BTC Down, Solana Takeover & Meta-Community Builders

Welcome to another week. Over the last seven days, we saw BTC plummet to under USD$20K; a Solana lender approved a whale wallet take-over (what?!); and increased interest in “meta-communities.”

Rehashing the obvious (BTC down) doesn’t seem productive, so let’s focus on the second piece of news regarding Solana. Now, apart from Solana’s frequent downtimes, the latest head-scratcher involves Solana lender Solend, who approved a whale wallet takeover in order to avoid a “DeFi implosion.”

In other words, the whole premise of Ethereum’s “Proof-of-Stake” model is being shown in full force through this voting process with Solana, which essentially centralizes power to a point where it can take over someone’s account if the “community” votes for it.

Goodbye, individual rights.

And this is why I’m personally a fan of PoW (Proof-of-Work) over PoS-based blockchains. In the long run, PoS models seem to lead to centralization in the wrong areas.

Granted, despite these fundamental flaws, many supporters will continue to build on PoS chains because of its popularity. But remember, what’s popular isn’t always what’s true (or what works).

Speak soon,

Managing Director

A metacommunity is a concept originally found in the field of ecology. A meta-community, as defined by Faiā, is a “community of communities” built for the future (e.g. Web3, metaverse). So ideally, it encompasses on-chain micropayments, the use of “smart contracts”, and multi-community interactions.

It is akin to looking at an ecosystem of communities, instead of just a single one. In a future where micropayments will dominate, users will move ephemerally between platforms, while still retaining ownership of their own data.

As such, it will be easier to see a “true community” of users who flit between various communities online, which is how we already operate.

A meta-community builder will be one who moves one level up, sees all the different players in an ecosystem, and then connects them in a way that can’t be done through a single community. All the while leveraging “the blockchain” (we predict there is going to be only one dominating in the end), and respecting people’s privacy.

Click here to read more about why meta-communities are the future