Ripple Co-Founder Backs A Campaign To Transition BTC From PoW To PoS

Chris Larsen, the co-founder (and ex-CEO) of Ripple, who is presently the board of directors’ chairman at Ripple, is supporting the latest campaign to shift BTC from PoW (proof-of-work) to a proof-of-stake consensus mechanism.

As per a report published on the behalf of Bloomberg, Larsen – with some climate activist teams alongside him – is initiating an exclusive campaign. The target of the respective movement is to spread awareness regarding the environmental impact generated on the behalf of Bitcoin as well as mount pressure on the primary crypto asset community to shift to a proof-of-stake consensus mechanism.

The report notes that the network of Bitcoin, which has been criticized for the energy inefficiency thereof, at present, consumes a substantial amount of power that could be equated with the energy consumption of entire Sweden. While talking to Bloomberg in the interview, Larsen mentioned that the respective consumption amount could elevate to that of Japan just in the coming five years.

The campaign focuses on buying promotions during the coming month to disseminate the respective message, apart from persuading millions of participants of Greenpeace and Environmental Working Group to do their efforts for a comprehensive movement against Bitcoin.

The campaign’s in charge, Michael Brune, asserted that they are a part of the campaign permanently however they expect – specifically after the latest rise in the financing of Bitcoin on the behalf of the individuals as well as organizations who are concerned with the change in atmosphere – that a great issue is being created and requires to be dealt with. A series of the firms that the campaign wants to take assistance from are listed by Brune, taking into account PayPal, BlackRock, and Goldman Sachs.

Chris Larsen, while discussing the strategy of Ethereum to have a transformation toward a proof-of-stake mechanism during the next months, categorized BTC to be an outlier. In his words, unique protocols like Cardano and Solana have been constructed on technologies that consume a competitively less amount of energy. He is reportedly allocating nearly $5M for the campaign’s funding.

The Ripple co-founder got instantly condemned on the behalf of many well-known participants of the community of cryptocurrency including Jameson Lopp (the CTO and co-founder of Casa), and Ryan Selkis (the founder of Messari), as well as other members of the community. According to Ryan Selkis, Larsen resides in a noble community however he could be imprisoned for spending funds to assault the industry.

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