“Solana has been around for so long now and down times are as frequent as ever. Anyone who uses this chain subjects themselves to massive and at this point seemingly inherent technical risk and trust. We cannot advise any serious investor to use this chain.” -DeFi Safety
A Twitter war has broken out between Jack Dorsey and Solana… and it all links back to a rather unfortunate typo.
Dorsey inadvertently referred to the blockchain project as "Solano" as he argued that many Web3 projects are nowhere near decentralized enough.
He warned that the network, which has suffered several outages this year, is based on a system with a single point of failure — and claimed "lies are being told" about who owns and controls it.
Spotting an opportunity, Solana opted to poke fun at Block's CEO (sorry, Block Head) by changing its Twitter name to Solano.
Dorsey made light of his typo, quipping:
"damn i'll never get the spelling of sqlana right"
All of this comes as Dorsey sets out his vision for what the next iteration of the internet should really look like… and he's describing it as Web5.
He argues that truly decentralized apps and protocols are required to ensure users own their identity and their data.
Web5 would be based on Bitcoin, avoid censorship by encouraging interaction without intermediaries, and give everyone a decentralized identity that could be used across multiple apps.
And of course, all of this comes as the concept of Web3 — not to mention a sizable number of crypto projects — faces a harsh reckoning as global markets suffer bruising selloffs.
'Don't Use Solana,' Investors Told
Last week, a damning report was released about Solana by DeFi Safety, which is ranking blockchains based on their security features.
Solana was found to be the second worst — and Ronin Network, which suffered the biggest crypto hack in history back in April, was last.
According to DeFi Safety, Solana's node infrastructure is "subpar," updates are handled "haphazardly," and frequent 404 errors with its block explorer means it can be difficult to examine older transactions — "raising questions about the nature of Solana as a blockchain."
They went on to warn that user funds are at risk, not least because monies can't be retrieved whenever the blockchain goes down. Solana has had five outages this year alone.
While acknowledging that "some of the biggest brains in this industry work on Solana," DeFi Safety wrote:
"Their users deserve better. DeFi deserves better. We are hopeful that this will be the case soon, but Solana has been around for so long now and downtimes are as frequent as ever."
And in a particularly damning conclusion, its team warned:
"Anyone who uses this chain subjects themselves to massive and at this point seemingly inherent technical risk and trust. We cannot advise any serious investor to use this chain."
CoinMarketCap reached out to Solana for a comment on this report last week, but hasn't received a response.
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