Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
I do not see the point in Solana long-term
— Justin Bons (@Justin_Bons) March 10, 2023
It might be scalable now due to it making dangerous trade-offs against decentralization
However, SOL will never be able to compete with truly sharded blockchains
As these achieve greater scalability while preserving decentralization
Bons believes that Solana will never be able to compete with truly sharded blockchains that achieve greater scalability while preserving decentralization.
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.
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.
Arman Shirinyan
Yuri Molchan
Alex Dovbnya
