Solana had a big network fail recently - why decentralization matters

[Billo_]

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!

[gwdf1]

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!

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.

[JeffBrad12]

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

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.

[hugeblack]

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)

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.

[Yogee]

... Tezos (it's a swiss coin, has created a credible tech and is a number one choice for NFT)
 

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?

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

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

[Fesatmas]

With so many projects that had thrown Solana's investors into a frenzy, this caused the network to crash and fail as you described above.

Suspicion began to arise and many games were being played to attract investors. even this was made fun of by the whales of the Solana project. Ever since Solana put out the project it's clear it's gotten more attention.

[fuguebtc]

I think some other blockchains like BSC and polygon have the same problem as SOL. I understand that this will affect the investment and the risk is very high so it should be considered before investing, but any Every blockchain has its advantages and disadvantages so I am sure that on the project side they will have a direction to correct these flaws. So we don't have to worry so relax.

[poodle63]

I think some other blockchains like BSC and polygon have the same problem as SOL.

They were decentralized but it this was happening when SOL already adopted by multi hundreds million people in the world and this would be a disaster. The decentralization on the second layer solution and a new blockchain were just gimmick that created to attract people.

I understand that this will affect the investment and the risk is very high so it should be considered before investing, but any Every blockchain has its advantages and disadvantages so I am sure that on the project side they will have a direction to correct these flaws. So we don't have to worry so relax.

The blockchain has dis and advantages but this will be a critical thing. The decentralization must not be like that and this is serious problem. It's not just affect our investment but the trust to the platform as well.

[Emitdama]

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!

It is usually best for you to diversify your investment as an investor, that way you will be running less risk of one of them having any problem such as this. Centralized networks are a big risk, because anything can happen, even the central control units can become compromised and thereby leading to loss of data or such and affecting the users.

Another thing is that centralized networks can be an easy target for the government, they can decide to control it and it’s going to be easy for them to achieve. This is unlike the decentralized networks that can't be controlled in any way by the government because there are no central control units, the control is spread out to different computers around the world, having control over one does not give you any control over the network at all, because it is controlled by computers all around the world.

[Bitstar_coin]

As much as you are correct in your argument, people at this time are mostly looking to making profit than really be concerned about the centralise and decentralise nature of a coin, despite knowing this, the price of sol keeps achieving growth, probably maybe if the interest is for long term then this can be of concern.

[towi078]

What amazes me is that, although Solana had problems that should have destroyed the trust of her community, it didn't seem to have much effect.  And I agree, in the end with an incident like that, it makes me personally feel that I have to be more careful in choosing coins to invest

[Billo_]

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

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.

Yes, well said! It really needs some time for centralized projects to get exposed and we have seen so many Altcoin projects failing because only very few Altcoins of high technical quality will have success.
Many Altcoins are really only good in marketing and only few are good in tech.

... Tezos (it's a swiss coin, has created a credible tech and is a number one choice for NFT)
 

They probably developed a great tech but I didn't know Tezos as the number one choce for NFT hehe.

Tezos is leading currently for innovative NFTs but it cost Tezos a very high price for advertising. Ethereum has been leading previously before Tezos started to advertise.

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

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

A proven coin is coin who is already running and proven under load. Age can also be a requirement, modern tech and of course reputation from established computer scientist.

[fadil46]

What amazes me is that, although Solana had problems that should have destroyed the trust of her community, it didn't seem to have much effect.  And I agree, in the end with an incident like that, it makes me personally feel that I have to be more careful in choosing coins to invest

Coins that have started to be strong from various sides will be very difficult to destroy like Solana who already has a community and also has the trust of investors, meaning Solana already has a lot of fans in this case so it is difficult to fall when there is a problem.

[RussianEnglishTranslation]

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!

NEAR protocol is the best alternative to Solana as it is more decentralized, has faster block finality, and can scale to a higher tps with sharding.

[Ucy]

Well, I wish cryptocurrency developers always consider the worst case scenario when developing a cryptocurrency. Their works will be  tested to see how decentralized and safe they are. I just hope the tests do not affect people's assets. So, it's better to always choose True Cryptocurrency rather than false ones to avoid regretting in the future.

I sometimes think one of the main reasons some developers are careless is due to not considering the possibility of a future storm. Things should be built to survive the storm. Any form of centralization should be concerning to them.

[Reid]

I didn't know that happened. Thank you for the information.
I actually thought they are doing great but that's because I was just looking at the rankings. The value given can make you blind.

Looking deep about it had never crossed my mind since I stayed with cryptocurrencies that I traditionally used.
Proof of history combined with proof of stake. Wow, PoS is already confusing and they twist it more. Its nature is to provide DeFi but within it, is a centralized company. Is that right?

[impulse709]

Solana suffered from high volatility after the network became flooded with transactions.It was because the Solana Mainnet Beta experienced a massive increase in transaction load, peaking at 400,000 TPS. These transactions flood the transaction processing queue, and the lack of prioritization of critical network messages causes the network to start branching. we can monitor : https://solscan.io/txs for transactions and status of Solana failure and major network problems.

[Fundamentals Of]

The news about the Solana network failing was quite popular. It was all around crypto news sites. What made the news big was not that there was a problem found in the network but that there was actually a central control in the hands of the Solana devs. This proved to be a big news because decentralization was a key feature in any successful cryptocurrency. Solana does not have it. But what made me wonder is Solana continued its soar upward despite it. It seemed the news about fake decentralization in the network didn't affect it. It continued to reach new ATH even. I guess Solana has a solid community behind its back.

[coinzzzpro]

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!

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.

Absolutely!  That's exactly what I do: diversification 30% USD, 30% BTC and ETH and 40% altcoins, which can bring more profit than 60% of conservative coins. But what if everything goes badly? Then my 60% will preserve my capital. Solana is a great young project with a good market manager. It is overpriced by a factor of 100.

[RussianEnglishTranslation]

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!

NEAR protocol is Solana's biggest competitor and it is technologically superior. Ref Finance is the AMM for NEAR and is particularly undervalued. OCT is an appchain platform on NEAR that competes with Polkadot.