Bitcoin
Co-founder of Solana believes Bitcoin needs to change to Proof-of Stake Consensus in order to remain relevant
Anatoly Yakovenko, one of the co-founders of Solana, the proof-of-stake based, smart contracts enabled blockchain, issued a series of statements criticizing bitcoin’s consensus algorithm. CNBC interview: Yakovenko said that bitcoin could lose its adoption if it does not change to a proof of stake (PoS), consensus algorithm. Others have also attacked Bitcoin, suggesting that the same change could be a solution to what some consider drawbacks.
Solana Creator Thinks Bitcoin’s Proof of Work Consensus Algorithm will Affect Its Use
Anatoly Yokovenko, one the co-founders and PoS-based blockchain Solana, gave his opinion on bitcoin’s proof of work (PoW), and how it could affect the top cryptocurrency. In an interview on CNBC, Yakovenko stated that one of the main differences when comparing Solana to Bitcoin is the energy efficiency of the former.
Yakovenko explained that
is the correct answer.
If you look at Solana’s energy report, a single Solana transaction is about two Google searches worth of energy. Even among proof-of stake networks, I believe that this is the most efficient.
Yakovenko also stated that most networks people will use in future will be built on PoS consensus. Yakovenko answered a question about Bitcoin’s future in this context by saying
If [Bitcoin] eventually doesn’t switch to proof-of-stake nobody is going to use it.
Others Want to Change Bitcoin’s Coding
Yakovenko has not been the only one to criticize the energy consumption and future of Bitcoin as proof-of-stake. Proof-of-stake consensus was used for the development of several other networks than the main ones (Bitcoin, Ethereum) and has been considered to be too energy-inefficient.
Since last year this thought has gained more traction, when Elon Musk, CEO of Tesla and Spacex, commented about the “insane” energy consumption of the Bitcoin network while suspending bitcoin as a payment method for acquiring Tesla vehicles at the same time.
In recent times, Bitcoin has been criticized by other parties, suggesting that a change to its consensus algorithm could be crucial for its sustainability. This is the case of the World Economic Forum, which on April 26, published a video where it states that a “change in the way Bitcoin is coded could virtually eliminate its environmental impact.”
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What do you think about the opinion of one of the creators of Solana about Bitcoin and its proof of work consensus algorithm? Comment below.
Sergio Goschenko
Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, lives in Venezuela and has been impacted by the cryptocurrency boom on a social level. This gives him a unique perspective about crypto success and how it benefits the underbanked and unbanked.
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