Does Solana have a future?
Direct from the desk of Dane Williams.
I’m of the opinion that no, Solana doesn’t have a future due to its lack of decentralisation and VC-control.
Solana (SOL) is always in the headlines thanks to its amazing high-speed and low-cost transaction focused marketing.
No matter what you think about either of these points, you have to give the team credit for the way they have spun the narrative their way.
But does Solana have a future as a reliable blockchain platform for decentralised applications?
I’ve previously raised concerns about Solana's centralisation, arguing that it is not worth your time due to its pre-mine and the control exerted by VC insiders.
Recent news of FTX, a major Solana investor, having to sell off their holdings has only further hardened my stance that Solana is dead in 2023.
I’m sorry, no matter how hard I try, I just can’t get up for Solana.
The problem with Solana
The crux of the problem is Solana's pre-mine and distribution of tokens to VC insiders.
The argument is that as a result, Solana is not truly decentralised because a select few have control over a significant portion of the network's governance.
This lack of true decentralisation will have serious consequences for Solana's users, developers and investors.
- For users: It means that their data and transactions may not be as secure as they would be on a truly decentralised network.
- For developers: It means that they may not have as much control over the platform, limiting their ability to build decentralised applications that truly prioritise user security and privacy.
- For investors: it means that the value of their tokens may be subject to the whims of a few powerful actors, rather than the broader community.
Once you get to this point, literally what is the point of being a blockchain?
It not only goes against the principles of blockchain tech, but simple common sense surrounding the performance of blockchain vs other competing tech.
A database and servers would be more efficient
I honestly believe that Solana does not even need to be a blockchain.
I've raised concerns that Solana's supposed advantages in speed and cost could be achieved just as easily with a traditional database and well positioned servers, without the need for a blockchain at all.
If you’re controlled by a handful of people, why are you bothering with blockchain at all?
In my opinion, blockchain was little more than a buzzword used to attract investment from VCs and other investors looking to capitalise on the hype around decentralised technology.
…without any of the decentralisation because you can’t make quick, easy money there.
The truth is, many of the supposed benefits of Solana could be achieved more efficiently using traditional technology.
While blockchain tech has its advantages, such as immutability and transparency, it needs to be implemented in a way that allows them to flourish.
Something Solana monumentally failed at doing.
No, Solana doesn’t have a future
While I don’t believe Solana has a long-term future as a blockchain platform, I do see it having a future as a lightning fast database.
If you’re an investor, I’m sure you can see what I’m saying about the future value of the SOL token.
Solana's innovative technology has certainly captured the attention of some amazing project leads.
But its centralised governance and pre-mine have raised serious questions about its long-term sustainability.
In saying that however, Solana's technology is undeniably impressive.
Its ability to process transactions at the speeds it does is a testament to the project.
As a database, Solana could still have a bright future, even if its blockchain platform doesn't!
Lol.
Best of probabilities to you.
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