Ripple co-founder thinks Bitcoin should move away from proof-of-work
Bitcoin needs to move away from the proof-of-work consensus mechanism to remain the world’s dominant cryptocurrency, Ripple’s Chris Larsen said. Bitcoin (BTC) code contributors need to consider a move away from the cryptocurrency’s proof-of-work consensus mechanism, Ripple co-founder Chris Larsen argued.In a Wednesday blog post, Larsen outlined major PoW-related vulnerabilities, noting growing concerns over Bitcoin’s carbon footprint. According to the executive, PoW-based coins like Bitcoin should consider a code change to carbon-neutral validation methods like proof-of-stake or federated....
Related News
Chris Larsen, co-founder of Ripple also joined in on the call, saying Bitcoin is the “outlier” now that Ethereum’s model is set to change. Greenpeace, along with other climate groups, and co-founder and executive chairman of Ripple, Chris Larsen, has launched a new campaign aimed at changing Bitcoin (BTC) to a more environmentally friendly consensus model.The “Change the code, not the climate” campaign aims to pressure key industry leaders, Bitcoin miners, and influencers like Elon Musk, and Jack Dorsey, into moving over to a new consensus model saying:“If only 30 people — the key miners,....
A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets (MiCA) framework. The European Parliament (EP) was expected to approve the proposal on the last....
As politicians and environmentalists have argued Bitcoin should move away from proof of work, they miss what makes the network so innovative.
Climate activists and crypto billionaire Chris Larsen want to convince Bitcoin companies, miners and developers into changing Bitcoin’s consensus mechanism.
Ripple Labs cofounder Chris Larsen has a bone to pick with bitcoin and crypto networks that leverage proof-of-work (PoW). Larsen’s latest write-up explains that the crypto industry needs to reconsider PoW because of the effects on the environment. The Ripple executive believes that other types of consensus algorithms have been effective at being secure while only “using a tiny fraction of the energy.” Ripple Cofounder Believes Crypto Networks Leveraging Proof-of-Work Should Consider Alternatives While the global economy struggles after a year of Covid-19 lockdowns and....