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Solana Co-Founder Believes Bitcoin Needs to Change to Proof-of-Stake Consensus to Remain Relevant. Do you agree with him?

3y ago
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Anatoly Yakovenko, one of the co-founders of Solana, a consensus-based PoS blockchain, shared his thoughts on bitcoin's proof-of-work (PoW) and how it may effect the leading cryptocurrency in the future. In an interview with CNBC, Yakovenko noted that one of the major distinctions between Solana and Bitcoin is the former's energy efficiency.

Yakovenko elaborated on this: According to Solana's energy report, a single Solana transaction consumes around the same amount of energy as two Google searches. Even among proof-of-stake networks, I believe it is one of the most efficient. Yakovenko went on to say that most of the networks people would use in the future will be built on PoS consensus, in his opinion. In response to a question about Bitcoin's future in this setting, Yakovenko stated:

Nobody will utilize [Bitcoin] if it does not move to proof-of-stake at some point.

I don't agree with him. I think Bitcoin would survive even without switching to a proof of stake system of operation. Bitcoin has in recent years come under heavy fire for it's environmental impact but that hasn't changed how much value is placed in the network. The proof-of-stake consensus has been shown be require way more energy consumption that the Proof-of- Work system Bitcoin currently operates.

Other major players in the crypto community seem to be adopting Proof-of-stake system as Ethereum platform is set to change it's network operation to proof of stake. Platforms like Cardano a public blockchain platform. It is open-source and decentralized , Quint an ecosystem that bridges the metaverse and the physical world by offering investors real life rewards. , Algorand a blockchain cryptocurrency protocol with a consensus mechanism chosen for scalability, intending to solve the blockchain trilemma operate a proof-of-stake system

submitted by /u/Megan76566
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3y ago
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