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. In an interview on CNBC, Yakovenko stated that bitcoin might lose adoption if it doesn’t change to a proof-of-stake (PoS) consensus algorithm. Some other organizations also have made attacks on bitcoin and suggested that this change might be an option to address what they consider drawbacks.
Solana Creator Believes Bitcoin’s Proof-of-Work Consensus Algorithm Will Affect Its Usage
Anatoly Yakovenko, one of the co-founders of Solana, the PoS consensus-based blockchain, issued his take when it comes to bitcoin’s proof-of-work (PoW) and how it might affect the leading cryptocurrency in the future. CNBC interview with Yakovenko. He stated that Solana is more energy efficient than Bitcoin.
Yakovenko provided the following explanation:
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 best.
Yakovenko also stated that PoS consensus will form the basis of most networks people use in the future. 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 Look to Change Bitcoin’s Code
Yakovenko’s criticism of the energy use and future prospects for Bitcoin as proof-of-stake networks is not unique. Because proof-ofstake consensus was used for the development of several alternative networks to those two major blockchains, Bitcoin and Ethereum, proof-of work consensus algorithms were deemed to be inefficient energy-wise.
This thought gained greater traction last year when Elon Musk (CEO of Tesla and Spacex) made this suggestion. 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.
Other parties have also criticised Bitcoin in recent years, suggesting that it might need a shift in its consensus algorithm to ensure its longevity. 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.”
How do you feel about Solana’s opinion on Bitcoin and the proof-of-work consensus algorithm? Comment below.
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