Thursday, December 1, 2022

Solana Co-Founder Believes BTC Will Lose Users If It Doesn’t Adopt PoS

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The Solana co-founder believes BTC will lose users if it doesn’t adopt the Proof of Stake model as more networks will eventually do so, so let’s read more today in our latest Blockchain news today.

The Proof of Work consensus mechanism relies on crypto mining to validate transactions and is a pioneering concept and pre-existed Bitcoin. It is often criticized because of its environmental impact and many proponents of clean energy consider high energy consumption to be the weak point for BTC. The latest to weigh in ont the matter was the Solana co-founder who says that BTC has to adopt the PoS model.

Anatoly Yakovenko, the Solana co-founder believes BTC will lose users if it doesn’t adopt the Proof of Stake. Yakovenko stated that most of the networks that people use will move to the PoS model:

“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.”

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The latest discussion around BTC adopting PoS came at a time when ethereum is slowly switching to PoS. Chris Larsen, one of the co-founders of crypto payments company Ripple, drew some backlash after announcing a new campaign pushing BTC to alter the mining mechansim and use less energy while going greener. Back in 2020, Niklas Nikolajsen the founder of Swiss crypto broker Bitcoin Suisse predicted that the asset will move to PoS once the ETH network proves it is successful.

As recently reported, The crypto capital markets Maple Finance crypto lender extended the support to the Solana blockchain and deployed a $45 milion fund to spur ecosystem growth. Maple provides undercollateralized loans for institutional borrowers on ETH and now Solana from other pool delegates. The project stated that it has already originated over $1.2 billion in loans and now counts over $900 million to the platform. The ecosystem fund was launched in partnership with decentralized finance lending platform X-Margin and other capital being provided by USD coin issuer Circle, Coinshares, and other projects native to Solana. The goal for Maple is to bring Maple Solana and on-chain capital market infrastructure so it can scale to the Solana ecosystem and address financing needs on the network. Maple is expecting the move to drive strong activity on Solana with the head of Maple Solana.

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