Solana’s co-founder stated the need to switch Bitcoin to PoS

Anatoly Yakovenko claims that from an engineering point of view, proof of stake offers the same level of security as PoW

29.04.2022 - 13:45

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What’s new? The co-founder of the Solana blockchain Anatoly Yakovenko believes that the Bitcoin network should switch to the Proof-of-Stake (PoS) consensus algorithm. In an interview for CNBC, he said that in addition to the negative environmental impact of Proof-of-Work (PoW), it would be “simply more efficient to build a proof of stake system.” From an engineering point of view, it offers the same level of security as PoW, Yakovenko explained.

CNBC’s material

What else did Yakovenko say? He noted that because of PoW, bitcoin does not have a developed Layer-2 (L2) ecosystem, and now BTC plays the role of a store of value. “We’ll see what happens in ten years,” the Solana co-founder added.

“If it [Bitcoin] doesn’t move to Proof-of-Stake, nobody is going to use it,” Yakovenko stressed.

What events preceded it? Celsius Network CEO Alex Mashinsky predicted a record rise in the rates of major cryptocurrencies. In his view, BTC would break the $60 000 mark in 2022, while ETH would reach the $4500 mark.

Also, the former CEO of the BitMEX cryptocurrency exchange, Arthur Hayes, said that by 2030 the price of bitcoin could reach $1 million. One of the triggers for the first cryptocurrency’s rise in price would be inflation, Hayes claimed.

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