Keeping up with the SOLANAs
Nope, this is not another weird family show series, the fashion-rich American family can own that. The dramas, the scripts…that’s a story for another day. Well, this is not even too far from it. The fact that a crypto podcast is yet to adopt this name is puzzling to me. Anatoly and his team are putting up a great story with the ‘beta’ phase of their super fast and super cheap smart contract blockchain. An incredible story, full of ups and even more downs.
Every bit of the “super fast” statement should be taken literally and otherwise. Like a nice gym kit, it fits in comfortably to every description. It will take you a few seconds (or even less) to complete a high-level smart contract transaction on Solana blockchain; same speed applies to losing your funds…unfortunately. If you are fascinated by the idea of carrying out a quick hack, Solana ecosystem is your turf. Only thing you’ll have to worry about is the timing. Not sure your quick hack can go through if the blockchain is switched off by validators.
Those few lines sound like they were written by some core bitcoin maximalist, but that’s not the case. Solana’s technology is amazing; that being said; getting robbed of your assets straight from your wallet isn’t a great experience.
You can clown Vitalik and his team all you like; but when using Ethereum blockchain, you’ll only have to worry about paying transaction fees amounting to twice the amount you’re trying to send. After that, your transaction will be completed within an hour because validators can’t switch off the blockchain at will. Well, that’s a long wait, longer than a VISA transaction…but Ethereum is a better financial system than fiat.
Solana’s ghost-themed wallet was hacked (‘exploited’ is a better word); by a set of ghostbusters. It’s Phantom against ghostbusters. Production cost of the sequel to the 1984 movie was over $30 million. Coincidentally, that’s about five times the figure hackers have managed to drain from individual Solana wallets at the time of this writing. When you get to read this, the number might get lesser…hopefully.
What happened to “not your keys, not your wallet”? Alright; hot wallets aren’t completely safe, the warning is popular, but a mass attack of this kind is a loss to the crypto space as a whole; not just a few thousands of investors losing hundreds of Solana due to issues beyond their control. I’m not sure if anyone will retain the least trust in blockchain technology after an event like this. Solana’s price is still holding on amidst the horde. A great thing; the Bank man still has some cash for bailouts. An important role player in our very fun show series. It’s a shitshow, but an interesting one as well.
Every day births new mishaps and the whole space can’t seem to get enough of the movie. A good twist in the long-running cryptocurrency script. Another reason to stick to the slower and costlier Ethereum blockchain; while we wait for Charles Hoskinson to fix his Cardano spaceship. Remarkably, the Ethereum co-founder and his team aren’t so much associated with mishaps. Probably because the blockchain is yet to be in full function. When it does, another series might be born. Hopefully a more interesting and positive one.