🏼

Also, Scalability will soon become a bottleneck for Solana. If you remember from my Sharding thread,

“Solana uses Vertical Scaling. Hence, it would demand more powerful VNs in the future”

Technical limitations are real. Sharding is the most effective solution.

So why NEAR?

NEAR is a truly decentralized network which has all three features of Blockchain Trilemma.

Starting from Security, NEAR has implemented Automatic Slashing by default. Validators are fearful of losing their stakes upon committing bad transactions.

NEAR has implemented the most advanced Sharding design on Earth atm: Nightshade.

It has the fastest block finality time. Hands down to Doomslug (thread soon @supah :ser)

Multi-chain communication has been at the core of NEAR from the beginning.

In Nightshade, each shard acts like a separate chain which can cross-communicate with other chains asynchronously, thanks to State sharding 🤌🏽

NEAR Protocol has been building the future of Web3 since very long. And now, all of it has started to take shape.

Nodes will increase over time leading to more decentralization.

Security is already guaranteed pretty much with no exploits reported till date.

Nightshade makes sure that NEAR scales to Billions of users positively 🤙🏽

I proudly tell everybody that NEAR Protocol is certified Carbon-neutral and environment friendly blockchain network.

We must support projects that advance our technology without causing detrimental effects on our Mother Earth 🤞🏽🍀

Whatever you read above are facts 💯

I am not an official member of NEAR Protocol neither I do promotions

I am also not a shilling agent who sells you shitcoins 😮‍💨

Not asking you to invest in NEAR. But surely asking you to come and build the Future. Coz #TheFutureisNear 🤙🏽🚀

If you liked reading this thread, you can do me a favor by retweeting the below tweet to your network. Once again, thank you so much for paying attention.

Will be back with another thread on Doomslug soon. Till then, Sayonara 👋🏼

Tagging some people coz I believe more people need to realize how important NEAR is for Web3 😇

@NEARmaverick @mattdlockyer @nearsupah @nearbigbrain @ilblackdragon @NEARedu @blocktrain_eth

https://twitter.com/pythontony/status/1513250614850908160

While editing, mistakenly wrote 3600 TPS for Eth. Probably I need a coffee rn for my brain atm 😂

Its actually 30 TPS for Ethereum 😇🤝🏽