Solana vs Cardano: What to Buy in 2024 ADA or SOL? | OWNR Wallet

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Solana vs Cardano: Which coin is better for your money?

2024 marks an exciting time for crypto investors as the rivalry between two of the leading crypto projects intensifies. In this regard, two of the forerunners of blockchain technology are the Solana and Cardano platforms.

Solana (SOL) and Cardano (ADA) are emerging as some of the top crypto assets of the new decade, both Solana and Cardano are popular cryptocurrencies that offer a variety of features and benefits and picking one over the other is no simple task. In this article, we’ll compare and contrast Solana and Cardano on different metrics to determine which crypto asset might be the better buy in 2024.

What is Cardano?

Cardano is an open-source blockchain platform that utilizes advanced cryptography and state-of-the-art consensus mechanisms that seek scalability, security, and sustainability for decentralized applications (dApps) and smart contracts. The Cardano protocol and cryptocurrency (ADA) were created by leading academics from around the world in partnership with several global industry leaders.

Created and developed in part by Charles Hoskinson, one of the co-founders of Ethereum, as an efficient means for creating decentralized applications (dApps).

Cardano: Main features

Cardano uses a layered architecture comprising two different technologies: Ouroboros, which provides proof of stake (PoS) validation for network transactions, and the Haskell programming language, which ensures high scalability with minimal maintenance costs. 

Additionally, Cardano’s innovative contracting capabilities allow users to create sophisticated digital contracts that are more secure than traditional debt contracts by utilizing multi-signature permissions and parameters such as time limits or unlocking conditions when funds can be released from escrow accounts. 

Where can I buy Cardano?

Are you looking for reliable storage of your Cardano coins? Look no further than OWNR Wallet. At OWNR Wallet, you can purchase and store Cardano (or ADA) with ease. This high-security multi-currency crypto wallet is a safe and convenient way to store, manage and transact with ADA tokens. So don't miss out - download now and register yourself under OWNR Wallet to conveniently store all your assets, including Cardano tokens, today!

What is Solana?

Solana is a public blockchain network that seeks to provide developers with an easy yet secure way to create applications without any limitations on scalability or performance challenges of existing Ethereum-based blockchains. It was founded in 2017 by Anatoly Yakovenko, an early Bitcoin developer with experience at Microsoft and Qualcomm, and Greg Fitzgerald, who worked for Google Fiber. 

Solana is powered by its protocol, Proof of History (PoH), which allows it to process up to 50k transactions per second without sacrificing decentralization or security. This technology makes it one of the fastest consensus algorithms currently developed on top of a distributed ledger system.

Solana: Main features

Solana’s distributed ledger protocol is a uniquely scalable, energy-efficient, and censorship-resistant platform for powering decentralized applications. Solana stands apart from the competition due to its WebAssembly-based smart contract system that enables developers to create new dApps quickly in any language they choose.

Solana also uses a revolutionary consensus protocol known as “Proof of History.” This novel approach allows the network to process more than 50,000 transactions per second while providing robust security and scalability capabilities. Additionally, Solana was designed with other key features in mind; it offers near-instant finality through its fast block time (400 ms) and utilizes proof-of-stake mechanisms for efficient staking opportunities without bogging down Ethereum networks or experiencing high fees.

Where can I buy Solana?

OWNR Wallet is the best place to purchase and store Solana safely. With its built-in exchange and 24/7 customer support, it provides a smooth experience for anyone looking to invest in crypto assets. Setting up an account takes only minutes – download the app from your device’s App Store or Google Play Store, register with your email address or phone number, and get started with secure cryptocurrency storage right away! Investing in cryptocurrencies has never been easier – so why wait? Download OWNR Wallet now and start storing Solana in no time!

Cardano vs Solana: Exploring the key differences

Creation: Cardano and Solana are two distinct blockchain platforms that have been created to provide businesses with a comprehensive suite of services. Cardano was created in 2017 by IOHK (Input Output Hong Kong), a team led by Charles Hoskinson, one of Ethereum’s founders, while Solana came into existence shortly after, with its mainnet going live in 2020.

Consensus: Cardano uses an innovative consensus protocol called Ouroboros that requires nodes to sign off on blocks every round before reaching finality. It is considered more secure than other blockchain systems. On the other hand, Solana implements its own proof-of-stake consensus algorithm known as "Proof of History," which does not require any significant computation from each node in order to reach finality quickly and provides scalability for high throughput use cases.

Value: Cardano is the 8th largest crypto asset with a total market capitalization of over $12 billion, making it one of the top-tier cryptos in terms of valuation. On the other hand, Solana's market cap ranks lower at 10th place among all coins having a higher current price per token (around $23) than that of Cardano ($0.35). Cardano has a larger market cap than Solana but is outpaced by Solana's rapidly increasing transaction speeds.

Growth: Cardano has a strict staking economy model as its core consensus protocol, there must be a fixed upper limit to its coin supply that incentivizes investors since no new coins can be created. The same cannot be said for Solana because it has a reserve-based inflationary monetary policy which means more coins will continually enter the system over time without any deflationary measures taken against them, resulting in higher circulating supplies both now and in the future.

How it works:  Both Cardano and Solana employ sophisticated algorithms designed for scalability, so transactions can be executed quickly without sacrificing network security or decentralization qualities. With their innovative implementations of novel cryptographic protocols and software development techniques, such as consensus-sharing mechanisms and smart contract automation systems., Cardano and Solana allow companies to effectively manage large amounts of data securely within distributed ledger networks.

Purpose: Cardano uses an innovative proof-of-stake consensus mechanism to allow for scalability and faster transaction speeds than other blockchains. On the other hand, Solana is designed for large-scale enterprise use cases such as DeFi and gaming platforms. Its unique Proof-of-History algorithm ensures fast transactions with low latency while providing enhanced security features compared to traditional blockchains.

Blockchain validation processes: Blockchain validation is the process of confirming transaction blocks by specific validator nodes. Cardano uses a Proof-of-Stake (PoS) consensus algorithm to validate transactions, while Solana utilizes a Proof-of-History (PoH) protocol for its transaction validations.

Mining: In terms of mining, Cardano relies on stake pool operators who use their own resources to mine blocks and earn rewards in return. On the other hand, Solana has no miners as it is based on an asynchronous Byzantine Fault Tolerance system, allowing nodes to reach consensus without needing miners or stakers.

Transaction speed: Cardano has a much slower transaction speed than Solana. Cardano network can handle up to 250 TPS (transactions per second) while Solana can process up to 65k TPS with less than 500ms median confirmations time.

Transaction fees: The Solana network has an extremely low transaction cost of $0.00025 per transaction. On the other hand, The average Cardano fee for a transaction is about 0.16-0.17 ADA, which in USD is about a penny or two.

Block time: Cardano’s average block time is 20 seconds whereas Solana has an impressive 400-milliseconds average block time because of its Proof of History Time Stamping technology.

Supply:  As of January 2023, the circulating supply of SOL is 370 million tokens with no capped max supply, making it an inflationary asset. In contrast, Cardano has a total fixed supply of 45 billion tokens, of which about 34 billion are now in circulation.

Cardano or Solana: Detailed comparison table






Year Developed



Market Capitalization 

$8.5 Billion

$12 Billion

Number of Coins

370  Million

34 Billion

Maximum Number of Coins


45 Billion

Solana coin: Pros and Cons

Advantages of Solana

  • Transaction Speed: With its customized consensus protocol, "Proof of History," Solana can deliver over 50,000 transactions per second—far more than other major blockchains like Ethereum and Bitcoin.
  • Cost Efficiency: Due to its unique modular design and hardware optimization, conducting transactions on the network requires less computational power (and thus less cost) compared to traditional networks.
  • Durability & Security: All data stored on the chain is redundantly replicated to ensure durability in case of an outage or attack by malicious actors. Additionally, all messages sent on the ledger are cryptographically signed, ensuring trustworthiness throughout each transaction process.

Disadvantages of Solana

  • Decentralization: Solana has been criticized for not being decentralized enough, as many validators appear to be connected in a hub-centric pattern which could make the network susceptible to certain attacks should one actor gain too much control over consensus decisions.
  • Fewer Projects: Solana is a relatively new blockchain network, and therefore there are few development tools available for developers building apps on the platform until the ecosystem matures further — increasing the complexity of the app development process significantly.
  • Inflation: Solana does not have a set supply of coins making it an inflationary token. Solana started boosting the annual supply of SOL tokens by 8%. That indicates that the inflation rate will fall by 15% every year until it reaches 1.5%, at which point it will stop falling.

Cardano coin: Pros and Cons

Advantages of Cardano

  • Scalability: One unique advantage that sets Cardano apart from other blockchain-based platforms is its scalability. It uses advanced "Proof-of-Stake" technology, which allows the network to scale up or down depending on how much activity it needs to manage. This makes it ideal for enterprises and businesses with limited resources but requires secure data storage capabilities.
  • Security & Reliability: Cardano is reliable, with built-in redundancy measures such as decentralization and an error detection system that reduces downtime significantly compared to traditional IT systems. Moreover, its cryptographic protocols provide top-level security against malicious users or external threats like hacking attacks, ensuring the utmost privacy and protection for every user's data.
  • Cost Effectiveness: The use of Proof-of stake consensus algorithms has enabled developers to minimize overhead costs caused by electricity bills associated with running Bitcoin mining rigs and ASICs (Application Specific Integrated Circuits). Therefore, web applications created using this platform are not only cost-efficient but operate quickly, too, since they do not require immense amounts of energy needed when processing transactions.

Disadvantages of Cardano

  • Adoption Speed: Cardano has had issues concerning adoption speed; recently noted was an update within their network which caused some users difficulty when attempting any transaction while requiring manual intervention on certain accounts related to said outage/update period - expanding upon their already existing userbase could prove problematic based on prior experiences surrounding such events and similar technical issues within development stages overall.
  • Technology: Cardano is still in its very early stages, so some technical issues exist. It's less widely used, tested, and established than most other cryptocurrencies. This can make it challenging to use since many wallets don't have full compatibility with the system yet.
  • Limited Functionality: For now, the majority of Cardano nodes are run by one company only—IOHK—which limits access points for users and may lead to problems like centralization if this situation does not change soon enough. 

Solana vs Cardano: Are there any similarities between the two coins?

Yes, there are some similarities between Solana and Cardano. Both coins leverage a secure, sophisticated blockchain system for their transactions, which is capable of providing speedy settlements at scale with utmost security. Additionally, both have implemented smart contract technology to provide functionalities that allow users to send and receive payments more efficiently without understanding the technical aspects of cryptocurrencies or blockchain networks. 

Both networks also have delegated proof-of-stake systems, which users can use to validate transactions and prevent double spending and fast transaction rates. They both also offer scalability solutions for their respective networks via sharding technologies like Gossip Protocols or Adaptive Proof-of-Stake + Sharding designs. 

Which is a better investment: Ada or Solana? What should I buy?

Investing in digital assets is highly risky and can result in substantial losses. That's why Due diligence is highly recommended before investing in any token, including ADA or Solana. There are several factors to consider when deciding which cryptocurrency you should buy – its risk-return profile, underlying technology, fundamentals, the team's project vision, etc. 

As such, it would be hard to provide custom advice on which coin should be bought without knowing one's financial goals, risk appetite, investment strategies, etc. Ultimately you will have to decide based on your own research and analysis of available data points.

Final words: Is Cardano or Solana better?

Finally, Both Cardano and Solana have their own set of advantages and disadvantages that may be more or less suitable for your needs, so it's difficult to say which one is better overall. Some key factors you should consider when researching the two include scalability, speed/throughput, transaction fees, privacy/security protocols, and smart contract capabilities. So it comes down to the individual's specific situation when deciding which platform will better suit their requirements.


Should I invest in Solana or Cardano?

Investing in cryptocurrencies involves a degree of risk and is best pursued with caution and due diligence on the part of the investor. Do your own research about all available options before making any investment decisions. Additionally, sound financial advice should always be sought to decide if cryptocurrency investing makes sense for you personally.

How high will Cardano go?

There has been much speculation about how high Cardano's price may go due to its innovative technology and potential use cases. Many analysts believe it could eventually reach an all-time high, given that its current success suggests great potential for continued growth over time. However, predicting future prices is always difficult, and any projections must be taken with a grain of salt as market conditions can often cause dramatic changes in value quickly.

How high will Solana go?

Many are beginning to see Solana as a reliable long-term investment opportunity. With close partnerships with established tech companies such as Microsoft Azure and Twitter accelerating development, the sky may be the limit regarding where Solana can go in price value.

What is the difference between Cardano and Solana?

Cardano is a Proof of Stake platform built using a custom blockchain algorithm called Ouroboros. At the same time, Solana utilizes PoS consensus but uses its own novel protocol known as "Proof of History." Cardano also employs more advanced encryption techniques than Solana for added security. Thus these two projects can be seen as complementary rather than competitive in nature due to their variations in focus and design approaches.

Which is faster, Cardano or Solana?

While both systems perform well in terms of transactions per second (TPS), Solana edges ahead as its consensus algorithm is a lot faster than Cardano’s Ouroboros Protocol and can provide blazing-fast speeds up to 50 000 TPS compared with 7-20 TPS for Cardano while keeping costs incredibly low.

Is Solana worth more than Cardano?

As of January 2023, Solana is priced higher than Cardano, with a current price of $19.48 compared to Cardano's price of $1.07.  Some experts predict that Solana's value will exponentially increase in the coming years due to its superior tech features, including quicker transactions and significantly lower per-transaction fees. Whether or not this will come true remains to be seen; however, it's clear that investors are optimistic about the prospects for both projects.

DISCLAIMER: None of the authors, contributors, administrators, or editors connected to OWNR Wallet encourage readers to invest in Solana or Cardano without proper research. This article is purely for educational purposes only.

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