Solana has been in the news a lot recently, both for good and bad reasons. It would seem, however, that the latter has caught the fancy of Cyber Capital’s Founder Justin Bons. He is in the news today after he tweeted a thread on the Solana blockchain. Via what many characterized as a rant against the Solana Foundation, the exec went on to say that Solana has “far too many red flags.”
Doubling down on the same, the executive highlighted Solana’s lack of originality while calling him ‘reckless’. In fact, Bons also brought up the proof-of-history mechanism, saying that it allows hackers to,
“Predict and therefore tack the next lock producers in-line. This attack also works regardless of scale, thereby severely reducing SOL security!”
Additionally, he argued that Solana is vulnerable to DDoS attacks, with Bons adding,
Such criticism came in the wake of a major outage in early January 2022. This incident, in fact, was the third major network outage in a matter of months for a blockchain dubbed “Ethereum-killer” by many.
What next for Solana?
Even so, there are still some Solana bulls who believe in the technology. In fact, many have grown optimistic thanks to the emerging importance of Solana in the NFT space.
At the time of writing, for example, Solana only trails Ethereum in terms of 24-hour NFT sales volume.
Despite all the criticisms, however, Solana officials are certain of the quality of the blockchain. They believe they don’t have to do anything that “sells the vision of the ‘execution layer for everything’ very short,” argued Solana Labs Co-Founder Raj Gokal.
Solana’s growth has fueled a host of predictions, with Gavin Smith, General Partner of Panxora Crypto, zeroing in on $250 based on SOL’s potential.
“We think that SOL is one of a few smart contract-based blockchains that have the technical architecture that will be difficult for Ethereum to compete with on the basis of transaction speed and transaction cost. For smart contract usage, especially in DeFi, these factors are a critical success indicator.”
According to FTX’s Sam Bankman-Fried,
“Solana has a chance to become one of the primary layers over which most financial and information transfers occur between applications in a natively Web3 world.”
