Chris Larsen suggests interesting plan for Bitcoin-Miner to switch to the POS
Chris Larsen suggests interesting plan for Bitcoin-Miner to switch to the POS
- ripple manager Chris Larsen told the Bitcoin miners that the switch to the POS could be a "netoposcient" in the long term.
- He suggests how the Bitcoin mining companies and their investors can benefit from switching to the POS.
Chris Larsen, the CEO and co-founder of Ripple Labs, has an interesting proposal for Bitcoin-Miner. In his latest blog post, Larsen suggests that Bitcoin-Miner pass from the existing ProOF-of-WORK (POW) algorithm to the proof-of-stake (POS) protocol. He describes this step as "a net positive for their durability".
The Bitcoin blockchain has long supported the Proof-of-Work (Pow) consensus, which secures Bitcoin transactions in the network. However, it has come across great criticism because Pow is an energy -intensive protocol.
related : Ripple co-founder Chris Larsen: Bitcoin should switch to proof-of-stake, Pow is outdated
The Bitcoin blockchain energy consumes energy only for the context, which is consumed by approximately 12 million US households per year. As a result, other Pow platforms such as Ethereum also work on a transition to the POS protocol. Last month, November 10th, Ripple manager Chris Larsen published a blog post Write :
The emerging solution among climate experts is that the code of Bitcoin must be changed to a consensus salgorithm with low energy, as used by almost all other large crypto protocols. For example, while Bitcoin consumes the energy of around 12 million US households per year, other methods could do this to fewer than 100 US households.
However,Larsen's proposal could certainly come across some criticism from Bitcoin miners who have rely on Pow for their income. Bitcoin mining companies have also invested millions of dollars in buying further hardware. But Larsen also has an interesting suggestion for them!
Chris Larsen suggests rewarding Bitcoin miner
The Ripple manager has proposed a fair distribution of Bitcoin, with "900 Bitcoin per day" from block bonuses to the Bitcoin miner. According to this calculation, this would mean that "about 2.1 million additional Bitcoin should be distributed in 2140".
He also suggests a "least disturbing" path for Bitcoin's energy problems. Chris Larsen wrote
Make a snapshot of the current hash rate of existing miners and then reward the miners in a proportionate one on hash power basis. Existing miners simply have rights to future Bitcoin rewards without spending additional energy or having to make additional investments in mining rigs. The Ripple manager added that his plan would provide the miners "additional economic advantages" and "lucrative profits". He notes that the same income replace the lower operating costs that go on their electricity bills. Larsen added: future rewards […] could be kept and token, ”he concluded that“ the process for implementing these plans with consensus in the entire Bitcoin community will take time, but the advantages far outweigh the risks. These assets could be extremely lucrative for existing miners, especially since Bitcoin is becoming a really green financial technology of the future from his current climate disaster status. Chris Larsen also mentioned some of the leading crypto mining companies that can benefit from this proposal.
Source: Crypto-news-flash.com
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