Topic: Solana had a big network fail recently - why decentralization matters - page 2. (Read 217 times)

They probably developed a great tech but I didn't know Tezos as the number one choce for NFT hehe. I didn't even know they have smart contracts hehe. A number one choice would also mean it's the most popular right?

What's a "proven coin"? What are the parameters? Length of existence? Then how about Doge?

The length of the currency period should not be considered as proof that it is safe against double spending, but the hash-rate and other methods of proof of work should be relied upon.

Most of the altcoins are fast and provide instant confirmations because the blocks are empty, have low trading volumes and short periods between each block with large sizes.

There is also proof of stake which cannot be considered true cryptos if these currencies have low market caps.

Agreed, This has been talked by so many people in the past but it seems like that SOL community was still defending it. People are still calling the centralized proven as decentralized exchange site. that's quite strange to see that if there was a blockchain was running by thousands of nodes are getting stopped instantly.

The decentralization is just a gimmick that used to get FOMO. This shows how centralized solana is. If the blockchain can be controlled by the dev and is that mean if majority of nodes were owned by the dev?
I think that some other blockchain like BSC and polygon were also having the same problem like SOL as well. It's pretty interesting to watch how long these centralized blockchains can survive.

You are right that if we are afraid of risks we should invest in mainstream proven coins, but actually, they will give us big profit in a long term, but I prefer diversify my capital between conservative fundamental currencies and buy some risky altcoins. This way losses from them can be covered by key part of capital and also I can earn more money as altcoins are more likely to give X than big currencies.

How Solana Blockchain failed!

If you have followed Altcoins news, you have heard of Solana network fail for sure.
It was a few weeks ago, where really nobody could sucessfully receive a transaction of Solana coins.

It was impossible for hours to do any transaction of Solana coins at all what it an huge issue, if your really need to SEND some coins but it doesn't work.

Solana devs needed to adjust Solana Blockchain manually (which is very risky to compromise data and security) and after some time people could access Solana Blockchain again.
But now imagine, if a person goes to Solana office or Xi Jin Ping orders Solana to delete all Solana coins. Solana developers could access it and because it is centralized, all people will suffer.

For a famous crypto currency, it is worst case! Solana price was very lucky for such a massive fail to be not much devalued because Solana had just proven it is not credible as a good coin.
It was very disappointing how Solana had failed.

What coin should we choose instead?

We should choose proven, decentralized coins, where experts have verified Blockchain technology and decentralisation is proven already. Examples are like Bitcoin (existent for 12 years now and works every time as a decentralized coin), Ethereum (works now for 6 years and has earned place 2 behind Bitcoin), Tezos (it's a swiss coin, has created a credible tech and is a number one choice for NFT) and Avalanche (it's created by an University professor of coding and Avalanche has already proven for large volumes)

If you use a proven coin, a loss is much more less probably. Experts always trust proven coins!