Watcher Guru recently tweeted and shared the statement of Solanas’s co-founder, Anatoly Yakovenko, who said that nobody will use Bitcoin until and unless it moves to Proof of Stake from Proof of Work.
— Watcher.Guru (@WatcherGuru) April 28, 2022
The World Economic Forum also recently tweeted a video that attempted to illustrate how bitcoin mining is causing 2 percent of global warming, blaming it on Proof of Work.
Proof of Stake
Proof of stake is the consensus process that helps pick which participants get to undertake this lucrative task—lucrative since the chosen ones are paid with additional crypto if they successfully verify the new data and don’t deceive the system.
With proof of stake, individuals known as “validators” lock-up predetermined quantities of bitcoin or cryptocurrency tokens—their stake, as it were, in a smart contract on the blockchain.
In exchange, individuals receive a chance to verify fresh transactions and get a reward. But if they inappropriately approve poor or false data, they may lose part or all of their share as a punishment.
Ethereum, the second-largest cryptocurrency by market capitalization behind Bitcoin, is in the middle of a shift from proof of work to proof of stake.