Ripple Co-founder Argues Need for Bitcoin to Switch from Proof-of-Work (PoW)
Apr 22 2021 · 12:21 UTC | Updated
5 hours ago
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On Earth day, Chris Larsen in a blog post argued why he thinks Bitcoin needs to reconsider Proof-of-Work when validating transactions. As the oldest and the world’s most dominant crypto asset, its core technology remains largely unchanged.
The world is changing and there is an increasing need for renewable energy and more energy-efficient uses. Though financially revolutionary, Bitcoin has long been one of the highest power consumers. A recent study revealed that Bitcoin consumes more power than some countries, in light of this, Ripple co-founder Chris Larsen has pointed out that the Proof-of-Work (PoW) is no longer pertinent. The billionaire points out that this was also a concern for Hal Finney, one of the earliest Bitcoin adopters and only one of a few people who had contact with Satoshi Nakamoto the creator of Bitcoin.