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. Other organizations have also attacked bitcoin, hinting at this same change as a possible solution for what are considered drawbacks by some.
On this, Yakovenko explained:
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:
If [Bitcoin] eventually doesn’t switch to proof-of-stake nobody is going to use it.
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 (Bitcoin and Ethereum), proof-of-work consensus algorithms have been deemed as being too energy inefficient.
What do you think about the opinion of one of the creators of Solana about Bitcoin and its proof of work consensus algorithm? Tell us in the comments section below.