Crypto: Solana Declares War on Problematic Memecoins

The Solana crypto platform is at the center of recent controversy, particularly over the allegedly offensive nature of certain memecoins based on this blockchain. The leaders of the platform have recently spoken out, indicating their commitment to putting an end to the observed misuses.

Implementation of a filter by the crypto firm Solana

Solana is tackling issues related to certain memecoins. In response to the growing concern about the infiltration of offensive memecoins within the memecoin segment, the company has committed to taking steps to address the situation.

This commitment was made during a roundtable organized at the BUIDL Asia Summit in Seoul, South Korea. A session where investors and experts, including representatives from Solana, discussed potential solutions to the problem.

The most recurrent solution involves the implementation of filters to eliminate prohibited words associated with memecoins on the Solana network. Austin Federa, head of strategy at the Solana Foundation, explained the usefulness of the approach.

According to him, it’s about allowing crypto wallet developers to establish block lists. A choice that does not lack relevance, especially since it will help combat the proliferation of offensive memecoins.

Furthermore, Austin Federa advocated for the users’ option to accept or refuse access to these tokens while maintaining the permissionless nature of the network. Considering that many wallets already have filtering mechanisms for these tokens and NFTs.

Solana Foundation promises to filter memecoin problems 1 https://t.co/NIFMeB9uuC

— Sam The Cat 😺 𝕏Đ (@Samthe34041833) March 31, 2024

Other Equally Relevant Suggestions

During the roundtable, Marc Zeller, the founder of the Aave Grants initiative, also spoke on how to solve the excesses related to memecoins. However, it seems to counter the previous solution.

The expert highlighted the influence of European laws on content moderation by citing the example of French Internet service providers who block content related to denialism. An illustration of different approaches to censorship.

In addition, the discussions also focused on broader principles of freedom of speech and censorship within the crypto industry. Austin Federa acknowledged the need to legally oblige certain validators to censor content.

This approach would not fundamentally be at odds with the reputation of blockchain, often presented as a tool for resisting censorship by promoting freedom of speech.

Essentially, the conversations that took place at the BUIDL Asia Summit reflect ongoing debates within the crypto community. Notably, those concerning the balance between freedom of speech and compliance with regulation. While the emergence of offensive memecoins certainly raises concerns, stakeholders are striving to find solutions that are respectful of the principles of decentralization and resistance to censorship, but also in compliance with laws and regulations.