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On Earth Day Ripple Co-Founder Chris Larsen Says Bitcoin Should Switch to Proof-of-Stake

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In a recent Earth Day blog post, Ripple co-founder Chris Larsen urges Bitcoin miners, and core developers to consider abandoning the Proof-of-Work consensus mechanism.


Let’s work with the people who create and contribute to the Bitcoin code, key miners, exchanges, and core developers-to consider opting out of PoW.

Larsen argues that such a change would be very important for Bitcoin to remain the dominant cryptocurrency.

He warns that institutional investors will undoubtedly face pressure from regulators to sell their assets because of PoW’s huge carbon footprint.

He adds that Ethereum should be praised for its decision to switch to Proof-of-Stake.

Larsen argues that Bitcoin should move to either PoS, which now accounts for 43 percent of the total cryptocurrency market capitalization, or the Federated Consensus XRP Ledger.

The ex-CEO of Ripple when said that China could eventually destroy Bitcoin. His statement drew widespread criticism in the crypto community.

 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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