Community Trust ScoreVerified
- Emin Gun Sirer Empathy statement to Solano (SOL)
- Shilling TVLs and Lining VCs Pockets
- Centralization and Decentralization Concerns
Regarding the Solana restart Emin Gun Sirer, Founder and CEO of Avalabs expressed: “We’re still in the early days of building fast, scalable blockchains. Issues can happen. Power to @aeyakovenko & the Solana team as they perform a restart.”
Critical Community response: I think it’s accurate to say this is an electric statement. This could happen to anyone. Let’s not laugh at it. People’s funds are on the line. This does not happen to POW coins like Bitcoin and Litecoin. Solana is centralized and you don’t control access to your money.
How about we make more of an effort in education people about decentralization and security rather than shilling Tvls and lining VCs pockets? Have we learnt nothing from EOS?
Shilling Tvls means to act as a spokesperson or promoter of the Total Value Locked in a particular DeFi. Lining VCs pockets means returns filling the pockets of venture capitalists. Therefore, the criticism that Solana is the worst form of Centralization. Backed by VC money and good marketing.
For those who do not understand: Venture capital (VC) is a type of equity financing that gives entrepreneurial or other small companies the ability to raise funding before they have begun operations or started earning revenues or profits. Venture capital funds have portfolio returns that tend to resemble a barbell approach to investing.
Investors in venture capital funds are typically very large institutions such as pension funds, financial firms, insurance companies, and university endowments—all of which put a small percentage of their total funds into high-risk investments. They focus on sufficient returns on acceptable risk.
Thus, when a project is backed by a venture capitalist a single entity controls, therefore centralized. However, when a project is decentralized the transfer of control of an activity or organization to several local offices or authorities rather than one single one.
The main objectives of decentralization are to improve the delivery of services by the public sector and to enhance the quality of life of citizens. Since the object is to be decentralized, when community feels or suspects the activities are centralized they frown over stuff.
TPS in simple terms is the number of transactions that the blockchain can handle per second. With huge traffic Solana was not able to handle 400 TPS and the mainnet had to be restarted. Thus, community are wondering if restart is a centralized approach or decentralized approach. Because if Solana was able to restart probably it is centralized.
Positive Community Response: Absolute kings, the future is looking brighter if people like you support each other while building the protocols meant to be pillars for finance v2. Good luck and fast recovery team.
Build a product that couldn’t exist without blockchain and one that people can’t live without and you will be in business. Otherwise nobody cares how scalable the tech stack underneath their favorite website is.
This doesn’t sound like Wall Street nor Silicon Valley lingo, Metaverse revolution has an empowering language full of love, knowledge and wisdom.
Supporters: Solana and Avax is the future.
