The developer nicknamed “JHL”, who contributes to the popular DEX and high-speed DeFi platform Serum, said that although Bitcoin (BTC) is the largest cryptocurrency by market cap, it has no functional aspect when it comes to utility. According to him, Solana is a more suitable option for investment. Here are the details…
JHL: Bitcoin will always be one of the fastest coins to trade
Prior to joining Serum, JHL worked as a machine learning engineer at Google and then as a trader at Alameda Research. Speaking at the DCentral Miami conference, JHL said that Bitcoin’s technological shortcomings do not mean it has no real value, as some crypto critics might argue:
I think there are things that might have been in a similar position before Bitcoin, some say gold, and these things are very valuable right now, so this doesn’t mean that the Bitcoin price has to be zero. The interesting thing about Bitcoin is… no matter which Blockchain wins, Bitcoin will always be one of the fastest tokens to trade and one of the cheapest.
JHL further stated that Solana (SOL) is a Blockchain that offers superior transactional features:
Solana is a layer one blockchain. It’s highly scalable, inexpensive, fast to process, and has a bunch of interesting scalability features that it implements. Transactions in Solana can occur in parallel. This is one of the key features that excites me. The other thing is that it scales with real-world hardware scaling.
Compared to Solana Ethereum, the ETH competitor has several cost advantages, according to the expert:
Solana is much cheaper and much faster. One thing a lot of people are saying is that Ethereum is much more decentralized. I think that’s true right now and Solana is doing a lot of improvement… imagine Solana could be more decentralized in the distant future.