Dubai-based Bithereum has recently launched their peer-to-peer (P2P) fork of Bitcoin centered around “Proof of Stake”.
The launch for Bithereum will begin either when the bitcoin block number reaches 555,555 or during December 28th. Developed with security, scalability, and functionality in mind, this platform plans to lead the world towards a much closer and decentralized currency.
“Bithereum has developed a platform that will enable a truly peer-to-peer currency while mitigating many existing issues in Bitcoin through its multi-pronged scaling approaches,” explains Bithereum co-founder Sachit Singh. “By bringing together the best aspects of both Bitcoin and Ethereum, we are confident our network will revolutionize Bitcoin mining via Ethereum’s technological roadmap and lead to the widespread adoption of cryptocurrency.”
Bithereum plans to start their Proof of Work coin once launched, but has realized its various inefficiencies in the long-term and plan to focus on Proof of Stake implementation as a paramount objective. The team has already successfully released a proof-of-concept model for the implementation to the public.
“Proof of Stake or PoS is a transaction validation method that utilizes the blockchain network faster, more efficiently and cheaper to run. Current bitcoin mining methods are quite costly and wasteful on resources in the long run. Not only do they cost an absurd amount to keep running, but there are also issues of excessive energy consumption, monopolization of mining efforts and awful transaction speeds.
Co-founder Scott Wade says:
“By augmenting transaction speed and reducing fees, ‘Proof of Stake’ mining will be an economical as well as an ecological advancement.”
“This new method will also lower the excessive energy consumption used by ‘Proof of Work’ mining. We are excited about the potential,” concluded Wade.
Crypto Mining has become quite the risky business to be involved in during this year. With tons of other mining firms closing down and the current bearish market running rampant, mining efficiency has become even worse than before. It’s going to be interesting to see if the Bithereum manages to succeed once they’ve launched.