Ripple CTO Thinks Bitcoin Should Switch To PoS

Ripple CTO David Schwartz said that he believes that the consensus mechanism PoW (proof of work), which forms the basis of the Bitcoin network and similar networks, will not be history. However, Schwartz stated that he hopes that the token that will continue to live on the PoW mechanism will not be Bitcoin.

The Ripple executive responded to a Twitter user who asked him his thoughts on whether Bitcoin mining will continue after 2030 as governments move towards a sustainable eco-friendly future.

“I don’t think PoW will go away. I think its popularity will drop, but there may be room for at least one PoW chain for a long time. I hope bitcoin isn’t the token filling that particular niche though.”

The high energy consumption of the Bitcoin network has been a hotly debated topic, with Tesla CEO Elon Musk criticizing BTC’s energy use and environmental impact.

Environmentalists and proof-of-stake supporters have stepped up lobbying to change Bitcoin’s mining consensus code this year. Ethereum’s shift from proof-of-work to proof-of-stake, which reduces energy use by 99.95%, seems to have fueled this trend.

But as it stands, it seems highly unlikely that BTC will move to proof of stake, albeit uncertain in the future. Proponents of PoW argue that PoS staking introduces centralization and security risks by allowing malicious people to directly “buy” network control. They also point out that PoW has proven its resilience as the foundation of the world’s largest blockchain.