Ripple Co Founder Wants Bitcoin to Use Proof-of-Stake (PoS)

Ripple Co Founder and former CEO, Chris Larsen, who is now Executive Chairman of Ripple’s board of directors, is supporting a new movement to move Bitcoin from a proof-of-work (PoW) network to a proof-of-stake (PoS) network.

According to Bloomberg, Larsen is starting a new campaign called “Change the Code, Not the Climate” with various climate activist groups, including Greenpeace. The initiative aims to raise awareness about Bitcoin’s environmental impact and put pressure on the community to switch to a proof-of-stake paradigm.

According to the analysis, Bitcoin’s network, which has been criticized for its inefficiency in terms of energy use, currently consumes as much power as Sweden. Larsen stated in an interview with Bloomberg that consumption might reach the same level as Japan within five years. The campaign plans to buy ads to spread its message over the next month, as well as mobilize “millions of members” of Greenpeace and the Environmental Working Group for a grassroots push against Bitcoin. Michael Brune, who is in charge of the campaign, told Bloomberg:

“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.“

Larsen was immediately criticized by several prominent members of the crypto community, such as Messari founder Ryan Selkis and Casa Co-Founder and CTO Jameson Lopp:

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