Bitcoin could lose dominance, Ripple’s co-founder opines By BTC Peers

© Reuters. Bitcoin could lose dominance, Ripple’s co-founder opines

A recent write-up released by Chris Larsen, ‘s co-founder, shows that the crypto executive has a bone to pick with and altcoins that leverage proof-of-work (PoW) consensus mechanism.

According to the write-up, Larsen unequivocally stated that the crypto world, Bitcoin especially, needs to abandon the PoW consensus mechanism because of its effect on the environment.

The executive claims that there are a ton of mechanisms better and more energy-efficient than the PoW — proof-of-state (PoS) one of those.

Crypto projects that leverage proof-of-stake has been known to be more efficient and consume only a tiny fraction of energy, the co-founder asserts.

Citing Ripple’s consensus mechanism, Federated Consensus, as an example, Chris Larsen revealed that the network has been able to validate over 69 million transactions on a public ledger for nine years while using an energy equivalent of about 50 United States homes annually, way less than what Bitcoin and other PoW-based networks use in two quarters.

Ethereum’s recent decision to segue to the PoS mechanism as part of its forthcoming upgrade is proof that the PoW may not be the best mechanism for networks seeking global adoption.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button