Solana Founder Addresses The Importance Of Bitcoin Upgrade

The co-founder of Solana is talking about the importance of an upgrade that Bitcoin should see. Anatoly Yakovenko explained that the leading digital asset Bitcoin (BTC) will eventually see all of its users migrate to other platforms unless it switches to a proof-of-stake mechanism.

During a new interview with CNBC host Kate Rooney, the founder of the smart contract platform says that proof-of-work mining systems will be barren in the future, including Bitcoin if it doesn’t make the switch.

“I think eventually most of the networks that people use will be proof-of-stake ones. This is probably the most controversial thing you’ll get me to say: I bet that if [Bitcoin] doesn’t switch to proof-of-stake, nobody is going to use it.”

Yakovenko said that engineering logistics and energy efficiency are the biggest factors at play when it comes to predicting what kind of systems future users of blockchains will prefer.

“I think because it’s simply more efficient to build a proof-of-stake system, so from an engineering perspective, it provides the same level of security but it uses way less energy, so why not?”

He also explained that BTC is more tuned to be a store of value rather than a layer-1 network that can be developed on. He also made it very clear that he’s unsure if even that can hold up down the line.

“I think the philosophy and goals of Bitcoin are all about store of value, and that requires maybe the simplest implementation that you could build. Maybe that works for now, but we’ll see what happens in 10 years.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $38,606.

The mass adoption of Bitcoin and crypto in general also continues at a fast pace.