Ripple Co-Founder: Bitcoin Must Switch to Proof of Stake to Stay ahead

Ripple Co-Founder: Bitcoin Must Switch to Proof of Stake to Stay ahead

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Answer Ripple Co-Founder: Bitcoin Must Switch to Proof of Stake to Stay ahead

Bitcoin is based on Proof of Work or PoW mining.

With the expansion of the Bitcoin blockchain and the increase in its transactions, it required a huge amount of electricity in the mining process, which made it an offer of cash from many quarters.

The last of them is “Chris Larsen”, co-founder of Ripple, who stated through a blog published Hours ago, Larsen urged bitcoin miners, trading platforms, and core developers to consider abandoning the proof-of-work mechanism, telling the following:

Let’s encourage and work with the people who build and contribute to the bitcoin code, major miners, trading platforms, and core developers, to consider moving away from PoW (mining).

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Larsen believes 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 abandon their holdings due to the massive carbon footprint that bitcoin mining produces.

Meanwhile, he praised and said that Ethereum should be “praised” for its decision to switch to a Proof of Stake mechanism.

Larsen asserts that bitcoin should either move to the quota mechanism, which now makes up 43 percent of the total cryptocurrency market capitalization, or the consensus adopted in Ledger XRP.

Larsen previously claimed that China could eventually destroy Bitcoin, only to have his unsubstantiated statement widely criticized within the crypto community.

Bitcoin as a Key Driver for a Clean Energy Future:

Contrary to what Larsen writes in his blog post, major bitcoin investors are actually focused on debunking the myth that bitcoin is harming the environment and are refusing to bow to pressure.

Ark Invest and Jack Dorsey’s digital payments company Square have published a joint white paper on Bitcoin being a major driver of clean and renewable energy.

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This white paper argues that Bitcoin will be able to accelerate the global energy transition to renewable energy by making more solar and wind projects profitable.

Quoting from this white paper:

With real world data, we show that Bitcoin mining can encourage investment in solar systems (solar grids + batteries), allowing renewable energy to generate a higher proportion of grid power with no potential change in the cost of electricity.

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