Bitcoin Origin Fork: This Is A New One
Another week, another fork in Bitcoin....or should I say, 5 forks?
Welcome to the new Penta-Fork.
Just when you thought Bitcoin could not get any zanier, it did.
The Bitcoin Origin Foundation announced that it is going to do 5 hard forks of the top currencies to combine them into one multichain blockchain.
In a statement on Thursday, the Foundation said the move will also mean that current holders of these assets will be award with a stake in Bitcoin Origin.
This will combine the 5 largest Proof-of-Work blockchains, BTC, ETH, BHC, LTC, and Dash, using a protocol called Proof of Ambassador. This is a combination of Proof of Stake and Proof of Authority.
It is reported the new chain will be able to handle 15,000 transactions per second which is certainly a drawback to these individual blockchains.
In a statement on Thursday, the Foundation said the move will also mean that current holders of these assets will be award with a stake in Bitcoin Origin.
“What we are doing with Bitcoin Origin is introducing energy-efficient and highly secure variants of popular cryptocurrencies with an exponentially higher transactional throughput than what’s in practice right now. As the Proof of Ambassador consensus does away with cryptographic puzzles, our system is also energy-efficient, scalable and sustainable.”
Energy efficiency is something that generated a lot of bad press for those tokens using Proof-of-Work. This appears to solve the problem.
The company said Testnet launch for the project is scheduled for Q3 of 2018 with a Mainnet version planned in Q4. So far, it said proofs of concept have been provided for both the Proof of Ambassador consensus protocol and its native blockchain implementation framework.
It appears they have their ducks in a row so it will not be long until we see what this outfit has planned. Certainly, they are drawing the biggest names in the cryptocurrency realm by having Bitcoin, Litcoin, and Ethereum all together.
But will it work? Time will tell.
One thing this will accomplish is adding more confusion to the world of Bitcoin. We already have a number of different tokens, BTC, BCH, BTG, Bitcoin Private, etc... Now we get Bitcoin Original which is not really original at all.
Like many things, this could be a game-changer or a total dud.
At least the hodlers of those different coins will get some free tokens.
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You are not joking... this stuff is getting complicated...
How the hell do I decide whether it is a powerplay for profit for the stake holders or an opportunity for me? Like the Litecoin fork that was not endorsed by Lee and the litecoin team.
ARG!
Must read more!
Must read more!
But what? Who? Where?
It seems very confusing. I'm not so crazy about all these hard forks. I love the beautifully integrated whole that Steem is with a built-in secure wallet, account recovery and everything.
sigh, make them stop!
I'm becoming increasingly concerned about what I see developing in the crypto space. Calls for regulation without anyone questioning motives. Now a "proof of authority". I hope this isn't how it sounds. The whole point of bitcoin was to bypass the need for a central authority, now we need it's proof?
People say crypto needs regulation to be taken seriously. If we willingly accept this, then get ready for censorship insistent, bordered, permissioned ledgers where the state owns everything on your Trezor and you go and pray to them for some trinkets handed down to you (but only if you obey).
what does "proof of authority" even mean though?
Yeah the calls for regulation by some members on here is completely insane. Be careful who you invite into your house, they might clean out the china closet.
Cryptocurrency works just fine without regulation. Those who are calling for it must be indoctrinated into the idea that government is needed to make things run smoothly. The only thing regulation will do is to put cryptocurrency in the hands of the banksters.
@taskmaster4450 That is Exactly Why I don't even agree with Bix Weir anymore. We Don't need any Govt. to tell us how to conduct our lives and live in Freedom. I thought Crypto was supposed to get US away from more Govt. and Regulation, Am I missing something ??
If you are missing it, then so am I?
I dont get it..how anyone can call for regulation for cryptocurrency. It is okay to accept that it is coming but to openly call for it is insane.
bitcoin is very pawarfull
The #Bitcoin #Origin Foundation is set to launch the world’s first penta-cryptocurrency hard-fork, merging five major #cryptocurrencies into one multichain #blockchain via simultaneous contentious forks.
Thanks for the information sir.
This seems like a great way to support the crypto community. This is the ultimate airdrop. I don't know why you guys are so bearish on this. Free money is free. airdrops are a great way to get crypto out to the world in a decentralized manner without having to worry about ipo/ico laws. It's the ultimate non greedy way to build a community short of universal basic income.