Greenpeace And Ripple Co-Founder Lobby For The Idea of Modifying The Bitcoin Blockchain Consensus Algorithm
Chris LARSEN is partnering with Greenpeace to launch a new campaign called "Change the Code, Not the Climate," according to Bloomberg. The campaign is designed to convince the bitcoin community, especially developers, to change the way transactions are processed on the network with less power consumption, which Larsen believes can be done via a soft or hard fork. Bitcoin developers can also choose to transition the network from a Proof-of-Work (PoW) model to a Proof-of-Stake (PoS) consensus.
As part of the campaign, environmentalists will place advertisements on the leading information portals and will conduct a dialogue with individuals and legal entities related to the digital asset. Chris Larsen is sure that the eco-friendliness of the bitcoin blockchain will play into the hands of the cryptocurrency, as it will attract investors who care about the environment.
Chris Larsen claims that now the bitcoin network consumes as much energy as Sweden (133.5 bln kWh per year). In five years, blockchain energy consumption will grow so much that miners will consume an amount of electricity comparable to Japan (943.7 bln kWh). The transition to PoS will reduce this figure by 99%. However, in the crypto community, disputes do not subside that the Proof-of-Stake algorithm significantly increases the risks of losing decentralization, for which the first cryptocurrency is so valued.
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