Ripple co-founder Chris Larsen has partnered with the Sierra Club, Greenpeace and other climate organizations to launch Change the Code.
The participants of the initiative have allocated $5 million to achieve the transfer of Bitcoin from the current Proof-of-Work algorithm to Proof-of-Stake, and this move has not been welcomed by the crypto community.
According to the initiative, the funds will be used to buy advertising in leading publications during April.
Michael Brun, the manager of the campaign, has said that participants have been in contact with a dozen key people and corporations, some of which are associated with Bitcoin and are required to comply with ESG standards. He has explained:
“We are working long term. We expect that we can convince that cryptocurrency mining is 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.”
US residents are not happy with the growing noise from Bitcoin mining equipment in data centers amid the migration of miners from China. They believe that the community can agree to a hard fork or a soft fork. For this, it is necessary to convince about 50 key miners, developers and crypto exchanges.
Larsen thinks that Bitcoin will lose investor support and remain “outcast” if it does not follow the path of Ethereum.