“Snake oil” is a term that indicates misleading marketing or scams. Dominic Williams believes that the vast majority of developers and companies like to make big promises that have no practical or useful basis, which is a manifestation of the “snake oil” syndrome.
“It’s gotten to the point where people are massively investing in snake oil and believing in pretty marketing stories. This is the biggest challenge facing the crypto market today,” Williams said.
In his opinion, at least 95% of existing blockchains are junk that hinder the development of the Web3 ecosystem. Williams emphasized that companies are selling products that are far from being ready. At the same time, he acknowledged the benefits of networks such as Bitcoin, Ethereum and Solana, but drew attention to the fact that they also suffer from the blockchain trilemma.
This is a theorem that formulates the main problem of scaling any distributed network. According to it, a blockchain can have only two of the three main characteristics – security, decentralization and performance.
Williams believes that some popular blockchains are well suited for processing transactions, but they are unlikely to form the basis of an entirely new and decentralized Internet.
Previously, an analyst under the pseudonym ZachXBT discovered 12 memcoin projects issued on the Solana blockchain, which were abandoned by the founders almost immediately after the preliminary sale of assets.
Source: Bits
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