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Tuesday, January 18, 2022

Ripple Chairman Reveals Plans For Miners

Ripple has revealed new plans for the miners of Bitcoin. The organization is one of the fastest-growing financial chains in the market. They provide a number of easy to go solutions for their users. It is their user-friendly ecosystem that has made them so popular. The company is chaired and co-founded by Chris Larsen. He recently spoke to the media about his future plans for the company. 

He stated that miners of Bitcoin must shift away from providing proof of work. He further explained the move as beneficial for the users. Larsen termed it as an overall positive contributor to their longevity. He backed his decisions by explaining the possible boost the shares of the listed mining farms would get. The proposal of a new code must involve attractive incentives. Without such offers, there will be no support. 

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PoW is the algorithm of the consensus. Its main job is to make transactions with Bitcoins secure on the blockchain. It is beyond doubt that BTC has the most secure network in the market. However, the energy required for mining leaves a glaring question mark. This is the space that Ripple wants to exploit. Let us learn more about the story below. 

Ripple Eyeing New Expansions 

Chris Larsen was very much vocal about the issue on his recent blog. The Ripple co-founder stated that Bitcoin mining is not at all environment-friendly. We are living in an era where conservation of energy is very much required. BTC uses energy equivalent to that of 12milliom houses in America. 

Ripple is planning a shift so that energy efficiency can be maximized. Larson is keen on switching to methods that use significantly low energy. Ethereum has already initiated the shifting process. It remains to be seen which way things turn out in the future. 

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