Dogecoin price outperforms LTC and BCH as Bitcoin’s $100K rally drives Proof-of-Work sector to $2B FXStreet
Source link ]]>
News Explorer — Bitcoin and Dogecoin Mining Don’t Violate Securities Law as SEC Gives OK to Proof-of-Work Decrypt
Source link ]]>
PoW Renaissance: BlockDAG’s Keynote Sets New Standard for Proof-of-Work Cryptos, Cardano and Polygon Beware! Coinfomania
Source link ]]>
Cardano’s Hoskinson calls Ethereum Classic ‘scam’ after Ergo’s exclusion from Proof-of-Work Summit CryptoSlate
Source link ]]>
Cardano (ADA) founder Charles Hoskinson described Ethereum Classic (ETC) as a scam project whose only purpose is for insiders to dump on recruits with false hopes.
Ergo not invited to proof-of-work summit
The statement was made in reaction to ETC Cooperative’s refusal to invite Ergo (ERG) to a Proof of Work summit organized by it and the Litecoin (LTC) Foundation.
ETC Cooperative Director Bob Summerville defended his network’s decision by citing the previous history between both blockchains.
The ETC community has maintained deep animosity for Ergo after Hoskinson repurposed its previous Twitter account — with more than 600,000 followers — for the rival proof-of-work network last year.
At the time, the Cardano founder described ETC as a dead project with no purpose and no other reason for existing except out of spite.
Hoskinson criticizes ETC
In a May 19 tweet, Hoskinson reacted to the news of the Ergo ban by describing ETC as a project with no “roadmap, innovation, team, or vision,” adding that its community operates with “just anger and toxicity.”
Hoskinson explained that his company — Input Output Global — was responsible for building ETC’s previous Twitter community and considered it unethical to leave the account with followers, a project that has now become a scam.
According to Hoskinson, Ergo is what ETC should have been because it “continues to innovate, has a purpose, good ethical leadership, and funding for the future.”
Meanwhile, this is not the first time Hoskinson has heavily criticized a rival crypto project. The Cardano founder previously described the XRP community as toxic and petty and called Ethereum the “Hotel California of crypto.”
The post Cardano’s Hoskinson calls Ethereum Classic ‘scam’ after Ergo’s exclusion from Proof-of-Work Summit appeared first on CryptoSlate.
]]>
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Stay on top of crypto news, get daily updates in your inbox.
One of the significant discussions surrounding the Ethereum Merge launch is the hard fork of the Proof-of-Work. The set a date for the Merge is just a few days away from now, and expectations are getting high for the Ethereum community. The network will finally transit to a Proof-of-Stake consensus mechanism after the upgrade.
The Merge will join the ETH mainnet and the Beacon Chain to become a single network. The Beacon Chain is already operating as a PoS network. It is the engine power for the Ethereum 2.0 network developed with the staking smart contract. Hence, transaction validations on Beacon Chain have been through staking.
But the Ethereum mainnet is still functioning as a PoW network. With the Merge launch in September 2022, the network will complete its upgrade and become a PoS blockchain. This will stop the miners from operating as validators on the networks.
Miners Ready For PoW Fork After Ethereum Merge
A group of Ethereum miners has been demanding an ETH PoW fork after the Merge. With many discussions and plans in place, the community may witness a hard fork once the transition to the PoS is completed.
From a Twitter thread post on EthereumPoW’s account, the hard for will commence after 24 hours of the Merge. The post gave no specific time for the fork. But it stated that it would disclose that when it’s just one hour to the Merge.
According to the post, a countdown timer will indicate the final steps, such as binaries, node info, explorer, config files, RPC, and others.
Possible Support For Forked Tokens
As the plans for the forked Ethereum tokens progress, there have been different reactions. The value of the forked token is usually lower than the normal Ether. So, the possibility of getting any economic deal from the forked tokens depends on having support in the crypto industry. Hence, some nodes must continue to run on the old PoW after the Merge.
Many crypto exchanges have declined to offer any support for forked tokens after the Merge. However, some platforms, such as Chainlink and OpenSea, indicated that their support is entirely for the Ethereum PoS.
Some crypto exchanges have already pledged their support for the forked tokens. Some of them are BitMEX, Poloneix, and others. It plans on crediting users with tokens from the minority fork for the leading global exchange. But it will use a 1:1 ratio and keep the ETH ticker for the new PoS chain.
BitMEX reportedly agreed that it could provide leverage trading for the forked ETH once the Merge completes.
On its part, Poloniex stated that it would be the first to offer its support to the forked tokens from the EthereumPoW. Furthermore, the exchange promised to list ETHS and ETHW, the possible forked tokens.
© Reuters. The Decline Of Proof-of-Work Is Here – Big Eyes Coin Could Outperform Bitcoin and DogecoinIn the cryptocurrency market, there are two modes of consensus that the majority of cryptocurrencies abide by. They are Proof-of-Work (PoW) and Proof-of-Stake (PoS). Newer cryptocurrencies often gravitate towards PoS because of its nominal fees, faster speeds, high security, and reduced impact on the environment.
(BTC) is the pioneer of the crypto world. Its PoW consensus paved the way for thousands of cryptocurrencies to follow. Its popularity is unfathomable as its market capitalisation makes up almost half of the whole crypto market. However, its inception was thirteen years ago, and the crypto market has come a long way since.
(DOGE) also utilises a PoW consensus algorithm notorious for low transaction speed and high carbon emissions. The loveable Doge meme inspired Billy Markus and Jackson Palmer to construct the first meme coin in existence. As you know, Dogecoin grew far beyond their expectations and became somewhat of a pioneer in the meme coin market.
So, how does this affect Big Eyes Coin (BIG), and how can it outperform the pioneers of the crypto and meme coin market? Big Eyes Coin is built on (ETH). Although Ethereum is currently a PoW platform, it is gearing up for a switch to PoS. It is the most anticipated event the crypto market has seen this year.
Big Eyes Coin could potentially hit $50 million, catapulting it up the crypto market. Its dedication to one of the most crucial parts of our environment, the oceans, has garnered attention from crypto enthusiasts. Environmentally friendly cryptocurrencies are the way forward in today’s world.
Big Eyes (BIG) Launch Is Just Around The Corner!
Big Eyes Coin has constructed an ecosystem that benefits the user heavily. 90% of the tokens will be available at launch to give control of the platform to the community. A step-by-step guide will show you how to buy BIG, later in the article. The remaining 10% of the tokens will be split equally between a charity and marketing wallet.
Staying relevant in the crypto space is essential for success. That is why Big Eyes Coin has a marketing wallet that can help it stay in touch with the latest trends. When you examine the Big Eyes Coin mascot, you will see that it has an Anime design. Anime is becoming an increasingly popular genre of comic books and cartoons.
Currently, 40-60% of the world’s population watches or reads Anime, so it is no surprise that Big Eyes Coin is catering to this market. Big Eyes Coin has plans to create comic books, as seen on its Instagram page, and merchandise with the Big Eyes mascot. It could potentially see a new wave of users gravitate towards the Big Eyes Coin platform.
These new users can immerse themselves in the Big Eyes Coin NFT events held each season. Big Eyes Coin aims to have an NFT collection in the top ten projects, which will make the NFTs owned by users valuable. Those holding NFTs will have access to a plethora of events, including the exclusive Big Eyes Sushi Crew, as seen in the picture below.
Big Eyes Coin will remove tax from buying and selling on the platform so you can save more of your BIG tokens. Additionally, there will be $2 million locked in liquidity for two years to ensure fast conversions. Big Eyes Coin will be available on (UNI), one of the largest decentralised exchanges (DEXs).
As mentioned above, Big Eyes Coin will build on the Ethereum blockchain. Although Ethereum is currently using PoW, the upgrade to PoS could be as soon as September! PoS is now considered the favourable consensus by crypto whales due to its increased transaction speed and heightened security. So, could this mean increased attention for Big Eyes Coin by crypto whales? All signs point to yes.
How To Sign Up For The Big Eyes Coin Launch
You can sign up for the Big Eyes Coin launch with just a few clicks of a button. The website is easy to navigate for newcomers to the crypto world. All you need to do is go onto the Big Eyes Coin website and click sign up for launch.
Fill out the relevant information that is required, as seen in the photo below. All you need is your first and last name with a valid email address to become part of the Big Eyes Coin community. It’s that simple!
Will Bitcoin (BTC) Remain At The Top?
Anyone who has heard of cryptocurrency will have basic knowledge of Bitcoin. The crypto giant has dominated the market since its inception in 2009. Even in times of hardship, Bitcoin has remained the face of crypto. However, will Bitcoin’s outdated consensus algorithm be its downfall? It is possible.
Bitcoin has recorded a 9.06% decrease in value in seven days at the time of writing. As the maximum amount of Bitcoins available to mine draws closer, miners could look for a new PoW cryptocurrency like Dogecoin. Over 90% of Bitcoins are mined, leaving just 1.8 million!
However, there are a plethora of reasons why Bitcoin users will move away from the Bitcoin platform. The most notable one is the environment. Bitcoin uses an astronomical amount of energy annually, equating to the same amount as Argentina! Excessive energy consumption results in high carbon emissions.
Cryptocurrencies like Bitcoin are being held accountable for their environmental impact. It is one of the reasons why Ethereum chose to switch to PoS. While this is not an option for Bitcoin due to its value being determined by the amount of work it takes to mine a coin, it does not stop the negative publicity around Bitcoin.
Bitcoin users can switch from the PoW platform to a PoS platform like Big Eyes Coin. The new cryptocurrency has the potential to dominate the market through Q4, utilising the upgraded technology of Ethereum 2.0.
The Pioneer For Meme Coins – Dogecoin (DOGE)
Like Bitcoin, Dogecoin was the first of its kind to enter the crypto market. Since its inception, there have been over two hundred meme coins that have graced the market. None of them have obtained the same popularity that Dogecoin has. Dogecoin could be an escape for Bitcoin miners as Dogecoin also uses PoW.
Users obtain 6.25 BTC when mining a block of Bitcoin and 10,000 DOGE when mining a block of DOGE. While the prices may differ, Dogecoin has an unlimited supply, meaning users can mine it continuously.
Additionally, Dogecoin has the support of billionaire entrepreneur Elon Musk. Even if you haven’t heard of cryptocurrency, you will know Elon Musk. He has often tweeted his support for Dogecoin, resulting in price spikes. Elon Musk has over 100 million Twitter (NYSE:) followers, showcasing the effect he has on the crypto market. In particular, Dogecoin.
Recent updates for Dogecoin include a layer-2 network for the Dogecoin platform named, Dogechain. The Dogechain was constructed by DOGE holders and includes games, NFTs, and DeFi for Dogecoin users. Could this development help Dogecoin climb further up the crypto market?
To Summarise
It has been over 13 years since the introduction of Bitcoin. The mode of consensus that Bitcoin and Dogecoin use could be classified as outdated, leaving room for PoS platforms to outperform them in the crypto market. Even those with little sympathy for the environment will gravitate towards PoS due to its high speeds, nominal fees, and heightened security.
Big Eyes Coin is a new innovative platform that has constructed an ecosystem that appeals to a massive target audience, with a plethora of tools at their disposal. If the PoW consensus is outdated, Big Eyes Coin could outperform Bitcoin and Dogecoin when it launches.
Learn more:
Website
Telegram
The IOG has introduced a new protocol to reduce PoW’s energy waste.
Cardano’s research and development company, Input Output Global (IOG), has introduced a new consensus protocol to reduce the energy waste of Proof-of-Work (PoW) blockchains.
The protocol, dubbed Ofelimos, was introduced at the Cryptology conference by members of the IOG research team. According to the IOG, the research was jointly carried out by some of its members, including Matthias Fitzi, Aggelos Kiayas, Giorgios Panagiotakos, and Alexander Russel.
“Today, at the leading international cryptology conference, Crypto, Input Output Global, Inc (IOG) introduces Ofelimos, a novel PoUW-based blockchain protocol whose consensus mechanism simultaneously realizes a decentralized optimization-problem solver,” IOG said.
Ofelimos Features and Offerings
Ofelimos aims to transform PoW into a proof of useful work (PoUW) algorithm. This is mainly because the PoUW algorithm intends to solve the problem of energy efficiency.
Notably, the new protocol introduced by the IOG will redirect the computational effort used to maintain blockchain security, as required in the PoW model, to solve other real-world problems.
Some of the sectors Ofelimos aim to repurpose PoW computational efforts, including optimizing company logistics and event schedules.
The IOG added that Ofelimos would tackle fraudulent miners’ behavior to direct the system to pose easily solvable problems or problems that have already been solved.
Per IOG, Ofelimos will deploy provable security for high levels of corruption.
“Ofelimos is only a first step towards provably secure and useful PoUW. Whereas the current work readily gives provable security for levels of high corruption, more research is still needed on the algorithmic side to provide suitable classes of optimization problems for which high usefulness can be provably demonstrated,” the IOG concluded.
Rising Concerns Over High Energy Consumption of PoW Networks
The massive energy consumption of PoW blockchains, especially Bitcoin, has been a major topic of discussion worldwide.
Both regulators and various advocacy groups have expressed concerns about the carbon footprints caused by these PoW networks.
Based on these concerns, a lot of research and funds have been channeled toward reducing PoW’s energy consumption.
As reported by TheCryptoBasic, Ripple’s Chairman Chris Larsen set aside $5 million to sponsor a campaign that will force Bitcoin to change its code from PoW to a Proof-of-Stake algorithm due to energy concerns.
– Advertisement –
The European Union will vote on adopting its Markets in Crypto Assets (MiCA) regulation later on Monday. Reports show that a controversial ban on proof-of-work (POW) tokens including Bitcoin and Ethereum is still being considered, drawing widespread criticism from the crypto community.
The vote is set to take place during a session starting at 8:45 AM ET (1:45 PM CET) today. The POW ban was reintroduced into the MiCA proposal over the weekend, despite initial assurances from the bill’s rapporteur, Member of Parliament Stefan Berger, that the ban will be dropped.
Specifically, EU ministers are expected to vote on approving two versions of the bill, one with the POW ban and one without it. The high energy cost and carbon footprint of mining POW tokens is a sticking point for the EU parliament.
Voting on the MiCA bill had been postponed last month following initial criticism of the POW ban. But EU lawmakers have stressed on the urgency of crypto regulation, citing concerns over use by blacklisted entities to bypass economic sanctions.
POW ban condemned by crypto community.
Members of the crypto community balked at the possibility of a POW ban. Several members of the European Parliament also expressed their opposition to the ban.
French politician Pierre Person said the move would condemn the future of crypto in the EU, and said it would complicate regulation over growing spaces such as DeFi and NFTs.
(7/9) Whether it is DeFi or NFT, these technologies are still in the early stage of development. It is the future use cases that we will have to regulate, not the technology. Parliament is transposing old world financial regulation to a structurally different new technology.
— Pierre PERSON (@Pierr_Person) March 11, 2022
Dutch member of parliament Dorien Rookmaker said a POW ban would encourage legal circumvention and push the crypto industry away from Europe.
Jean-Marie Mognetti, co-founder and CEO at digital wealth manager CoinShares said the move was shortsighted, and ignored the fact that much of PoW mining was now shifting towards carbon-friendly sources of electricity, such as natural gas and renewable energy. Mognetti also pointed out that advances in mining technology were reducing its energy requirements.
At an annualized emissions rate of 41 Million tonnes CO2, the global Bitcoin mining industry has a small environmental footprint relative to the Aviation Industry, Marine Transport Sector, Air Conditioners, Electric Fans, Data Centers, and Tumble Dryers. (4/23) pic.twitter.com/hfXyNMa2Jg
— Jean-Marie Mognetti (J2M) (@jmmognetti) March 13, 2022
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
