Billy Markus, known on Twitter as Shibetoshi Nakamoto, one of the two IT engineers who created original meme coin DOGE, has taken to Twitter to comment on what, in his view, turns popular cryptocurrencies into useless ones.
He also specifically shared what he thinks about the Solana blockchain.
Crucial advice on improving popular cryptos
In a recent tweet, Markus stated that he believes high transaction fees on popular blockchain platforms makes them "broken garbage."
"Scale the tech or ngmi" was essentially his recommendation. NGMI is the opposite of WAGMI ("we are all gonna make it") and stands for "nobody's gonna make it."
real talk, high gas fees / high transaction fees in popular cryptos essentially make them broken garbage— Shibetoshi Nakamoto (@BillyM2k) May 3, 2023
scale the tech or it’s ngmi
Bitcoin and Ethereum, the two leading digital currencies, are best known for their frequently raised transaction fees (and low speed of transfers during periods of congestion). Ethereum fees to mint NFTs sometimes also surge to staggering levels.
In February this year, gas fees on Ethereum spiked to new highs. In mid-January, it cost 0.0029 ETH (the equivalent of $4.52) to send ETH on-chain. Two weeks later, this figure soared to 0.0031 ETH, or $5.14 per transfer. Currently, the gas fee on Ethereum stands at roughly 95 gwei, $0.0002.
Markus slams Solana as useless
Smaller blockchains are trying to solve this problem by offering Layer 2 solutions for Ethereum, such as Artbitrum One, Polygon Hermez, Shibarium and many others. As for Shibarium, it has so far been launched in beta called Puppynet. It offers a higher speed of transactions and a lower cost to send them.
In the comment thread, a Twitter user posted a meme featuring Nano; however, Billy Markus responded that he had meant only popular cryptos. When somebody mentioned in the comment thread that "Solana fixes this," meaning gas fees, Markus bashed this blockchain as a "centralized database and does not solve anything."
solana is basically a centralized database though, it doesn’t really solve anything— Shibetoshi Nakamoto (@BillyM2k) May 3, 2023
As a reminder, the Solana blockchain went down several times in 2021 and 2022. The team had to restart their ledger every time.
As for transaction fees of Dogecoin co-founded by Markus, it is known to have very low fees. Several times this year, U.Today has reported massive DOGE transactions made by whales for a fee lower than $1.
In 2021, vocal fan of Dogecoin Elon Musk emphasized in a tweet that it is very important for the DOGE team to keep transaction fees low, so that Dogecoin may continue to remain the "people’s currency."