Ethereum Killer Solana Able to Handle Millions of Users as Ecosystem’s New Updates Kick In

• Solana co-founders say Solana (SOL) chain can only serve hundreds of millions of customers and that the only thing the layer one blockchain doesn’t have is the applications needed to draw in a bigger audience.
• He also said that Ethereum does not possess the necessary impartiality and fundamental philosophical principles to be a feasible Layer 1 blockchain platform.
  

In a controversial tweet, Abdel Bakhta criticized Solana by saying that it does not meet the crucial requirements of reliability, effective governance, and compatibility with hardware, thus making it an unsuitable Layer 1 blockchain. He also said that Solana is not in line with the fundamental principles of blockchain.

In response to the tweet, Solana Co-founder Anatoly Yakovenko said that Ethereum does not possess the necessary impartiality and fundamental philosophical principles to be a feasible Layer 1 blockchain platform.

Ethereum lacks neutral credibility, it’s no where as close to a public good as Solana, it’s value extraction is too high. Ethereum is definitely interesting engineering wise but lacks fundamental philosophical aspects to be considered as a viable L1 IMO. https://t.co/jkNYW0bfIV

— toly (@aeyakovenko) May 6, 2023

Yakovenko’s criticism appeared to be intended as a joke, given how much his response resembled Bakhta’s original tweet. He argued that Solana’s status as a public utility is not upheld by Ethereum’s value extraction, which he said is overly high.

In another tweet, he dismissed any concerns about Solana’s hardware requirements, arguing that if it were a problem. The number of full nodes on the network would be significantly lower.  The public debate sparked various reactions from the crypto community, with some people supporting Yakovenko’s stance and others criticizing him for engaging in a pointless argument and responding to provocations.

New updates on the Solana Ecosystem

In a recent interview on Token Terminal’s YouTube channel, the Solana co-founder said that Solana (SOL) chain can only serve hundreds of millions of customers. He also said that the only thing the layer 1 blockchain doesn’t have is the applications needed to draw in a bigger audience. But they are working on attracting more numbers, including using Helium (HNT), a network of Internet of Things (IoT) devices integrated into the Solana blockchain successfully earlier this year, and Hivemapper, a decentralized platform for creating maps.

Additionally, Solana will unveil the crypto-forward smartphone saga, which will be released today, May 8. This smartphone from Solana is priced at $1000 and will utilize hardware from Bay Area smartphone firm OSOM. 

According to Yakovenko, some of the benefits of the Solana mobile device include self-storage capabilities and a store for decentralized applications (dApps). Users will also get information about Solana after FTX’s collapse and a worldwide perspective on the broader Solana ecosystem.

Price prediction of Solana

As of press time, Solana (SOL) is trading at $21.23, with a 24-hour trading volume of  $449M. This has been a price decline of 4.02% in the last 24 hours and 7.7% in the last seven days. According to the 4-hour chart, the SOL price has weakened from the levels it had a few months back, with a decrease of over 20% from its peak in March. This indicates that it has entered a bearish market. 

On the technical analysis, Sol has a 13 sell, and one buy on the moving average, indicating a very strong sell. With the unveiling of the Solana smartphone, cryptocurrency analysts are hoping for a more positive reaction to the market.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.