Ripple co-founder Chris Larsen partnered with the Sierra Club, Greenpeace and other climate organizations to launch the Change the Code, Not the Climate campaign. The participants of the initiative allocated $5 million in order to achieve the transfer of bitcoin from the Proof-of-Work algorithm to Proof-of-Stake, which caused an angry reaction from the community.
The funds will be used to purchase advertising in leading publications during April. Climate organizations are mobilizing millions of members to work locally.
According to campaign manager Michael Brun, campaigners have spoken to a dozen key people and corporations, some of whom are associated with bitcoin and is required to comply with ESG standards.
“We work for the long haul. We hope to be able to convince – a problem that needs to be solved. Goldman Sachs, BlackRock, PayPal, Venmo, Fidelity – there are many companies that we expect to be helpful in this effort,” Brun explained.
Participants are counting on the dissatisfaction of US residents with the growing noise from bitcoin mining equipment in data centers amid the migration of miners from China. In their opinion, the community can agree to a hard fork or a soft fork. To do this, you need to convince the order of key miners, developers and crypto exchanges.
According to Larsen, bitcoin will lose support investors and will remain an outcast if it does not follow the path of Ethereum. He referred to the fact that new blockchains like Solana and Cardano also rely on Proof-of-Stake.
The market is driven by liquidity from traditional finance. The transition is a matter of time as people are “not religious about technology,” Larsen added.
“If it bothered me, the best thing I could do is not stop bitcoin from staying the same. It’s just an unsustainable path,” he explained.
The agency noted the difficulties in implementing what Larsen’s supporters had planned. These are years to change the code on the example of Ethereum, and the high degree of resistance of bitcoin maximalists, and the high incomes of miners, who at the end of the 2021 year exceeded $15 billion
“I would estimate the probability at 0% that bitcoin will ever switch to PoS. The community has no desire to destroy the security of the protocol,” said Chris Bendiksen, a researcher at CoinShares.
Larsen’s proposals caused an uproar on Twitter.
Castle Island Ventures co-founder Nick Carter disagreed with Larsen’s position.
Messari founder Ryan Selkis called Larsen “Judas” who promotes XRP. Earlier, the Ripple founder “made billions in the crypto markets, but then threw bitcoin under the bus,” he added.
Casa CTO Jameson Lopp also questioned Larsen’s sincerity. He pointed out that he did not see on Github his proposals to change the code of bitcoin.
Larsen emphasized that “Change the code, not the climate” is his own initiative. He apologized in advance to the Ripple team for any inconvenience.
Recall that Ethereum co-founder Vitalik Buterin expressed the opinion that the first cryptocurrency needs to develop a technological base to increase energy efficiency. Otherwise, digital gold “risks being left behind.”
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