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Bitcoinik

06/11/2024

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Charles Hoskinson calls Solana a “decentralisation theatre”: Solana validators controversy

Amid the controversy between Solana blockchain network validators, Cardano’s founder indirectly criticises the Solana cryptocurrency for its lack of decentralisation.On 10 June 2024, The Solana Foundation...

Charles Hoskinson calls Solana a “decentralisation theatre”: Solana validators controversy

Amid the controversy between Solana blockchain network validators, Cardano’s founder indirectly criticises the Solana cryptocurrency for its lack of decentralisation.

On 10 June 2024, The Solana Foundation removed a group of validator operators from its delegation program. 

The #Solana Foundation removed some validator operators from its program because they were doing sandwich attacks. In these attacks, the attackers place two transactions around a user's transaction to manipulate the price and make a profit.

— Bitcoinik (@Bitcoinikdotcom) June 11, 2024

Following the removal of network validators from the Solana blockchain network, many people started criticising the Solana Foundation, as they have full authority to remove any validator which is against decentralisation.

Later a report by Coindesk confirmed that over 30 validators were removed from Solana Foundation’s delegation program for sandwich attacks, with many of them being Russian. Collectively, they hold 1.5 million SOL, which is roughly 0.5% of the intended stake.

A sandwich attack is a type of trick where an attacker puts two transactions around another person’s transaction to change the price and make money from the difference.

Cardano founder vs Solana 

Charles Hoskinson, the founder of Cardano blockchain, responded to a tweet of a Cardano (ADA) cryptocurrency supporter Crypto X user and noted that Solana’s network lacks true decentralisation because 90% of its validators are perpetually subsidised by the Solana Foundation and must adhere to KYC regulations and specific rules. Such unethical misconduct questions the authenticity of Solana’s decentralisation.

Solana (Sol) price action 

The current trade price of the Solana (Sol) coin is $153 & this price is 3.6% down over the last 24 hours.

The #Solana Foundation removed some validator operators from its program because they were doing sandwich attacks. In these attacks, the attackers place two transactions around a user's transaction to manipulate the price and make a profit. pic.twitter.com/UogF2oykka

— Bitcoinik (@Bitcoinikdotcom) June 11, 2024

Read also: ProShares entering spot Ethereum spot ETF race

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ORIGINAL SOURCE

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