Dominic Williams believes that the vast majority of developers and companies like to make loud promises that have no practical and useful basis, which is a manifestation of the so-called snake oil syndrome. This is a term indicating misleading marketing or outright fraud.
"It's gotten to the point where people are really massively investing in snake oil and believing in beautiful marketing stories. This is the biggest challenge facing the crypto market today."
At least 95% of existing blockchain networks are junk that hinders the development of the Web3 ecosystem, complains the chief researcher of Internet Computer. The creators are trying to sell products that are far from the final stage of readiness.
This does not apply to networks such as Bitcoin, Ethereum or Solana, but, in the words of Dominic Williams, they also suffer from the blockchain trillemma.
This is a theory that formulates the main problem of scaling any distributed network. According to the theory, a blockchain can have only two of the three main characteristics — security, decentralization and/or performance.
The DFINITY Foundation expert believes that some popular blockchains are well suited for processing transactions, but they are unlikely to form the basis for a new decentralized Internet.
Earlier, an analyst under the pseudonym ZachXBT discovered in one month 12 memcoin projects on the Solana blockchain, which were abandoned by the founders almost immediately after the preliminary sale of assets.