The post Solana can’t be ‘global backbone’ of blockchain, Ethereum community member says appeared on BitcoinEthereumNews.com.

Solana cannot serve as the backbone of the so-called “new” global financial system, according to Ethereum community member Ryan Berckmans. Solana (SOL) shifted from its initial “monolithic” approach to acknowledging the importance of Layer 2 solutions. But Berckmans points out on X that Solana initially marketed itself as capable of handling global transactions on a single chain. This was before rebranding their L2 solutions as “Network Extensions” rather than acknowledging them as L2s. Solana’s gradual acknowledgment of Ethereum’s (ETH) L2 backbone strategy came after seeing flagship applications building custom L2 appchains on their network. This shift in perspective became more pronounced when a major Solana development team pivoted to building a SVM L2 on Ethereum. There’ll be one global backbone – Ethereum Ethereum is the backbone of the new global financial system of L2s and L1 apps. No other chain will come close. Mert suggested that Sol can pivot to being the backbone. But Solana will never be the backbone. Here’s 5 reasons why. Four… pic.twitter.com/RoyEkASRP5 — Ryan Berckmans ryanb.eth (@ryanberckmans) October 26, 2024 Several barriers in front of Solana Berckmans, who spent eight months as a senior engineer on the Augur Project, a prediction platform on the Ethereum blockchain, identifies barriers preventing Solana from becoming a global backbone. First, Solana operates with only one production client (agave rust). A global backbone requires at least three independent chain clients with balanced stake distribution, he says. The development of their second client, Firedancer, faces major delays due to the lack of a proper protocol specification and research community. Solana’s high bandwidth requirements, recommending 10Gbps upload, create major centralization risks and practical limitations. This requirement particularly challenges the notion of a global backbone that should be able to operate anywhere. The platform’s history of outages and lack of protocol-level fallback capabilities pose…

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Filed under: News - @ October 27, 2024 11:15 am