X

Daniel from New Orleans

Signed up at Bet Solino Casino 47 minutes ago.

» Try Bet Solino Casino too
Do not show again

A new campaign known as the “Change The Code Not The Climate” aka “Clean Up Bitcoin” is now calling on crypto billionaires and members of the tech industry to switch from proof-of-work to proof-of-stake.

According to the official website of the campaign, the switch can lower energy consumption by 99%. Ethereum already made a commitment to switch to the new method of verifying transactions, although the company has not confirmed a date for the change. Crypto Lists finds it unlikely that Bitcoin will change to proof of stake in the near future – if ever? Here are the current discussions reflections about changing the Bitcoin code.

What is the Proposal of the Group?

Greenpeace is among the key participants in the campaign, and it has cited concerns that bitcoin miners have an incentive to increase their hash rate. The company notes that bitcoin miners have a vested interest in maintain the PoW system since any change would render their equipment and investments useless. However, the group notes that the current model is unsustainable.

It is calling on at least 30 key people in the Bitcoin community to join the campaign. These include influential people like key miners, crypto exchanges, and individuals who were involved in creating and improving the network. It has also mentioned notable members of big banks and big tech, including Elon Musk, Jack Dorsey, and Abby Johnson of Fidelity.

Greenpeace join the Change Bitcoin Code Pack Group

Aside from Greenpeace, the campaign involves Chris Larsen, the co-founder of Ripple. Other climate groups have also signed the petition to change the code of Bitcoin.

While the group seems hopeful that the campaign will be successful, some people have noted that members of the Bitcoin community would not support such a change. Most notably, Chris Bendiksen, a Bitcoin researcher at CoinShares, has stated that there is a 0% chance that developers will change the code to PoS.

Larsen has denied allegations that the campaign is set to destroy the credibility of Bitcoin. Ripple’s co-founder noted that he would let Bitcoin continue in its unsustainable path if he was worried about the competition. He thinks that his main concern is that investors may turn away from Bitcoin, and he is still interested in the success of the coin. Here you can follow the updates from Change BTC Code Campaign, which the Ripple founder, Elon Musk and Greenpeace all support.

Proof-of-Work vs Proof-of-Stake

Proof-of-work is the older system of verifying crypto transactions, and it was developed in the 1990s. However, it would only be used to validate crypto transactions and mine new coins with the creation of Bitcoin in 2008. With this verification method, members of a network have to solve arbitrary mathematical puzzles to prevent bad actors from gaming the system.

The main issue with proof-of-work is that it consumes a lot of electricity. At the moment, Bitcoin is using as much energy as the entire country of Sweden, as was reported by the University of Cambridge. A report in the Nature Climate Change journal indicated that the cryptocurrency could warm the planet by more than 2 degrees.

With these revelations, more people have been supporting the move to proof-of-stake. Ethereum is still planning to change its code to proof-of-stake, with the revelation of Ethereum 2.0. Some major cryptocurrency projects that use proof-of-stake include Cardano, Avalanche, Polkadot, and Solana. We cover all of these coins at Crypto Lists and are continuously adding more.

Rating: 9.5/10
Supply: 118,780,000 / 200,000,000
Release date: August 1, 2014

Description: Soon, Ethereum will be proof of stake. Learn more about ETH and see live prices here.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Overview of Bitcoin

Bitcoin (BTC) is the oldest and most valuable cryptocurrency and Bitcoin blockchain is also the first in it’s category. Its whitepaper was released in 2008 by Satoshi Nakamoto, and it outlined how the cryptocurrency was meant to work. It is currently one of the crypto projects whose founders are still not known. Initially, Bitcoin was mostly used for dark web purchases as it was the least traceable payment option at the time. Today, it has grown to have a value of about $48,000. It has a market cap of more than $900 billion. According to the whitepaper, the number of Bitcoins can never exceed 21 million, and at the moment, 18.9 million coins have already been mined.

While the whitepaper outlined strict protocols to ensure the decentralization, integrity, and security of the network, it is still possible to create soft forks and hard forks of the blockchain. These changes can help to alter the code to make it more environmentally-friendly. However, it is still uncertain whether switching the code will result in security issues.

Conclusion

Bitcoin has been known to consume a lot of energy for a long time. For this reason, a group of climate change activists and businessmen have formed a campaign known as ‘Change The Code Not The Climate’. The campaign aims at changing Bitcoin’s protocol from proof-of-work to proof-of-stake. This change is projected to lower the energy consumption of the blockchain by more than 99%. According to the group, the success of the campaign depends on about 30 people, including key miners, crypto exchanges, and members of big tech.

At Crypto Lists, we will be making updates on the success of the campaign.

by Our Certified Author
Ether Newsflash
    Try a USDT-focused casino today on Tether Bet!Try a USDT-focused casino today on Tether Bet!
    Monday, 17 Jun 2024 8:20 am
    Monday mornings get a bad rap, but it doesn't always have to bring the blues. In fact, sometimes it can bring crypto! That's right, with the new review we've got today you've got a USDT-focused casino called - unsurprisingly - Tether Bet (see more). But it's not only the stablecoin you can deposit and withdraw with, you've also got old classics like Bitcoin, Litecoin, and Ethereum. Plus with USDT you can opt for either the Ethereum network or Tron network depending on your preference. Nice! Register now to check out a bitcoin casino with more options...
    Read the full newsflash


    Ethereum Foundation under investigationEthereum Foundation under investigation
    Wednesday, 20 Mar 2024 5:39 pm
    The Swiss based non-profit organisation with a website looking like you arrived in paradise, Ethereum Foundation, is now under investigation by a state. The organisation stands behind the Ethereum network (ERC-20), which is still the seconds largest cryptocurrency by market cap. Since mainly the U.S investigate those things in-depth, it's Crypto Lists main guess that SEC is investigating this matter in detail. It should be noted that Eric Balchunas from Bloomberg estimate the odds of an Ethereum ETF approval in May to be less than 35%, and that was before the investigation. After, Crypto Lists guess is even lower. But it's mainly Bitcoin that rule the crypto market and get the other coins and tokens to follow. So if you're into ETH, please be cautious. Maybe it's way more fun - to play than to run (to the news) - and see what happened to ETH. Try BetPanda Casino if you feel for relaxing in front of a global and NO KYC casino site. Alternatively, check out ETH Play is you want to play on a...
    Read the full newsflash


    ETH Casino sees big inflows after Ether price dropETH Casino sees big inflows after Ether price drop
    Tuesday, 19 Mar 2024 8:33 pm
    After Ether briefly hitting 4000 USDT a week ago, the price fell quickly to 3310 USDT when writing this. Many casino players and investors are worried that ETH will continue to fall further and rather play on some of the best Ethereum casinos around. Since big ETH investors often like to stay incognito, 100% anonymous crypto casinos such as the highly trusted and top ranked ETH Play and the fast and fast rising ETH Casino are out two...
    Read the full newsflash


    Ether (ETH) deposits up: time to try a top Ethereum casino?Ether (ETH) deposits up: time to try a top Ethereum casino?
    Tuesday, 19 Mar 2024 1:45 pm
    The team here at Crypto Lists has noticed something pretty interesting: more and more people are using Ether (ETH) as a deposit method on a variety of crypto casinos. Perhaps this is an indication toward a possible Ethereum ETF approval or disapproval, since we saw with Bitcoin similar play fluctuations. Moreover, as the price of crypto assets dips in preparation for the halving event perhaps people are deciding to play more? We're not sure of the reasons, but thought it might be a good time to recommend a good Ethereum casino (see all) to you fine friends of ours. How about trying ETH Play (review), where you can use Ether but also other coins too! No KYC, no IP tracking, and complete anonymity guaranteed. Sign up now and see where the...
    Read the full newsflash


    ETH Casino: A trusted, new & anonymous casino siteETH Casino: A trusted, new & anonymous casino site
    Monday, 11 Mar 2024 5:20 pm
    Want to play the best casino games and still do it anonymously? We have found a new contender for you. The founders are very experienced, discrete & highly trusted. They are well known in the industry after more than 10 years in the game. Their anonymous casino website was launched about a month ago, but you have probably not seen it anywhere else since they don't support affiliates and other review sites are not as quick as us. Still, Crypto Lists made a fully independent independent review of ETH Casino here since it's such a significant entry into the world of crypto casinos. Not many other sites have such excellent name, so good deposit and withdrawal process (yes, we tried it comprehensively) and since it was created by a trustful team, we decided to let our visitors see it. The core of this brand is to provide a fantastic casino experience with 100% no KYC for their players. You can play from most countries around the world, with or without VPN. Give ETH Casino a try today and tell us...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top