Tag: anatoly yakovenko

Solana Co-founder Labels Ethereum 'Bourgeois Digital Tyranny

In a fiery discourse on Twitter between 1st and 2nd October 2023, Anatoly Yakovenko, co-founder of Solana Labs, robustly defended the accessibility and inclusivity of the Solana network, engaging in a series of tweets that delved into the philosophies underpinning various blockchain platforms.

Network Accessibility Debate

The debate ignited with a tweet from user @jebus911 on 1st October, drawing parallels between Solana (native token SOL) and the Democratic Party, criticizing both for purportedly lacking an understanding of value creation and harboring a desire for cheap solutions. In a retort, Yakovenko elucidated his stance later that day, juxtaposing Ethereum against Solana and critiquing Ethereum for representing what he termed as “bourgeois digital tyranny.” He advocated for a “stateless digital dominion” where the cost of state creation is negligible, heralding a truly decentralized network.

Criticism of Solana’s Node Operation Costs

The discussion intensified on 2nd October when user @RuzhyoX spotlighted the high costs associated with running nodes or validators on the Solana network, suggesting it inadvertently favors corporate entities over individual participants. Yakovenko rebutted, positing that anyone capable of building from source possesses the requisite skill set for a tech job, which would render running a node affordable. This exchange catalyzed further deliberations among the crypto community on Twitter.

Community Reactions

The debate wasn’t devoid of humor, with @AceofSolana querying if Yakovenko’s eloquent defense was generated by ChatGPT, prompting a whimsical response from Yakovenko, “If you have to ask, ngmi” (an acronym for “not gonna make it”).

Comparing Ethereum and Solana

Ethereum and Solana, both notable in the blockchain arena, exhibit diverging technical and philosophical ideologies. Ethereum, a foundational platform, is pivotal to the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) spheres, albeit grappling with scalability and transaction fee hurdles. In contrast, Solana, renowned for its high throughput and economical transaction fees, harnesses a distinctive Proof of History (PoH) and Proof of Stake (PoS) consensus mechanism, targeting scalable solutions for a myriad of applications without forsaking decentralization.

Their smart contract frameworks, albeit similar, diverge in consensus models for transaction validation, reflecting their distinct approaches toward harmonizing security, decentralization, and scalability, thereby offering a spectrum of choices for developers and enterprises in the blockchain ecosystem.

Oobit Secures $25M in Series A Led byTether and CMCC Globa

Oobit, a mobile crypto payments app, has successfully closed its Series A funding round, amassing $25 million. This significant financial injection is spearheaded by Tether, the world’s largest stablecoin issuer by market cap, alongside notable contributions from CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. This round of funding marks a pivotal moment in Oobit’s journey, pushing the total capital raised by the company to $33 million, when considering its previous $8 million seed round in December 2020​​​​​​.

Oobit aims to revolutionize the way crypto token holders engage in transactions, facilitating purchases at over 100 million retailers worldwide that accept Visa or Mastercard, effectively as if using cash. The app’s underlying technology ensures merchants are paid in fiat currency, fostering the adoption of crypto payments. Future updates are poised to further streamline this process, ensuring even smoother transactions between cryptocurrencies and fiat currencies​​​​​​.

This Series A funding underscores Tether’s commitment to advancing the widespread adoption of cryptocurrencies, aligning with its vision of a financially inclusive world. Oobit, leveraging Tether’s investment, strives to dismantle barriers and enable frictionless transactions for crypto holders globally, further supported by its functionality across both the Apple App Store and Google Play​​​​.

Oobit’s innovative “tap-to-pay” feature, which facilitates contactless payments at any store supporting credit card systems with tap receivers, exemplifies the company’s commitment to integrating digital currencies into everyday transactions. This feature, alongside the app’s compatibility with leading cryptocurrencies such as Bitcoin, Ethereum, XRP, and naturally Tether, positions Oobit at the forefront of bridging the gap between traditional financial systems and the burgeoning world of blockchain technology​​.

As Oobit continues to expand its global footprint, this funding round not only highlights the growing confidence in crypto payments’ potential but also paves the way for further innovation in the seamless convergence of digital and traditional financial landscapes.

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