Wednesday, November 29, 2023

Solana Changes Name To Solano After Jack Dorsey Misspells Chain

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Solana changes name on Twitter to Solano after Jack Dorsey misspelled the chain as a temporary move to embrace his diss of the blockchain and it seems the fans are enjoying the joke so let’s read more today in our latest blockchain news.

The outages and the safety ratings could break Solana’s bones but it seems that mean jokes won’t hurt it. The layer-1 blockchain renamed its name on Twitter to Solano, after Jack Dorsey misspelled the name in a Twitter thread. Dorsey Is a well-known BTC maximalist who derided the cryptocurrencies and chains besides BTC as inferior. The co-founder of Twitter announced his TBD company has intended to create a Web5 space that it is extra decentralzied and built on the Bitcoin blockchain which will fix everything that he saw as Web3 failures to protect the users’ privacy and the personal data.

In articulating the need for a so-called Web5, Dorsey called out Web3 current dependence on blockchains with single points of failure like Solana and Ethereum but he misspelled Solana to Solano. Solana could pass up the chance to turn the call out into a virtual moment and they changed their name on Twitter and the community seized the opportunity and got in on the joke. Solana’s website refers to its original name and it will be fund to see how long they will keep the joke going.

Solana refuted the poor safety claims made by DeFi Safety, an independent DeFi rating organization that ranked Solana is the second-worst according to the company’s criteria. Axie Infinity’s gaming platform and Ronin blockchain were ranked as the worst after the Ronn hack of $600 million in March 2022. The Montreal-based agency rated over 240 DEFI protocols and 15 different blockchains and its reviews included five-different criteria like node count and diversity, supporting software, documentation, testing, and security.

Defi Safety’s primary reasons for a low rating revolve around Solana’s poor node infrastrcuture and the frequent downtimes. Other reasons include improper handling of the node information, poor block explorer design, and unaudited node clients with less diversity than the competing blockchains. Defi safety raised many concerns about the lack of details about the network’s node archival which is one of the processes for storing the blockchain data since its inception.

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