According to ConsenSys co-founder Joseph Lubin, certain blockchain platforms that compete with Ethereum have unsustainable business models. According to the Solana answer to Lubin, it is impossible to forecast the future of blockchains based just on one data point. Lubin’s firm also provides cryptocurrency tools to investors so they may participate in the Ethereum network.
Solana’s long-term viability worries Lubin.
Ethereum, while being one of the most widely used digital ledgers, is facing major difficulties. A major competitor to Ethereum, Solana claims to be the greatest option because of its faster transaction speeds and reduced costs.
Lubin claims that Solana overpays users who validate network transactions in relation to the money they generate. He was of the opinion that this network should come up with a better long-term business plan. “It’s just the way things are,” he said. In our ecosystem, “all of the initiatives are basically faking it until they either succeed or fail.
Not just Lubin has doubts about the rapidly expanding blockchain concept. Solana has been criticised in the past for putting national security at risk in the sake of expediency. It compromises some decentralisation, a vital component of the blockchain technology, making it more susceptible to outages and putting an end to user experience, perception, and adoption of the platform.
What Solana has to say about Lubin’s retaliation?
This comes at a time when the mainstream media is paying attention to cryptocurrency, and tech investors are pouring money into better Ethereum rivals like Solana, Avalanche, and Near ProtocoL. The bulk of non-fungible tokens are built on top of Ethereum, which still has a significant lead in the decentralised financial industry.
Solana responded to Lubin’s views by stating that the long-term health of a blockchain’s economic model cannot be predicted just on the basis of protocol income.