Cardano founder says: Bitcoin needs a similar upgrade to Cardano to survive
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Answer Cardano founder says: Bitcoin needs a similar upgrade to Cardano to survive
With the cost of energy sources rising rapidly, the environmental impact of validating Proof of Work cryptocurrencies is being studied extensively.
Recently, Charles Hoskinson, founder of Cardano, commented on the latest White House report that touched on the excessive use of energy by several industries, including cryptocurrency mining.
He pointed out that the paper, published by the order of President Joe Biden, mainly seeks to ban Bitcoin mining based on the Proof of Work (PoW) consensus mechanism, due to energy consumption.
Cardano and suggested solutions:
In a new update, the Cardano founder appeared in a new video, stating:
The Environmental Protection Agency and the Department of Energy will start talking to crypto companies, essentially telling them to change the way their cryptocurrency works.Read:Bitcoin Struggles to Maintain $30K, Tezos Reaches Monthly High
In other words, the way Bitcoin works should be banned.
Leveraging the “Ofelimous” Cardano protocol, Bitcoin can help avoid the wrath of regulators and survive as a cryptocurrency.
For information, Ofelimous is a useful Proof of Work (PoUW) protocol, the main purpose of which is to reduce the carbon footprint of PoW networks, such as Bitcoin.
Given the scale of adoption in the crypto space, Hoskinson believes that the carbon capture of cryptocurrency mining by authorities around the world is inevitable.
He also indicated that the PoS mining mechanism is far superior to the PoW mining mechanism.
In this regard, Hoskinson told:
It’s very clear that there are people in this administration and various political parties around the world who really want to start logging carbon into cryptocurrency mining.
Taking the position that Proof of Stake is a vastly superior consensus mechanism in many ways assuming you can meet your network design and security requirements which is why we’ve spent seven years innovating with Ourobouros and bringing it to market.Read:Coinbase announces the addition of a reward system to the Visa debit card…Details here
He added that the report accurately reflects the huge advantage of PoS in terms of usage.
In a recent report, the White House Office of Science and Technology Policy (OSTP) said crypto’s contribution to energy use and greenhouse gas (GHG) emissions is significant.
The document focused on the uses of blockchain technology to help protect the climate and suggested ways to reduce or mitigate the environmental impact of digital assets.
The document also speculated that cryptocurrencies use approximately 50 billion kilowatt-hours of energy annually in the USA.
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