Ripple Co-Founder (XRP) Urges Bitcoin To Switch To Energy-Friendly Proof-of-Stake (PoS)

A number of parties are urging Bitcoin to switch to a PoS network. (Photo; Brian Wangenheim-Unsplash)

JAKARTA – Ripple (XRP) executive Chris Larsen reportedly supports Bitcoin's transition from a Proof-of-Work (PoW) to Proof-of-Stake (PoS) mechanism. The reason is that PoS is considered more environmentally friendly and less energy-intensive like a PoW network that can be used for mining activities using high computing devices.

Instead, PoS allows a staking mechanism to earn rewards in the form of coins. To do staking, users do not have to have high computing devices such as the latest VGA, mining rigs and the like. Users only need to own coins and stake their coins for validation purposes on the blockchain.

Larsen, who was the former CEO of Ripple, is now the Executive Chairman of Ripple's board of directors. He launched a new campaign titled “Change the Code, Not the Climate.” Larsen and a number of activist groups including Greenpeace jointly carried out the campaign.

The campaign is aimed at raising awareness regarding the environmental impact caused by Bitcoin including its mining activities. They also urged BTC to switch from PoW to PoS. In an interview with Bloomberg, Larsen stated that electricity consumption could increase to the same amount of power as Japan in five years.

Reporting from Cryptoglobe, the campaign aims to buy advertising over the next few months to spread its message, in addition to mobilizing “millions of members” Greenpeace and the Environmental Working Group to push against Bitcoin's impact.

“We are in this campaign for the long term, but we hope — especially as Bitcoin is now financed by entities and individuals concerned with climate change — that we can force leadership to agree that this is an issue that needs to be addressed,” said Michael Brune, underwriter. responsible for the campaign.

It didn't stop there, Brune also listed a number of companies that received support from the campaign, namely BlackRock, PayPal, and GoldmanSach.

On the other hand, in recent weeks the number two crypto currency after Bitcoin, Ethereum, has increasingly been echoed to make the transition from PoW to PoS. Cryptocurrencies that have previously used the PoS mechanism include Cardano (ADA), Solana (SOL), Algorand (ALGO).