Solana co-founder believes Bitcoin’s proof-of-work model will adversely affect its usage

In an interview on

CNBC

TV,

Anatoly Yakovenko

, one of the co-founders of Solana, expressed his opinion about the important crypto developments including the debate whether Bitcoin should adopt the proof-of-stake (

PoS

) consensus mechanism.

Yakovenko

also talked about the price fluctuations of

Solana

tokens, smart contracts-enabled blockchain to Kate Rooney. The Solana co-founder said that bitcoin can lose adoption if it does not transition to the Proof-of-stake (PoS) model.


Yakovenko explained why Bitcoin needs to change to the PoS algorithm with the following arguments :

• He explained how Bitcoin’s proof-of-work (PoW) may adversely affect the leading cryptocurrency in the future.
• He cited the energy efficiency of PoS blockchain- based Solana in comparison to Bitcoin.
• Yakovenko said that even among the PoS-based cryptocurrencies, Solana is one of the most energy efficient ones.
• A single Solana transaction is equivalent to about just two Google searches worth of energy.
• Yakovenko opined, in the coming future, most of the networks used in crypto space will be based on PoS consensus. In such a scenario, if Bitcoin doesn't make a timely transition to PoS then its usage will decline.

Besides Yakovenko, others have also been criticizing Bitcoin for its energy-intensive nature and the need to transition to the PoS model.

• In May 2021, Elon Musk suspended the purchase of Tesla vehicles using Bitcoin citing the concern over the use of fossil fuels for transaction and mining of Bitcoins.
• The non-profit organization of Firefox web browser, Mozilla discontinued the acceptance of PoW-based cryptocurrency donations in April 2022 and said that it would only accept donations of PoS digital currencies.
• Wikimedia foundation also recently stopped accepting crypto donations altogether citing environmental concerns in April.
• Global environmental network Greenpeace with the help of Ripple Labs co-founder Chris Larsen, recently started a campaign 'Change the code, not the climate' to make Bitcoins more environmentally friendly.
• The World Economic Forum shared a video on Twitter on April 27 exhorting Bitcoin to change the way it codes. WEF said that experts believe that a change in bitcoin's consensus mechanism can almost eliminate its environmental impact.

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