Centralised Solana is not Web3

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a year ago - 2 minutes read

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