Chris Larsen has financed $ 5 million to reduce Bitcoin's energy consumption

, the campaign is aimed at important industry leaders, Bitcoin-Miner and influencer like Elon Musk and Jack Dorsey to get to a new consensus model.

Greenpeace, the Environmental Working Group and other organizations will advertise in media such as the New York Times.

Politico and The Wall Street Journal emphasize the effects of Bitcoin on the environment and are committed to changes. The campaign is financed by Ripple co-founder Chris Larsen. Mr. Larsen said he gave the campaign $ 5 million.

related : Ripple co-founder Chris Larsen: Bitcoin should switch to Proof-of-Stake, Pow is outdated

Bitcoin changes from pow to pos

goal is to convince BTC investors and supporters to change the code of the network and to remove the "Proof of Work" mechanism, which requires Bitcoin miners to apply a certain amount of energy when processing transactions to earn rewards in a newly created Bitcoin.

Its energy consumption is a defense mechanism to protect the network. Since it is an open source project, any Bitcoin software can run. But the network requires miners to spend enormous amounts of computing power in order to make it expensive for someone to take over the network. It is therefore extremely difficult to create fake coins or manipulate transactions.

The Cambridge Center for Alternative Finance estimates that the Bitcoin network uses a little more energy (134.9 terawatt hours per year) than Norway (124.3 Terawatt hours).

The Ethereum network also uses Proof of Work, but changes to the Proof of Stake model. The implementation that is delayed several times for technical reasons is intended to reduce Ethereum's energy consumption by 99 percent.

The new campaign hopes to bring about a similar shift for the leading cryptocurrency. said Larsen
Source: Crypto-news-flash.com