Professor Anwar Hassan of the University of Waterloo, Canada, says it’s time to replace the proof of work (PoW), the Bitcoin (BTC) consensus algorithm, with much better alternatives.
“Energy consumption is a big blockchain issue and it’s important to identify better alternatives that can replace proof-of-work algorithms.”
Hassan, who also chairs Ripple, describes the benefits of using XRP as opposed to leading cryptocurrency.
XRP is cheaper and more durable
According to Hassan’s studies, it only takes $ 62.84 to run an XRP validation unit, which is a huge difference compared to the cost of digging a single B itcoin that can go up to $ 26,000.
XRP is significantly cheaper as cryptocurrency does not require too much energy. While Bitcoin uses more electricity than Chile, XRP’s energy usage is comparable to seven ordinary light bulbs.
Therefore, immediately after the 50th anniversary of Earth Day, XRP seems to be a much better option for the environment.
The other side
However, many believe that this huge energy consumption is a reasonable compromise to keep the network secure and decentralized.
In addition, according to research firm CoinShares, 75 percent of Bitcoin miners rely mainly on renewable energy.
In the meantime, XRP faces strong centralization allegations that it is a pre-acquired coin, but Ripple CEO Brad Garlinghouse insists the company cannot control the XRP Ledger.