Solana has recently faced criticism on the social media platform over alleged deceptive designs to inflate usage falsely. The controversies seem not to end as the virtual asset network doesn’t respond to the claims postulated on Twitter.
Solana Married to Deception Since Its Introduction
The founder and CIO of Cyber Capital, Justin Bons, made some concrete arguments concerning the Solana network. The comments were based on a lengthy Twitter thread when he commented that Solana had been marred in controversy since its foundation.
The network has recently faced frequent failures, hacks, and scandals. Justin has been skeptical about the virtual asset; therefore, he has decided to put together an incomplete and short SOL’s skeletons. He and his team are working down a colorful history of fraud, deceit, and dangerous trade-offs.
“Solana has been marred in controversy since its founding With frequent downtime, failures, hacks & scandals! This is why I have put together a short & incomplete history of SOL’s skeletons, Working our way down a colorful history of lies, fraud & dangerous trade-offs.”
Bons engaged followers by providing sources that had data, as he had earlier discussed. He argued that Solana’s history directs to bad behavior. The digital network utters hypocrisy concerning the circulating supply (8.2 million), which is more than 20 million on the ecosystem, and the transactions it makes. In a statement, Justin commented that the SOL ecosystem is complicit in faking peak TVL numbers.
Justin also remarked a third party that encountered an unlocked Solana wallet containing over 13 million coins. These reports hit the organization’s deepest corners such that it argued that those SOL tokens were loaned and issued to a market maker. They presumably take control to burn them within 30 days.
Solana is a decentralized blockchain network that enables scalable user interfaces that are friendly apps of the universe. Regarding transactions, the virtual network takes as much as 50,000 transactions per second (TPS). The average costs in one transaction are regarded as low as $0.00025 per second. TPS of the blockchain is higher than that of Ethereum, which undertakes 15TPS, with an average transaction fee rated at $1.68.1011
Deteriorating Reputation for the Network
The decentralized network’s reputation is deteriorating as it has several shortages that have been malevolent and of scrutiny to the blockchain society. A recent issue was when the network went down for more than three hours, which occurred on October 1st.
In response to the matter in question, the organization said that a validator generated an invalid block to the blockchain. Later, how the network had fixed the problem raised alarms to their users. It affirmed that centralization still can exist in the network, despite using Proof-of-History (PoH).
Reports suggest that Solana has PoW as their primary scalable consensus mechanism. Nonetheless, it still requires Proof-of-Stake (PoS) and utilizes proof-of-work (PoW) for validation and staking. Additionally, in January 2022, Solana had a current outage in which they claimed it was an arbitrage bot spam. Problems seized to let go of the network as it also had fallen out via a transaction bug pegged on the chain ushered to a four-hour outage on July 1st. Bonus said that centralization issues caused the effect.