Cryptocurrency investor and researcher Justin Bons, CIO of Cyber Capital fund, bashes Solana’s (SOL) technical design and accuses its team of misleading investors
CIO and co-founder of a cryptocurrency venture capital fund Cyber Capital lists reasons to avoid the SOL token as a long-term investment opportunity.
Centralization, SOL supply manipulations, ‘bad behavior’ of team: Investor slams Solana (SOL)
Mr. Bons has taken to Twitter to share a thread on the Solana blockchain and the SOL token. First, he stressed that SOL is the only blockchain that has gone down seven times in the past months.
As covered by U.Today previously, Solana (SOL) has had a string of downtime in 2021-22; his team had to restart the blockchain to restore the transaction confirmation process.
Then, the Solana (SOL) team repeatedly released false statements about SOL’s actual circulating supply. Mr. Bons recalled a SOL wallet with 13 million tokens unveiled by a third party.
Furthermore, he added that Solana’s (SOL) claims of incredibly high peak blockchain throughput (apparently over 400,000 transactions per second) are very far from true.
Solana’s (SOL) community responds
The very design of Solana’s (SOL) proof of history (PoH) consensus doesn’t look innovative to Mr. Bons. As Solana’s next block producer can be predicted, the blockchain becomes prone to a 51% attack combined with an attack against validators.
Last but not least, Mr. Bons claimed that Solana’s recently announced Android smartphone saga is just an attempt by Solana’s team to pivot and “cash in”.
At the same time, Solana’s developer @0xMert_, a former engineer for Coinbase and Blackberry, stated that all accusations by Mr. Bons have already been debunked.
For example, all downtimes have been associated with IDoS attacks by bots, while all Solana (SOL) consensus downtimes can also be found in the majority of proof-of-stake (PoS) blockchains. .
