Why I don't like Solana

Nowadays the Solana project gets a lot of hype in any crypto community. There are lots of videos talking about that on YouTube, many podcasters dealing with it, and also here on PUBLISH0X you can many articles about Solana. 

But in this article, I will tell you all the reasons why I don't like Solana. I know that maybe it's gonna be controversial and my opinion won't be popular, but I decided to publish it anyway. Remember that this is just my opinion, though...

There are 3 main reasons why I dislike Solana and its native token SOL:

1) Tokenomics 

Before investing in a coin/token it is good practice to study its "tokenomics", i.e. how and when the coin is issued, its cap, and supply.

I read many documents and found confusing info.

You can read some articles about that on the official Solana blog:

• https://docs.solana.com/economics_overview
• https://docs.solana.com/inflation/inflation_schedule

There are some recurring terms on those documents which I don't like at all.

The first expression is "Subject to change". 

I avoid investing in coins where their economics are "subject to change". 

Now, I am not a Bitcoin maximalist and I am more than open to other projects, but Satoshi Nakamoto made it clear since the beginning: BTC supply, hard cap, and block rewards. 

Apparently, other developers are not able to do the same.

The other recurring word I didn't like is "inflation". 

I prefer deflationary coins and a whole deflationary economy, but this is my opinion. 

You can read more info about SOL inflation here: https://docs.solana.com/inflation/inflation_schedule  

Anyway, inflation seems to be a problem of many PoS protocols. 

The other thing I didn't like reading those documents is that even Solana developers don't know how much the token issuance will be in 2 years or 10. They just made estimates in this document again: https://docs.solana.com/inflation/inflation_schedule

Basically, the circulating supply comes as a surprise. 

2) Distribution

SOL distribution has not been fair at all. 

As you can read on Coinmarketcap:

 

The SOL token distribution is as follows: 16.23% went towards an initial seed sale, 12.92% of tokens were dedicated to a founding sale, 12.79% of SOL coins were distributed among team members and 10.46% of tokens were given to the Solana Foundation. 

I also read that there was a private sale where VCs bought the equivalent of 314$M of SOL. Source here: https://solana.com/news/solana-labs-completes-a-314-15m-private-token-sale-led-by-andreessen-horowitz-and-polychain-capital

A massive portion is held by the Solana foundation and other significant portions by Wall Street firms. 

The result? 0.05% of the addresses hold 70% of the supply. You can see the stats here: https://solanabeach.io/supply

3) Centralization

A corollary of the previous point. 

With such a huge percentage of coins in the hands of so few people, how can you expect decentralization?

Also, the Solana network is secured by validators.

Currently, there are only 1000 validators (source: https://solanabeach.io/validators). Other blockchains are secured by many more validators. 

Conclusion

In my opinion, Solana has lots of good features (speed and scalability), but in this article, I underlined all of its cons. 

Solana to me looks almost as centralized as Ripple and I think it does not reserve all the hype it is getting. 

Solana's recent success reminds me of what happened with BINANCE token and BSC some months ago. 

They are trying to solve the blockchain trilemma by sacrificing decentralization. Speed, low fees, and scalability are achieved through a more centralized approach.

In short, everything came because of ETH's fault!