Anatoly Yakovenko, one of the co-founders of Solana, the proof of stake consensus-based blockchain, issued its take when it comes to bitcoin's proof of work consensus algorithm.
Solana Co-Founder Believes Bitcoin Needs to Change to Proof-of-Stake Consensus 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. In an interview on CNBC, Yakovenko stated that bitcoin might lose adoption if it doesn’t change to a proof-of-stake consensus algorithm. Other organizations have also attacked bitcoin, hinting at this same change as a possible solution for what are considered drawbacks by some.
on CNBC, Yakovenko stated that one of the main differences when comparing Solana to Bitcoin is the energy efficiency of the former.If you look at Solana’s energy report, a single Solana transaction is about two Google searches worth of energy. I think that even among proof-of-stake networks is one of the most efficient ones.
Yakovenko further mentioned that, according to his views, most of the networks that people will use in the future will be based on PoS consensus. When asked about the future of Bitcoin in this context, Yakovenko stated:Others Look to Change Bitcoin’s Code Yakovenko is not the first that has made direct criticism on the energy usage and the future of Bitcoin as a proof-of-stake network. Since proof-of-stake consensus was used to develop several rival networks to the two main blockchains , proof-of-work consensus algorithms have been deemed as being too energy inefficient.