It seems like every month or so, one of the ‘hot blockchains’ implodes and fails spectacularly. In the last few days, the Bored Apes Yacht Club NFT launch brought Ethereum to a standstill, and Solana, the so-called Ethereum-killer, had to be switched off and on again when it simply stopped working for over 7 hours.
Yet, quietly and without much fanfare, BSV processed 20 million daily transactions with ease during a recent test. Despite this, almost no other blockchain and digital currency publications talked about it, and yet more centralized exchanges delisted the BSV token.
The Bored Ape Yacht Club launch—another humiliating embarrassment for Vitalik Buterin’s Ethereum
It’s no secret that many prominent digital currency influencers tout Ethereum as the base layer of the new internet, a sort of decentralized supercomputer that will act as a settlement layer for the world’s transactions. Yet, when put to the test, Vitalik Buterin’s Ethereum fails repeatedly. This weekend, we saw yet another example of this.
On Saturday, Yuga Labs’ Bored Apes Yacht Club NFT launch brought Ethereum to a standstill. The launch was an unmitigated disaster, with fees skyrocketing to thousands of dollars and transactions taking hours to complete, if they went through at all.
Quick to cover its own behind, Yuga Labs took to social media to blame the fiasco on Ethereum and to plug its own blockchain as a potential solution.
We wanted to say a few words about the mint tonight. 🧵
— Yuga Labs (@yugalabs) May 1, 2022
Some might say the issuer has a fiduciary responsibility and is liable for the complications caused by the failed technology platform it chose to launch on, but that’s another subject for another day.
Saturday’s failed launch is one of many Ethereum epic fails we’ve reported on in recent years. As smart developers abandon the beleaguered hobby blockchain to move to scalable enterprise level alternatives, it’s time for the industry to come together to call a spade a spade: Ethereum does not work, it will likely never scale, and all of the promises to merge it, shard it, and make it work through layer two solutions like Polygon are smoke and mirrors that serve only to keep the gravy train on the tracks.
Solana—have you tried switching it off and on again, sir?
On April 30, the Twitter account Solana Status reported that transactions on the Solana mainnet had halted and called on validators to restart.
Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord.
— Solana Status (@SolanaStatus) April 30, 2022
It’s unclear how a blockchain can be said to be decentralized if its node operators can switch it off and on again each time it fails. Likewise, it’s a mystery what the hype is all about when this allegedly next-generation blockchain fails in spectacular fashion again and again. Perhaps Tether can shed some light on why the SOL token mooned so hard last year.
The BSV blockchain hums along without a fuss
Despite all of the drama grabbing the headlines with regards to Ethereum and Solana, there is one blockchain that quietly processes transactions at scale for fees of fractions of a penny.
BSV, ignored or maligned by many of the same media outlets that promote Ethereum and Solana, recently processed a record 20 million transactions in a day and regularly processes millions per day for its growing list of popular applications.
Games like CryptoFights drive most of BSV’s transactions right now, but with the implementation of IPv6 and many enterprise software solutions due to plug into BSV, 20 million daily transactions are merely the warmup lap. Despite this increased demand, BSV handles the transactions with ease, and fees remain the lowest in the industry.
Why do they ignore BSV?
All of this leads to an interesting question curious readers and developers should ask; why are ‘crypto media’ publications promoting technologically inferior blockchains and promising they will work someday when there’s a perfectly viable solution that works today?
That’s a question those publishers are unlikely to answer directly, but intelligent readers can figure out that answer if they look beyond the ‘crypto’ noise and figure out who’s really pulling the strings in the digital currency industry.
At CoinGeek, we’ll continue to point out the failures and absurdities promoted by those who stand to gain from the fraud and deception in the industry while reporting on Bitcoin’s true capabilities as it scales to global dimensions. Subscribe now for regular updates.
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