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).
George Siosi Samuels