Cyber Capital CIO Justin Bons claims that Solana (SOL), which was hit hard after the collapse of cryptocurrency exchange FTX, has no long-term value. Bons also argues that Solana, once seen as a competitor to the leading altcoin Ethereum, has lost its decentralization.
Justin Bons: Solana has no future and no value!
Justin Bons, the founder and CIO of Cyber Capital, shared on Twitter his latest criticism of the once-popular altcoin project Solana Blockchain. Bons argues that Solana’s blockchain will not achieve its purpose in the long run. While Solana agrees with the fact that Blockchain can be scalable, she claims it’s because it continues to make dangerous swaps against decentralization. In this context, Bons makes the following statement:
I don’t see a long-term point in Solana. It can now be scalable as it makes dangerous tradeoffs against decentralization. However, SOL will never truly be able to compete with shared blockchains. As these gain more scalability while maintaining decentralization, it will lose.
Justin Bons believes Solana will never be able to compete with truly ‘shared’ blockchains, which provide greater scalability while maintaining decentralization. This isn’t the first time Bons has voiced his criticism of Solana Blockchain. cryptocoin.comAs you follow, in October of last year, days after Solana Blockchain recorded a six-hour outage, the Bons network was bombarded with criticism in a long thread of tweets.
Along with his criticism of the recent disruptions to Blockchain, Justin Bons also highlights that the Solana team is “unnecessarily centralizing the network.” Also, Bons claims that being a validator on Solana is expensive, as it requires $6 million to run a validator profitably. He talks about Solana’s Proof of History (PoH) consensus and suggests that he foregoes decentralization for scalability from Turbine, a block propagation protocol.
Altcoin price and developments
Helium, a decentralized network of devices called ‘hotspots’ that provides long-range connectivity for internet of things (IoT) devices, announced that it will move to Solana Blockchain on March 27. Meanwhile, NFT trading activity is growing in Solana. Solana-based NFT sales rose 36.50% last week to $20.36 million, according to data from Cryptoslam. Leading altcoin Ethereum-based NFT sales were down 2.37% in the same time frame.
SOL was trading at $17.99 at the time of this writing, up 2.16% in the last 24 hours. The altcoin lost 13.5% on a weekly basis.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.