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

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.


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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.

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

 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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