Charles Hoskinson argues that Cardano’s Ofelimous Protocol is essential to the continued success of Bitcoin
In the context of the White House’s recent suggestions to impose restrictions on all energy-heavy businesses, including Bitcoin mining, Charles Hoskinson has released a video in which he comments on these proposals.
According to Hoskinson, the newly introduced Cardano protocol Ofelimous may ensure Bitcoin’s continued viability as a cryptocurrency.
Ofelimous is a new proof-of-useful-work protocol that aims to drastically cut down on the energy consumption of proof-of-work chains without sacrificing security.
Hoskinson suggests that Bitcoin miners adopt the PoUW protocol in order to reduce their carbon footprint, which is currently larger than that of several nations.
In March of this year, at President Biden’s request, a committee of White House lawmakers released a study on the excessive energy use by several businesses, including bitcoin mining.
In short, the research suggests that certain sectors be outlawed if they are unable to drastically reduce their energy use.
Bitcoin critics have often raised the problem of the cryptocurrency’s massive energy consumption and associated carbon impact. It has been reported that Bitcoin miners use as much energy as certain small nations (since the network uses the PoW consensus process).
If the cryptocurrency industry adopted Proof of Stake or some alternative technology, it might lower its power consumption to less than one percent of current levels.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.