Ripple co-founder advocated for bitcoin switching to PoS
According to Chris Larsen, bitcoin will become an “outlier” if it does not abandon the PoW mining model
31.03.2022 - 07:25
240
1 min
0
What’s new? Chris Larsen, the co-founder of the Ripple payment system, believes that the bitcoin algorithm should be changed from Proof-of-Work to Proof-of-Stake. The main reason for this proposal is to reduce the impact of mining on the environment. He said this in an interview for Bloomberg.
What other statements have been made? Ripple co-founder has partnered with Greenpeace, Sierra Club, and other environmental organizations to launch the “Change the Code not the Climate” campaign, which has committed $5 million to its first initiatives’ implementation.
The funding will be used to promote the climate campaign ideas in various global media outlets. According to the initiators of the idea, a hard fork or a soft fork (changing the rules of the network) of the blockchain is needed to be conducted to abandon mining. If that does not happen, Larsen argues, bitcoin will lose the support of investors and become an “outlier.”
PoW (Proof-of-Work) and PoS (Proof-of-Stake) are algorithms for mining new blocks in the blockchain. In the case of PoW, new blocks are generated through computational activities using special hardware. In the PoS model, cryptocurrency mining and transaction validation are done at the expense of the largest holders of the crypto asset.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 793
BTC
-0.31%
-
Ethereum
$3 352.23
ETH
-0.74%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.54
XRP
+9.21%
-
Dogecoin
$0.462161
DOGE
+16.91%
-
Cardano
$1.09
ADA
+23.21%
-
Stellar XLM
$0.435744
XLM
+51.22%
-
Polkadot
$7.46
DOT
+19.67%
-
Bitcoin Cash
$539.88
BCH
+8.39%
-
Litecoin
$103.88
LTC
+14.06%