Centralised Solana is not Web3

5 mo
LeoFinance
3 Min Read
514 words

Centralised Solana is not Web3.

Direct from the desk of Dane Williams.




A look at why Solana should not be part of the Web3 discussion.

Hey, I love Solana.

The Solana network is awesome and has developers building some of the coolest shit in the entire crypto space.

But let’s be Frank here.

If the underlying network housing this decentralised ecosystem is centralised, does it really matter?

While they’re technically building an ecosystem of dApps that can be accessed using a single Solana address, the centralisation of the Solana network itself means it is not truly Web3.

The Solana/Facebook analogy

I’ve previously talked about the concepts of the Metaverse and Web3 being intertwined at their core.

Something that is extremely relevant when you compare Facebook’s foray into building a closed Metaverse with the centralised Solana’s Web3 credentials.

Once again, Solana works faster and is much cheaper to use than Ethereum - nobody is denying this fact.

This is why the network and therefore the associated SOL token, has seen such insane growth.

But just like Facebook exists as Zuckerberg’s plaything to serve its shareholders, Solana is nothing more than a slightly less efficient database run by it’s VC-backers.

Solana is a blockchain in name only.

Solana does not offer a true Web3 solution

When it comes to discussing who owns Web3, we too often see networks like Solana form a major part of the discussion.

Their money and powerfully intertwined backing ensures their place at the table, whether they actually deserve to be there or not.

The fact of the matter is that Solana is centralised.

I mean if just a select few validators can restart the entire Solana network, then I’m not sure that there’s an argument to be made against this statement.

In order to offer a Web3 solution, the underlying network that this open and interconnected family of dApps are built on, must be decentralised.

Solana offers a solution.

When you look at Solana in the above light however, you can clearly see why it shouldn’t be viewed as a true Web3 solution.

Hive offers a decentralised base layer that is truly Web3

One blockchain that fits the bill as being able to provide a decentralised base layer for a truly decentralised Web3 ecosystem is Hive.

With no VC-backing or pre-mine of any sort, Hive’s tokenomics that focus around distributing inflation via a rewards pool, have ensured an extremely diverse spread.

You will find that when it comes to the HIVE token, no single entity currently holds more than 5% of the total supply and has all but zero opportunity to accumulate a controlling stake.

With a community already focused on building and interacting with an ecosystem of social and gaming dApps, if anyone should be a part of the wider Web3 discussion, it is Hive.

To create your own Web3 Hive account using your Web2 Twitter login, simply head to leofinance.io and click the get started button at the top.

The discussion starts here.

Best of probabilities to you.

Posted Using LeoFinance Beta


https://twitter.com/forexbrokr/status/1483283998520791042
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

0

Solana is such an insult to crypto with only one thing in mind - making more money for VC funds that funded the development of this monstrosity.

I was watching Chico talk about the problems with centralized chains like Sol and BNB and the problems go much deeper than simple centralization.

Most validators are owned by the businesses running these chains and the protocol doesn't seem to allow them to produce blocks on a fair basis. The whole process is rigged and they are nothing more than Google spreadsheets disguised as blockchains.

I pitty those that see any long-term value in these scams but I would also not be surprised to see them dominate the market for one more cycle if ETH fees don't get resolved.

Posted Using LeoFinance Beta

4

That is true but dont you think that centralization will eventually be the downfall?

After all, even big tech is facing some headwinds from regulators, albeit minor in comparison to the power they wield.

Those chains that are centralized will end up having to adhere to the regulators, furthering their unattractiveness when they start shutting people and projects down.

Posted Using LeoFinance Beta

1

I actually just finished writing an article about this.

Centralized databases will eventually become victims of their own wrongdoing but their owners will probably make a shit ton of money before that day comes.

It's hard to see them gather praises from the uninformed right now but that is what bear markets are for. When people start losing money only then do they start to do their own research and that phase should be fun.

Regulation will eventually render most of them obsolete so even if the users stay with the lie it will have to collapse on itself eventually so we 100% agree on this one.

Posted Using LeoFinance Beta

1

I have a feeling if you went through the entire crypto system, this is what you would mostly find.

This is a point that Dan keeps bringing up. He frames it in a way that points to the eventual regulation that these chains will be pulled under. Since they are centralized, there is a door to knock on.

With Hive, who are you going to visit?

Posted Using LeoFinance Beta

3

This is the key. If you can not get shut down because there is nobody that can shut it down... the project will survive long term. Hive looks good. BTC looks good. BSC.... not so much. SOL... nope.

1

I really enjoyed the pod that you did with Dan when he talked about this.

Well worth a listen if anyone else is reading this and interested.

Posted Using LeoFinance Beta

0

It's not just Solana. They are much better than some of the other messed up jokes we have. Solana is actually trying to do something. They might eventually make things more decentralized too (hopefully!)

Hive should go around and promote ourselves. We've got so many things done better than many top crypto. I belive Hive should be above BTC. If we had EVM compatible chain attatched I'd say we're better than ETH.

Posted Using LeoFinance Beta

3

They might eventually make things more decentralized too (hopefully!)

Reading this always makes me laugh.

Like how Binance talks about their end goal with BSC to decentralise their branded chain.

On what planet do companies with obligations to investors and shareholders just gift entire profitable aspects of their business to society?

Never going to happen unless the communities take it upon themselves to fork them out and go it alone.

Posted Using LeoFinance Beta

0

I don't use Solana because I don't use any crypto currency that I don't know were they are going. I can trade Solana but I don't invest on them

Posted Using LeoFinance Beta

3

Are you still longing SOL?

Posted Using LeoFinance Beta

0

Short

Posted Using LeoFinance Beta

0

I did not know this, I will do more research.

Posted Using LeoFinance Beta

0

Cool.

Come back and add your opinion in the comments when you've researched a little bit more.

Posted Using LeoFinance Beta

0

Hive kind of has a premine. The stake that was ninja-mined by steemit-inc is still in play... it is just being used to fund proposals (which is decided on by DPoS governance). Far more decentralized than most project... but the premine bit is up for debate.

If they ditched the ninjamine at the fork... we'd be free and clear of it.

3

I still think there is more value in having this stake in a DAO than ditching it.

Being no longer in play when it comes to governance is the key.

Posted Using LeoFinance Beta

0

Ya, the way it was done was decent for sure.

0

They are screwed if they ico'd.
The sec will get to them when it hurts investors the most.

4

by any chance do you know if you can link another Twitter account to Leo? When I signed up I used a Twitter account which I am now permanently suspended from, speaking of Centralization haha.

Posted Using LeoFinance Beta

2

I actually signed up a friend using one of my own Twitter accounts and I'd like to know the answer to this as well.

While I'm fairly sure you can't update the Twitter, it actually shouldn't matter once they have their keys which they can change anyway.

Maybe ask in the support section of the LeoFinance Discord to double check.

Posted Using LeoFinance Beta

0

yes, I'll chat with them on Discord. The main reason is now I can't syndicate my LEO Posts to Twitter automatically and participate in POSH.

Posted Using LeoFinance Beta

0