The Next Solana? Altchains to Watch Closely

Whenever we mention blockchain, Solana is the name that will always come up. Solana gained a lot of popularity due to its speed, low transaction costs, and support in numerous simultaneous transactions. It is now a powerful competitor of Ethereum. However, as we are aware, technology is a speedy one and every day new blockchains are emerging. The question of the question is: can there be another Solana? In my opinion there are some altchains which are worth our special attention.

Avalanche (AVAX) is one of the blockchains to follow. People refer to it as the Ethernet killer due to its speed of conducting transactions. It has a system that supports thousands of transactions per second and transactions are cheap in comparison with Ethereum. It is good sign as big projects have already begun to be built on Avalanche. I am one of the people who once tried tracing the use of it as a form of decentralized finance (DeFi) and it has a huge potential in the future.

Polkadot (DOT) is also another powerful rival. The only difference between Polkadot and other blockchains is that Polkadot is able to bridge them. Many blockchains can communicate and operate as a single giant system instead of being operated by a single chain, and Polkadot allows this. This concept of interoperability can address a large issue in the crypto sector, as blockchains tend to be disconnected. I consider Polkadot as a long-term project, which has the potential to be very significant in the industry.

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Cardano (ADA) is also something we cannot disregard. Cardano is developed gradually and cautiously. It concentrates on research and scholarly activity prior to implementation of changes. Other people do not like that it is slow, yet others think that slow and steady wins the race. Cardano is developing smart contracts and DeFi applications, and has a highly loyal community. I have observed in Nigeria that ADA is held by many people hence the confidence that people have on it.

Another blockchain which appears to have a lot of promise is Near Protocol (NEAR). It is implemented efficiently as user and developer friendly. The rates are extremely high and the prices are extremely low. The thing that I like best about Near is the ease with which developers can create an app on it. In case of a further increase, it can get numerous users who seek alternatives to Ethereum and Solana.

Lastly, it is worth mentioning Algorand (ALGO). Algorand was constructed focusing on addressing the blockchain trilemma, which is security, scalability, and decentralization. It is already applicable to real life projects including those of government. That is what makes it unique as it is not only about hype, but also about actual adoption.

Finally, Solana is robust at the moment, but the blockchain industry is highly competitive. Such new altchains as Avalanche, Polkadot, Cardano, Near, and Algorand are promising much. Being a Nigerian guy as a follower of crypto, I understand the importance of looking beyond the well-known names and focusing on the potential ones. This next Solana may be right here waiting until the world takes notice.