Billy Markus, one of Dogecoin’s creators, is renowned on Twitter for not laughing things off. The software engineer criticized the Solana (SOL) blockchain in one of his most recent tweets, calling it a decentralized project without no real value.
Important tips for enhancing well-known cryptocurrencies
Shibetoshi Nakamoto, the person who created Dogecoin, originally stated that he thought blockchains were worthless since they couldn’t grow and had excessive transaction fees. Markus initially wrote in a generic statement without mentioning any specific individuals: Real talk, high gas fees / high transaction fees in popular cryptos essentially make them broken garbage scale the tech or its ngmi [not gonna make it].
The Dogecoin creator received a variety of responses from community members in response to his assertion. One person posted a meme of NANO, a cryptocurrency from the 2017 bull run that received a lot of attention for its great scalability but failed to take off since it had few applications.
Markus, however, disregarded NANO as an appropriate response because it only discussed well-known blockchains. In his message, he claimed: “I said popular crypto (jkjk, but it was too easy).”
Another user responded to the creator of Dogecoin by saying that Bitcoin’s 1 MB block size and 10-minute block time are features, not bugs. This will help Bitcoin in the long term and make BTC a reserve asset.
The user confirmed with Markus that layer-2s (L2s) and layer-3s will eventually become “normal” everyday usage of cryptocurrencies. In response, the latter said, “I guess if it’s not meant to scale then sure.”
The two most popular digital currencies, Bitcoin and Ethereum, are most known for their recurringly increased transaction fees (and slow transfer speeds during times of congestion). Additionally, Ethereum NFT minting costs can occasionally reach astounding heights.
Ethereum gas costs reached new highs in February of this year. Midway through January, the cost to transmit ETH on-chain was 0.0029 ETH, or $4.52. This amount increased to 0.0031 ETH, or $5.14 per transfer, two weeks later. The gas charge on Ethereum is now 95 gwei, or $0.0002.
To address this issue, smaller blockchains like Artbitrum One, Polygon Hermez, Shibarium, and many more are providing Layer 2 alternatives for Ethereum. A beta version of Shibarium named Puppynet has so far been released. It provides transactions that are sent more quickly and at a cheaper cost.
Markus criticizes Solana as pointless
Markus criticized the blockchain as a “centralized database” when a user said that “Solana fixes this,” referring to the gas prices and the speed cap.
He stated: Solana is a centralized database though, it doesn’t solve anything.
In the last few years, the Solana blockchain has had many outages. The ledger has to be restarted every time by the Solana Foundation.
The SOL blockchain is renowned as one of the greatest and most well-liked blockchains in terms of transaction costs and processing speed. Solana ranks second among blockchains with the most active addresses, according to recent research from Nansen.