Ripple Co-Founder Wants Transition of Bitcoin to Proof-of-Stake, Donating $5 Million to the Initiative

Chris Larsen, Ripple co-founder, who is currently the Executive Chairman of Ripple’s board of directors, is supporting a suggestion to transition Bitcoin (BTC), the largest cryptocurrency by market cap, from the proof-of-work (PoW) mechanism to proof-of-stake (PoS). He’s reportedly donating $5 million to this initiative.

According to a report by Bloomberg, Larsen in conjunction with several climate activist groups is launching a new campaign named “Change the Code, Not the Climate.”

Read Also: Ripple’s Request for Extra Time Regarding Redacted Documents Has Been Granted

The campaign is proposed to make people know the effects of Bitcoin on the environment and to also mount pressure on the community to take action on moving its code to a PoS protocol.

In a conversation with Bloomberg, Ripple’s co-founder said the negative aspect of the Bitcoin network is its inefficiency, stating that the network currently consumes as much power as Sweden and this voluminous energy consumption could surge to the same amount of power as Japan within the next 5 years.

Ads campaign that will spread the word has been planned. The campaign intends to mobilize millions of members of Greenpeace and the Environmental Working Group for a push against Bitcoin’s negative effects from the grassroots.

Reacting to the new development, Michael Brune, who is in charge of the campaign, said:

“We are in this campaign for the long haul, but we are hoping — particularly since Bitcoin is now being financed by entities and individuals who care about climate change — that we can compel leadership to agree that this is a problem that needs to be addressed.”

Read Also: MIT Researcher Urges United States: Buy Bitcoin (BTC) Now To Become a Superpower for Next 1000 Years

According to Brune, the campaign plans to canvass the support of a number of firms, including Goldman Sachs, PayPal, BlackRock, and others.

In the report, Chris Larsen acknowledged the effort of Ethereum to transition to the PoS model, which is expected to play out in the coming months after years of development. He also noted newer blockchains, such as Solana and Cardano, which are building on low energy consuming algorithms from the ground up.

---

Follow us on Twitter, Facebook, Telegram, and Google News