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Solana (SOL) Doesn't Have Any Long-Term Value, Cyber Capital CIO Claims

Sat, 03/11/2023 - 13:50
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Tomiwabold Olajide
Bons does not see point of Solana's blockchain in long term
Solana (SOL) Doesn't Have Any Long-Term Value, Cyber Capital CIO Claims
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Justin Bons, Cyber Capital founder and CIO, has taken to Twitter to voice his latest criticism of the Solana blockchain. Bons says he does not see the point of Solana's blockchain in the long term.

While agreeing with the fact that the Solana blockchain might be scalable, he claims this is because it keeps making dangerous trade-offs against decentralization.

Bons believes that Solana will never be able to compete with truly sharded blockchains that achieve greater scalability while preserving decentralization.

Solana (SOL): Here's Latest Update Regarding Recent Outage

This wouldn't be the first time Bons would be voicing his criticism regarding the Solana blockchain. In October last year, days after the Solana blockchain recorded a six-hour outage, Bons criticized the network in a long thread of tweets.

Aside from his criticism regarding the outages the blockchain has suffered in recent times, Bons also stated that the Solana team was "unnecessarily centralizing the network."

He claims that becoming a validator on Solana was expensive, as it requires $6 million to run a validator profitably. He makes mention of Solana's proof of history (POH) — a clock before consensus — and Turbine — a block propagation protocol — as trading off decentralization for scalability.

Solana price and news

At the time of writing, SOL was trading at $17.58, up 4.48% in the last 24 hours. Helium, a decentralized network of devices called "hotspots" that provide long-range connectivity for internet of things (IoT) devices, has announced it will be migrating to the Solana blockchain on March 27.

Solana (SOL): Here's Latest Update Regarding Recent Outage

On Solana, NFT trading activity is growing. According to data from Cryptoslam, Solana-based NFT sales increased by 36.50% over the past week to $20.36 million. Sales of NFTs based on Ethereum decreased by 2.37% within the same time frame.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.