Bitcoin must use new Cardano protocol to survive
Bitcoin’s (BTC) power consumption has been highly controversial for years, but skyrocketing energy prices have made this a whole lot worse. The US government secretly... The post Bitcoin must use new Cardano protocol to survive appeared first on Blaze...
Bitcoin’s (BTC) power consumption has been highly controversial for years, but skyrocketing energy prices have made this a whole lot worse. The US government secretly finds that it is running out of steam and that the protocol of the world’s largest cryptocurrency should change, as it turns out a message from the Biden government. Cardano (ADA) co-founder Charles Hoskinson agrees, and has a practical solution.
US government: climate more important than BTC mining
The US government is known for is predominantly open to Bitcoin mining, but at the same time, it is trying to ensure that the country achieves its climate goals. Apparently, the government believes that the climate goals are more important after all. That’s why it has a announcement made on the impact of cryptocurrencies on the climate.
This states, among other things, that crypto networks will be assessed on their impact on the climate. They must meet certain standards for ‘very low energy consumption’, although it does not mention whether these standards already exist and what they are. If that does not happen, the government can ban these protocols, according to the announcement.
Cardano wants Bitcoin rescue from ban
Cardano has recently introduced the Ofelimous protocol. This protocol is based on a consensus mechanism that Cardano ‘Proof-of-Useful-Work mentioned that the power consumption of such a network should be considerably reduced. That makes it through miners to solve ‘useful problems’, so that the miners together are actually a kind of large computer.
A bit like Ethereum does with the Ethereum Virtual Machine (EVM). However, the EVM is not part of Ethereum’s consensus mechanism. Instead, regular server services run on the Ethereum Virtual Machine. Companies that want to build on Ethereum can then rent server capacity from such a party, but this does not make the network more secure.
Cardano founder Charles Hoskinson aims to tackle mining inefficiencies by converting Proof-of-Work coins such as Bitcoin into tokens using the new Proof-of-Useful-Work concept. The security of the network does depend on EVM-like calculations. Hoskinson emphasizes that malicious miners can abuse the mechanism by performing very simple tasks. Fortunately, according to the programmer, this is relatively easy to solve.
Climate and Energy Implications of Crypto-Assets in the United States https://t.co/SpHAyvnOwu
— Charles Hoskinson (@IOHK_Charles) September 8, 2022
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