Many blockchain-based projects are being compared to Solana, but Bitrise coin has so many striking similarities, especially the ecosystem, according to the crypto community. Bitrise is a mooning crypto project that is already causing a lot of excitement in the crypto market.
Solana is an open-source blockchain protocol that enables users to develop dApps on its ecosystem. It is the fastest-growing blockchain today and currently the biggest Ethereum competitor. The team is working on addressing Ethereum shortcomings: scalability, security, sustainability, and high transactions.
Bitrise is a Defi protocol built on Binance Smart Chain. The team is developing a decentralized financial system that will address the problems with the traditional financial system problem as well as challenges in the current DeFi protocols. The team is building a blockchain-based platform that is scalable, more secure, sustainable and offers low fee transactions.
With almost the same problem to fix, both protocols share a lot in their ecosystem models. The consensus protocol is one of the areas that both ecosystems share a lot. Both ecosystems are running on the Proof-of-Stake consensus protocol, which is widely hailed for its better scaling and security.
PoS consensus method uses validators, who are token holders that stakes their tokens, to verify all transactions occurring on the blockchain network. This makes it difficult for hackers to execute a trade on the blockchain, and that’s the security of both protocols has been improved.
The PoS protocol is also changing the mining of new blocks, where validators are creating new blocks. The process of creating new blocks is fasters, and the scalability of Solana is better than Ethereum. Recently, Solana reached the 50,000 transactions per second mark, making it the fastest blockchain so far.
Both ecosystems are designed to host multiple products. Both teams want to provide their users with everything they need in a decentralized financial environment. Solana is far leading with the number of products it has on its ecosystem. According to the official website, Solana has more than 400 projects, including Web3, DeFi, and NFTs, running on its ecosystem.
Bitrise already has Bitrise Audits, Techrate Audi, and the popular dApp wallet on its ecosystem. The team has also announced that the exchange is coming up soon, and it’s in the development stage. Recently, the team announced the start of blockchain research, and all this is geared towards increasing products in the ecosystem.
Both Solana and Bitrise ecosystems are still in the development stage but are already causing ripples in the crypto market. They are highly potent projects, and a lot is expected as the protocols continue to develop.
Author: Britney James