In order for Bitcoin [BTC] to stay dominant on the worldwide stage, Ripple’s executive chairman explained that the developers and miners got to ditch PoW [Proof-of-Work] algorithm.
Amid the backdrop of Earth Day, Chris Larsen outlined that the PoW consensus mechanism may be a massive drain on power consumption and a “growing source” of CO2 emissions, consistent with an official web-blog post today on Thursday.
Instead, the chief argues core developers, miners and exchanges should consider moving faraway from the years-old mechanism to something less taxing on the environment.
“Crypto assets that use PoW should consider a code change to a different validation method like PoS [Proof-of-Stake] or Federated Consensus [or something yet to be developed],” explained Larsen.
The PoW consensus mechanism is expensive. The present draw from bitcoin alone amounts to a mean of 113 TWh a year, enough to power 12 Mln United States homes, consistent with data from Cambridge University. The damage to the environment is additionally considerable with an estimated 63 Mln tons of CO2 [CO2] released per annum, added Larsen.
“We should see PoW for what it’s – a brilliantly designed technology that’s becoming outdated in today’s world,” added Larsen. “They [PoW networks] got to …. embrace low energy/low carbon alternatives to secure their ledgers.”