Should Bitcoin follow Ethereum to operate on PoS consensus?
Ripple & Solana leaders want to push the Bitcoin community to change the code, to sustain the future of the Bitcoin blockchain.
Bitcoin completed around 13 years of life and the blockchain network of Bitcoin was never hacked by anyone, which is proof that the Bitcoin network is fully safe against any kind of attack. Bitcoin network operates on a Proof-of-work consensus, which is an inefficient consensus over the latest Proof-of-stake (pos) consensus. The network Bitcoin is the poor performer, in terms of transaction speed, fees & scalability.
In the past 6 months, Many crypto proponents (indeed leaders of leading crypto projects) proposed their ideology to change the code of Bitcoin, to make BITCOIN a highly efficient blockchain network so that people can easily use it in the payment system.
4 months ago, Ripple co-founder and climate change group Greenpeace started a campaign to force the Bitcoin community & developers to change the code of Bitcoin under the campaign “change the code, not climate”. For the same, Ripple co-founder was criticized by the Bitcoin community.
Around 3 months back, Solana Co-founder Anatoly Yakovenko said that Bitcoin will sustain its future up to a few years only and also said that people will not use it if it will not shift on Proof-of-stake consensus.
“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.”
Around a month ago, ECB also raised concerns against Proof-of-work consensus-based Cryptocurrencies and said that Proof-of-stake model-based crypto assets are an option in the future to save environmental health.
Bitcoin doesn’t need update
No doubt that people, who supported changing the Bitcoin code, were right at their level & point of view but in reality, Bitcoin doesn’t need any kind of update like Ethereum because Bitcoin & Ethereum are different things.
On one side Bitcoin is just like an alternative to gold and people see it as the best store of value against inflation, on the other side Ethereum is a responsible blockchain network to push innovations.
Bitcoin can be used as the best payment asset with the use of the lightning network concept and undoubtedly it is the best option over other cryptocurrencies used in the payment system.
Read also: Dogecoin is not a meme coin, Here is why?
