One Solana Node To Rek Them All
In today's edition of YIYL (You Invest, You Lose) we head back to the Ethereum killer that only tends to kill itself, the big money, high speed, and super centralised venture capital coin, Solana. The high-flying blockchain has offered low fees and high-speed transactions for the sake of everything else, its main goal was to get the degens to move to their ecosystem and then encourage a lot of gambling so they could turn a profit off selling their token, and profit they did.
I think by now, all the pre-mine and seed round guys have dumped and it's all about pretending this token has a future so that others like developers and early bag holders can sell out. Solana came with much praise and a lot of backing and reminds me a lot of EOS, and where is EOS today after its multi-billion dollar ICO?
Solana, the chain that works during business hours
Solana has had its fair share of hacks and network failures in its short time of existence and it doesn't seem to be slowing down anytime soon. The latest in its series of fails happened a few days ago, on Friday.
According to reports, misconfigured node caused the Solana network to stop processing transactions and go offline and this makes it the fourth major outage for the popular blockchain since January when it had a string of partial outages.
“A validator was running a duplicate validator instance. Meaning when it was their turn to produce a block, they produced one from each instance, for the same slot, so some validators saw the one block, some the others, then couldn't agree which one was correct.”
If you are going to be a payment network, instead of a tech company you have to be able to maintain uptime and not have to rely on dev's frantically trying to reboot your systems and get your nodes back up. It shows that the complexity and trade-offs made to drive speed at low fees on an L1 leave you open to system-critical faults.
I think when we see things like this it just shows you how valuable the bitcoin network is and why bitcoin has made certain trade-offs to ensure it is reliable and doesn't need intervention every damn month
https://twitter.com/laine_sa_/status/1576006308179759104
Talk about the price
Following the outage, the network’s token has shed over 4% of its value in the last 24 hours, which isn't a surprise because SOL bros are gluttons for punishment and as this has become a common occurrence, it seems users and traders of the coin aren't too phased.
It also shows that the utility of the chain has sweet blue fuckall to do with the price and people who trade this coin are only looking to sell it to a greater fool.
If you are a SOL bro and you haven't been wrecked by their 99% drop in trading on NFTs, rekt by the hacks on the bridges or rekt, rekt by the news that 1 developer was pretending to be an entire ecosystem of DEFI apps, by the price action, then you must be one of the lucky few. It seems the only ones making money at Solana are the IT team who are on call to keep the chain up and running lol.
https://twitter.com/SolanaStatus/status/1576010340248084481
Sources:
Have your say
What do you good people of HIVE think?
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The most important point missing from these talks about Solana is EOS (and its fork TELOS) that offer feeless transactions and almost as fast transactions without the problems experienced by Solana. They have 500ms block time which is only 0.1 seconds longer than Solana's. Average user should not even feel a difference.
The problem is Solana has a lot more marketing power while a community fork like TELOS has virtually none. EOS dropped the ball a long time ago. They could have done so much with $4 Billion USD; yet did very little.
!PIZZA
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Forked communities are just a hobbyist past time, of the current liquidity in the space, there are so many dead projects floating around but because people don't realise it, and they can still convince others to come in it keeps limping along
Interesting your comment, I always learn a lot from you
Thanks for this comment. On EOS we think the same way, even in my opinion TELOS has potential that is not yet well in sight.
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Thanks for this update. In your post you mentioned EOS, a project that has never fully convinced me. Between Solana and Eos I would choose SOLANA. It seems to me that there are some good plans on Solana, but what you say about Solana is true, that is, it doesn't work very well. However, they have also done a physical shop and their cell phone will be released. I don't think Solana is a project that will drop as much as EOS. I would like to say that today Solana is too big to fail.
I think you have to define what fail is, if the fact that its not going to zero and that there are still people trading it means its not a fail, then no crypto is a fail. Its a pretty low bar, all these chains were meant to steal market share away from bitcoin and all so far have failed and continue to fail in my opinion
excellent reasoning, in fact I tend to think that failure is when the token has a value close to zero, as practically happened for the LUNA token, but actually your reasoning is smarter than mine