Solana Foundation strategy manager Austin Federa made interesting statements about the future of Solana (SOL), which has become one of the most talked about cryptocurrencies recently.
Federa addressed the issue of an altcoin being an 'Ethereum killer', which came to the fore shortly after the launch of Ethereum in 2015, through Solana. “I don't think any project out there wants to be an Ethereum killer,” he said.
“I would say you can't kill Ethereum just like you can't kill Bitcoin or Linux. This also means that killing Solana will not be easy.”
He emphasized that these networks are operated by hundreds of thousands of people around the world, and this is the true staying power of open source communities and software movements.
Additionally, Federa further elaborated on being an 'Ethereum killer':
“If we were trying to kill Ethereum, we'd probably have EVM support on the network, right? “The intended function of the Solana network from its inception in 2018 was that we wanted to be able to build something that would synchronize all of the world's information into a single global state machine as close to the speed of light as possible.”
Federa touched on the issue of token extensions, which he called “the biggest thing we launched last year”:
“These are behind the scenes and not the most glamorous thing you'll see on blockchain, but they're a huge step forward for what can be built on public blockchains. We will see a lot of adoption and growth from here.
“I would say that another area where adoption is increasing is Solana DeFi.”
Federa stated that the vision of a single “global state machine” was “actually the original vision of Ethereum,” adding, “What made Ethereum so powerful at the time was that any program on the network could establish trust with any other program on the network, because they all operated with the same status.” “It was his idea,” he said and added:
“This is the vision for which Solana was originally built and continues to be built today. Our goal is “to have the highest transaction throughput possible with the shortest possible blocks, all in a single global state machine, thus driving fees on the network to the lowest possible level.”
Federa said this is the goal because the network is intended to be the most suitable for decentralized finance (DeFi), which requires a large number of transactions and does not allow profits to be destroyed due to the cost of making transactions.
*This is not investment advice.