Bitcoin must adopt a Caradanos-like upgrade to survive: Charles Hoskinson
With energy sources becoming expensive quickly, the environmental impact of validating PoW crypto-assets is being studied intensely.
The White House’s latest report citing excessive use of energy in several industries, including cryptocurrency mining, was addressed by IOG chief Charles Hoskinson. He went on to say that the paper, published at the behest of President Joe Biden, essentially seeks to ban Bitcoin, which is based on the Proof-of-Work (PoW) consensus mechanism, due to energy consumption.
Cardanos Ofelimous to the Rescue?
In a new video Updatesaid the Cardano boss,
“The EPA and DOE are going to start talking to crypto companies to tell them to change the way their cryptocurrencies work. In other words, Bitcoin should be banned.”
However, leveraging the Cardano protocol, Ofelimous, could help Bitcoin avoid the regulator’s wrath and survive as a cryptocurrency. For the uninitiated, Ofelimous is a proof-of-useful-work (PoUW) protocol, and its main purpose is to minimize the carbon footprint of PoW chains, like Bitcoin.
Given the scale of use of the digital asset space, Hoskinson believes that carbon scoring of crypto mining by governments worldwide is inevitable. While reiterating his stance that PoS is vastly superior to PoW, the leader noted,
“It is very clear that there are people in this administration and various political parties around the world who really want to start carbon-scoring the mining of cryptocurrencies. Always take the position that proof-of-stake is a vastly superior consensus mechanism in many ways, provided that you can handle the network design requirements and the security requirements, which is why we spent seven years innovating with Ourobouros and bringing it to market.
He even went on to say that the report accurately reflects the “massive” benefit of PoS systems in terms of usage.
White House climate report
The White House Office of Science and Technology Policy (OSTP) has stated in a recent report that crypto’s contribution to energy use and greenhouse gas (GHG) emissions is significant. The paper weighed in on the use of blockchain technology to aid in climate protection and suggested ways to reduce or reduce the environmental impact of digital assets.
It further speculated that crypto-assets consume nearly 50 billion kilowatt-hours of energy per year in the United States.
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