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Bitcoin Must Switch to Proof of Stake to Avoid User Exodus – Co-Founder of Solana

Bitcoin’s position as the top gun in the cryptoverse has never been in doubt. However, Anatoly Yakovenko, co-founder of Solana, believes that Bitcoin could lose out if it doesn’t migrate from Proof of Work in the near future.

The Environmental Concerns of Proof of Work

Bitcoin intially adopted the Proof of Work model to protect the network and prevent double-spending. However, the power consumption of Bitcoin, and the use of fossil fuels in the asset’s mining has persistently raised environmental concerns.

In a recent interview, Anatoly Yakovenko, the co-founder of Solana, asserted that he believes Bitcoin could lose its users if it fails to adopt the more power-efficient Proof of Stake (PoS) consensus mechanism. 

Bitcoin Must Transition to Proof of Stake

Earlier this year, Ripple’s co-founder, Chris Larsen, proposed that Bitcoin should adopt a PoS model.

Yakovenko believes that most cryptos will also migrate to Proof of Stake with time, and Bitcoin must be one of them. He said in the interview:

“This is probably the most controversial thing that you’ll get me to say, but eventually, if it (Bitcoin) doesn’t move to proof of stake, nobody is going to use it. Because it is simply more efficient to build a Proof of Stake system.”

In addition to this, Yakovenko believes that Bitcoin’s nature as a PoW chain might be an underlying reason for why it lacks a thriving Layer-2 ecosystem. 

On the Flipside

Why You Should Care

Leading projects like Ethereum and Dogecoin are already in different phases of their migration from Proof of Work to the Proof of Stake model.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.