Solana and Ethereum Rival

The crypto world is abuzz with talk of a potential Ethereum (ETH) challenger, Solana. A popular strategist says that traders should expect to see congregations around this project. With Solana changing hands for $46.35 at the time of this writing, and fellow smart contract platform Avalanche (AVAX) also seeing a bump upwards, it is likely that this could possibly seen as positive news.

Avalanche (blockchain platform)

Avalanche started off as a protocol for solving consensus in a network of unreliable machines, where failures may be crash-fault or Byzantine. The protocol’s fundamentals were first shared on InterPlanetary File System (aka IPFS) in May 2018 by a pseudonymous group of enthusiasts going by the name “Team Rocket”.

It was later developed by a dedicated team of researchers from Cornell University. The research was led by Emin Gün Sirer, a professor of computer science and software engineer, assisted by doctoral students Maofan “Ted” Yin and Kevin Sekniqi. Following the research stage, a startup technology company was founded to develop a blockchain network that would meet complex financial industry requirements.

As a number of sources indicate, “the project was in the realm of academic circles interested in exploring consensus protocols that serve the same purpose of proof-of-work — securing transactions — but are more energy-efficient and have the potential to provide a basis for democratic development and the inclusion of more users in the consensus process”. In March 2020, the AVA codebase (Developer Accelerator Program or AVA DAP) for the Avalanche consensus protocol became open-source and available to the public. In September 2020, the company also issued its native token Avax (an acronym for “Avalanche”).

Solana has been gaining more ground over the past day, with a 0.24% increase in value at the time of writing. Pentoshi says there’s a very good chance that crypto will bounce soon. The markets have been relatively calm for months now but they’re about to swing back into action.

“It feels like everyone will go from saying it’s over, dead, zero to calling for alt season beginning and celebrating on the timeline, just to find out it’s mean reversion off high timeframe pivots. Would put this over 50% chance of happening soon.”

Their are some crypto strategist that predict a possibility that 90% of all altcoins will never revisit their all-time highs.

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