The context
Background of our work
The Blockchain Industry is still at its infancy, even with thousands of projects laying on it, trying to bring Decentralization to the masses. Decentralization can empower those that use the technology as it allows anyone to exchange with anyone, freeing them from the constraints of exchanging through a centralized system of the need of a trusted third party.
As such, new projects are being launched to the market, with new concepts emerging and developed to solve certain problems in society, while the technology get more complicated as new demands rise up. From the beginning of the industry, with the birth of Bitcoin, the whole network TPS of 7–10 TPS seems like more than enough. Then come Ethereum, Cardano, TronX, Binance Smart Chain, Solana… Each Blockchain serves each their own purposes.
There are currently more than 1,000 Blockchains in the space and countless platforms built on top of them. The most prominent blockchains include Bitcoin, Ethereum, Cardano, and Binance. Coingecko have listed 6496 coins at the moment, which are either from independent blockchains, or native coins for platforms based on public blockchains. Numbers are astonishing. For instance, Ethereum is a blockchain with its native token, ETH, but hundreds of other protocols serve different purposes and with their own tokens that use Ethereum’s code. The continued growth of the blockchain industry means that these will keep increasing. At the moment, Ethereum and Binance Smart Chain are currently the 2 most active platforms, with most of the dApps are currently running on.
While Ethereum is the biggest platform at the moment, it is currently being challenged by latecomers, one among them is Binance Smart Chain.
At writing time, Binance Smart Chain Daily Transaction has hit the all-time high of 10 Million Daily Transactions, five times more than Ethereum, with just six months of development (compare to Ethereum with more than seven years of development).
This happens due to the fact that Network congestion is becoming more and more problematic with Ethereum. With Ethereum user steady increase since DeFi boom, fees are becoming extremely high, while transactions speed are slower, especially during volatility market conditions. Meanwhile, the fees on BSC are absolutely incomparable when stacked against these on ETH. A transaction would cost an average of $18.5 on Ethereum at the time of this writing, while it would cost just a few cents on BSC. The difference is significant, and it makes network interactions a lot more efficient and effective.
Moreover, despite the skyrocketing daily transactions, BSC was only working at a 52% capacity. Ethereum, on the other hand, continues to be clogged, working at a whopping 98.65% capacity.
That is why lots of new projects are currently developing on Binance Smart Chain instead. Let’s not forget that Binance Smart Chain has its own problems. With Its capacity getting fuller and the fact that Binance Smart Chain has a similar structure compared to the Ethereum Network, it might reach the same status and problems that Ethereum is currently facing. This problem requires a solution: a different Blockchain, with a different structure. That is why eyes of Blockchain investors and developers are pointing to the latest blockchain in town: Solana.
While also young, Solana managed to achieve some serious numbers. With high TPS (about 1400 TPS compare to 15 TPS of Ethereum), cheap fees, and structure that allow upgrading and decentralizing, more and more project are looking to deploy and develop on Solana. With its own unique structure, Solana are the new promising lands that is inviting new projects to build on SOL.
For that reason, we decided to introduce SOL Pad: The first multichain Launchpad platform on Solana, that pushes projects to crowd-funding on both Solana and Binance Smart Chain.
Our platform will allow users to participate in fully secured and reliable features such as crowdfunding, private and public sales, liquidity mining, staking, multichain swapping, and many more. We aim to bring as many cryptocurrencies and as many blockchains as possible into one Decentralized place that you can manage using our Tools. Our pools will offer automatic whitelisting with infallible KYC process as well as several types of swaps available. We also plan to create The First and The Only truly crypto-oriented business incubator.
Last modified 1yr ago