Solana vs. Ethereum Explained

12.04.2022

If you purchase crypto on our website (or even some other platform), you may have noticed that for some coins, USDC in our case, you can choose between using the Solana or the ERC-20 (Ethereum) network. What does it mean? We have already briefly talked about both networks separately, but let's take a closer look at what each of them could mean for your crypto.

ERC-20

The ERC stands for “Ethereum Request for Comment”. This network is already well-established and known to be compatible with many digital coins. The ERC-20 standard is supported by most crypto wallets. Due to its popularity, many smart contracts based on this standard are widely used for NFT creation, as well as other applications and features in the virtual world. Many argue that specifically Ethereum networks are the future of the metaverse, but this bold statement also comes with a certain price.

Pros of ERC-20:

• Well-established and popular
• Supported by most wallets
• Widely and universally used
• Foundation for many other protocols

Cons of ERC-20:

• High gas fees
• May be slower at times

Solana

Solana is known as Ethereum's younger upgrade and possibly future competitor. The network aims to provide a more cost- and time- efficient solution. The most prominent feature of this network are the ridiculously low fees and speedy transactions at a fraction of the standard speed. Many in the crypto community think that Solana has the potential to overtake Ethereum, but even Solana's protocol has its own flaws.

Pros of Solana:

• Low gas fees
• High transaction speed
• Strong performance as a newcomer on the market
• High potential

Cons of Solana:

• Supported by less wallets
• Still relatively new, not as established

So… What does this mean for me as a customer?

When purchasing USDC, the service can be hosted on either ERC-20 or Solana. With ERC-20, you are guaranteed a high level of compatibility and security, but at a higher cost. Solana gets you a low-cost, speedy transaction, but may not be fully compatible with all crypto wallets.

Can I choose the network that suits me?

Absolutely yes! At Crypto Voucher, we always advocate maximum convenience to your specific needs. It's fully up to you which network to select, whether you prefer a low-cost solution or the one that is already well-known in the market. When buying USDC at our website, you'll see the field called “Network”. If you click the drop-down menu, you can choose between either ERC-20 or Solana. Don't worry, if the ERC-20 fee is too high for your transaction, we will notify you to choose the other option.