Published: 30.04.2022
Article reading time:
1 min.
Solana co-founder Anatoly Yakovenko expressed the opinion that Bitcoin and other traditional cryptocurrencies that use the Proof-of-Work (PoW) consensus method need to change.
During an interview on CNBC, Yakovenko said that PoW-based cryptocurrencies will soon begin to lose popularity. The high energy consumption of such networks will start to repel both miners and users – they will start using assets based on the Proof-of-Stake (PoS) algorithm.
“I think over time, most popular networks will use PoS. This is probably the most provocative statement, but I think that if bitcoin does not switch to PoS, then no one will use it. The fact is that PoS-based systems are more efficient, while from an engineering point of view they provide the same level of security and decentralization,” Yakovenko said.
The co-founder of Solana also noted that bitcoin is used as a means of storing wealth, so it does not need complex smart contract systems and fast transactions. But this is only for the moment, and no one knows what will happen in 10 years.
Recently, the difficulty of mining the first cryptocurrency has increased again – the figure has come close to 30 trillion hashes.
Source: Bits
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