Solana founder says Bitcoin will see a mass exodus of users unless a major upgrade is approved
Solana (SOL) co-founder Anatoly Yakovenko says that the leading digital asset Bitcoin (BTC) will eventually migrate all of its users to other platforms if it doesn’t switch to a proof-of-stake mechanism.
In a new interview with CNBC host Kate Rooney, the smart contract platform’s founder says proof-of-work mining systems will be barren going forward, including the top crypto asset by market cap, unless it transitions will.
“I think most networks that people use will eventually be proof-of-stake networks. This is probably the most controversial thing you have me say: I bet that if [Bitcoin] If you don’t switch to proof-of-stake, no one will use it.”
Yakovenko says that technical logistics and energy efficiency are the most important factors when it comes to predicting what kind of systems future blockchain users will prefer.
“I think because it’s just more efficient to build a proof-of-stake system, it offers the same level of security from a technical perspective, but uses a lot less energy. So why not?”
Yakovenko goes on to say that BTC is designed to be a store of value rather than a Layer 1 network to develop on, and he’s not sure even that can last.
“I think Bitcoin’s philosophy and goals are all about stores of value, and that requires perhaps the simplest implementation you can build. It might work now, but we’ll see what happens in 10 years.”
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