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Solana was always accused of centralization and yesterday due to what seems to be a vast increase in transaction volumes (reached 400,000 transactions per second), the network experienced a shutdown.
It remained in this state for 18 hours until the validators restarted the network. Of course an incident like this one will not happen ever in a decentralized network.
There is one thought and some problems that a real investor would question right now. Solana, according to this website (solanabeach.io/validators) has more than 1,000 validators. Although, it is still relying heavily on the Solana Foundation which is run by the founding team of Solana.
In this promising and exciting world we are living, we find often ourselves wondering, why are these networks reaching so high in prices without actually having enough quality in them?
Are they all decentralized networks and how is decentralization defined?
Solana is a Proof of Stake cryptocurrency or PoS. In difference with PoW, or Proof of Work, the transactions are also mined in blocks but the algorithm doesn't require CPUs running and solving extremely difficult mathematical equations.
PoS gives access to anyone with the minimum coins at their disposal to mine blocks and validate transactions. Proof of Stake is also consensus mechanism but many suggest that it is not as worthy as PoW.
There are many reasons and this may remain a philosophical question for now. It is the Proof of Work that is more real as it transforms power from its source (electricity), into power that secures a network.
Proof of Stake is somehow looking like nothing is produced, but trust is still required that the rich list will not one day decide they are done with the project. What secures PoS network is Trust.
What exactly is giving Solana an edge? It is advertised as having high efficiency and permisionless blockchain. And then there are the numbers about the thousands of TPS it can accomplish.
I have read the same about hundreds of other blockchains, PoS or Pow and all of them were failures. Solana is going to recover from this farse of a shutdown of the network, and it will keep being with us for years as a network that nobody will be using. It will be something like Waves, nobody will care about it, nobody will build on it, but somehow it will always find investors.
Why Solana and now Waves? Why not any of the other PoS, or better why all those that invested in Solana, didn't invest in Bitcoin Cash instead?
Maybe somebody needs to inform all those investors that gamble their money like fools about some cryptocurrencies that worth investing in and are not a joke. This is not a desktop PC that crashed, this is about decentralized networks, they don't crash.
Solana's network crashed, it had the blue screen of death for 18 hours and what is next? They will just start advertising it even more with lies and manipulation, and since the money keeps entering Solana will reach higher but will have nobody using it except the team and a few speculators.
Solana was just words, similar to how Chainlink grown into something extremely important, while in fact it was 99% smaller than the advertisers made it look.
There are so many Ethereum killer blockchains that it becomes boring to watch the next one after the next one trying, but as always it was all about making money fast and jumping to the next one.
I hate the army these coins suddenly have. They buy them of course, but these people are despiteful. You see them with different Twitter names creating some kind of godlike image for a coin that doesn't deserve 1% of this praise, they trap some investors with big pockets thinking that Solana, Chainlink, Cardano, IOTA, Tron or any other weak blockchain and crypto token that was only for a short time, until they move to the next one and trap some more.
I don't often write about cryptocurrency but sometimes I can lose faith for humanity watching all of this being excused and all those news websites like Coindesk, and cointelegraph for example, giving no shit about the state of these networks, but only care to promote them. Same as with everyone that doesn't understand what kind of trash they are buying but just think they will profit.
There is a lot of innovation and a lot of backwards innovation. There are many good projects with the ability to create something, but when the devs have no connections they will have to pay big time.
Within these conditions, this is all about having connections, so your token will be next listed to Binance or Coinbase.