Etheruem rival Solana will bring 1B people to crypto
- One analyst believes Solana will attract more than one billion people to the Crypto world, as well as overtake Ethereum as the most popular chain.
- Solana’s continued interruptions continue to cast doubt on its success.
Although Ethereum Layer-1 competitor Solana has faced some significant security challenges in the past year, some analysts continue to be positive about it. Cryptoanalysts, the host of InvestAnswers, believe that Solana has the potential to bring a billion more users to the crypto space.
The comments come just a few days after Solana reported another network outage last Saturday, October 1. The analyst added that Solana’s history of outages has been due to the blockchain continually testing its blockchain limits. The analyst added that Solana is “not just another chain,” instead it has the potential to spark the next big wave of crypto adoption. The analyst said:
[Anatoly Yakovenko and Raj Gokal’s] The goal is to bring a billion further to blockchain and yes, that is only achievable by testing limits and these guys have the credentials to pull it off…
Web2 had many crashes. It is normal. It is part of development when you push the limits of something. I always use the Formula 1 analogy – the cars that are the fastest sometimes have the engines that blow up the fastest like Ferrari this season…
But again, think about the chain. Consider the scale. Yes, the code needs improvement. Yes, stability is key. It is still in beta. It’s still a very young chain and adoption is way beyond my wildest dreams as of March 2021. I thought that [Solana would] eat Ethereum’s lunch at this rate? No.
The opposite view of Solana
Although there have been analysts backing Solana as a potential competitor to Ethereum, it has yet to prove its mettle on the ground. Over the past year, the Solana blockchain network has been marred by several major outages, the most recent of which was last Saturday, October 1st.
While there have been enthusiasts who support the growth of Solana, critics on the other hand have pointed out some potential flaws. Following the recent blackout, Justin Bons, founder and CIO of CyberCapital, offered some initial comments about Solana. The crypto researcher points out an “obvious fraud” involved in the birth of SOL. He noted:
Solana has been marred in controversy since its inception with frequent downtime, bugs, hacks and scandals!
Starting with the last “network outage”, Solana was down for more than 3 hours on October 1, 2022! All because of a single validator creating an invalid block. Causes validators to get stuck in the wrong chain and unable to switch back. Stops the whole chain!
This would never happen and has never happened on chains like BTC and ETH! Even more shocking is how the SOL network recovered from this failure “a decision was made to restart the cluster” In other words, the chain was reset in a centralized way using checkpoints!
In his detailed Twitter threadBons pointed out previous instances when Solana has faced several such outages, leaving users at their mercy.
