Edward Snowden openly expressed his objection to the centralised nature of the Solana blockchain network.
Edward Snowden, a former NSA whistleblower, is a strong advocate for privacy and decentralisation. He supports cryptocurrencies like Bitcoin but has raised concerns about its lack of privacy features. Snowden favours privacy-focused coins such as Zcash, emphasising the need for anonymity in financial transactions to protect individual freedom.
On 1 Oct 2024, Snowden criticised the Solana blockchain network, calling it a centralised system that is vulnerable to manipulation by nation-states and bad actors. The former NSA agent noted, “Solana is taking good ideas and going, ‘What if we just centralised everything? It’ll be faster, more efficient, cheaper, and yeah, nobody is using it except for meme coins and scams.’”
"Solana is centralized" @Snowden #Solana pic.twitter.com/AwdIcYbp6Y
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— St₳ke with Pride SPO & DRep (@StakeWithPride) October 1, 2024
Previously, several crypto advocates had also raised concerns about Solana’s centralised structure. Four years ago, even Solana’s co-founder admitted that they prioritised efficiency and scalability over decentralisation.
Ten days ago, a prominent Cardano supporter on X provided evidence to further highlight Solana’s centralization. The user noted that 73% (1100+) of Solana validators are KYC and AML compliant. Additionally, the Solana Foundation’s automation tool, Stake-o-matic, subsidises validators as long as they follow set rules, making Solana resemble a bank more than a blockchain.
Solana Price Action
The trade price of Solana’s native token, SOL, is $148, marking a 15.5% increase over the last 30-day period.
Edward Snowden’s latest statement is likely to cause a significant decline in investor confidence in Solana. So far, no response has been made public by any Solana project leader regarding his remarks.
Read also: Bitcoin’s 4% Drop Kicks Off ‘Crypto Uptober’—Experts Predict a Massive Bull Run Ahead!
Former NSA Agent Snowden Calls Solana (SOL) a Centralised Crypto Network
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https://bitcoinik.com/former-nsa-agent-snowden-calls-solana-sol-a-centralised-crypto-network/feed/
