Greylock’s Mike Duboe Believes Solana Is The Future

• Solana Projects are getting heavily invested by Mike Duboe, a partner at the Venture Capital firm, Greylock. 
• Although Ethereum is amazing at building crypto based applications, it is just not built for handling and processing large numbers of transactions.
• Solana aims to solve Ethereum’s scalability issue by making the gas fee slow and transaction speed high.

The 3 Generations Of Cryptocurrencies

The world has shifted from generation 1 cryptocurrencies such as Bitcoin to generation 2 cryptocurrencies such as Ethereum very quickly. Now, it is time that the generation 3 of the cryptocurrencies shine.

These currencies include:

• Cardano 
• Polkadot 
• Solana
• Terra
• Avalanche 

One of these has been in the news lately, due to getting heavy investing by Mike Duboe, a partner at the Venture Capital firm. 

This cryptocurrency is called ‘Solana’.

But Why? Why Not Ethereum?

We know that many enormous projects have come out of the Ethereum blockchain. Some of the famous projects include: 

• Axie Infinity
• Decentraland
• CryptoPunks
• Sandbox
• Bored Ape Yacht Club

But despite these humongous projects, a large number of Web3 developers claim: Whenever there is a heavy demand of the Ethereum currency, the gas fees, which is crypto’s term for the usage cost, touches the sky.

Although Ethereum is amazing at building crypto based applications, it is just not built for handling and processing large numbers of transactions.

This is the reason that many VCs including Greylock are searching for alternative cryptocurrencies that can become the next big thing. 

The most promising one till now has been Solana, which aims to solve Ethereum’s scalability issue by making the gas fee slow and transaction speed high.

Solana projects Greylock has invested in:

Following are the companies in which Greylock’s partner Mike Duboe has invested in:

• Magic Eden- (An NFT Marketplace)

One area in which Greylock is very enthusiastic about is the NFT marketplace, and Magic Eden, an application based on Solana promises to offer exactly that.

These are lower-priced, lower-cost NFTs. It’s a super-friendly consumer experience which is believed to be the starting point of many users into the world of Solana.

• Portals- (A Metaverse)

This is the most immersive metaverse on Solana, it is a platform where people can come together, highlight their Solana collections and talk about their other interests.

Also, digital brands can participate in this space in order to advertise, market and develop a social presence with their existing as well as potential users/clients.

Few other related projects include: 

• Raydium- (An Investment Platform)
• Phantom- (A Crypto Wallet)
• Solana Pay- ( a payments system)

ALSO READ: Why are cryptocurrencies linked with scams and cheating so easily?

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.