Although Ethereum Layer-1 competitor Solana has been facing some key security challenges over the last year, some analysts continue to remain bullish about it. Crypto analysts the host of InvestAnswers believe that Solana holds the potential to bring a billion more users to the crypto space.
The comments come just a few days after Solana reported another network outage last Saturday, October 1. The analyst added that Solana’s history of outages has been due to the blockchain continuously testing its limits of blockchain. The analyst added that Solana is “not just another chain”, instead it has the potential to trigger the next big wave of crypto adoption. The analyst said:
Web2 had lots of crashes. It’s normal. It’s part of development when you push the limits of anything. I always use the Formula One analogy – the cars that are the fastest sometimes have the engines that blow up the quickest as is Ferrari this season…
But again, think about the chain. Think about the scale. Yes, the code needs improvement. Yes, stability is key. It’s still in beta. It’s still a very young chain, and the adoption is way beyond my wildest dreams as of March 2021. Did I think that [Solana would] be eating Ethereum’s lunch at this rate? Nope.
While there have been analysts backing Solana as a potential competitor to Ethereum, it has still to prove its mettle on the ground. Over the last year, the Solana blockchain network has been marred with several major outages, the recent one being last Saturday, October 1.
While there have been enthusiasts supporting the growth of Solana, critics on the other hand have pointed out some potential flaws. After the recent outage, Justin Bons, Founder and CIO of CyberCapital, made some start remarks on Solana. The crypto researcher points out a “blatant fraud” involved with the birth of SOL. He noted:
Solana has been marred in controversy since its founding With frequent downtime, failures, hacks & scandals!
Starting with the most recent “network outage” Solana was down for more than 3hrs on the 1st of October 2022! All due to a single validator creating an invalid block Causing validators to become stuck on the wrong chain & unable to switch back Halting the entire chain!
This would never happen & has never happened on chains such as BTC & ETH! Even more shocking is how the SOL network recovered from this failure “a decision was made to restart the cluster” In other words, the chain was reset in a centralized manner using checkpointing!
In his detailed Twitter thread, Bons pointed out the past instances when Solana has faced multiple such outages leaving its users at their mercy.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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