MALTA, SOUTHERN EUROPE / ACCESSWIRE / May 24, 2018 / The Bitcoin Origin Foundation is set to merge five major cryptocurrencies into one multichain blockchain via simultaneous hard forks.
The new multichain blockchain (known as Bitcoin Origin) will be an advancement in technologies of the five biggest Proof of Work cryptocurrencies, namely Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. It will, however, feature a variant of the Proof of Authority consensus protocol called Proof of Ambassador instead.
The Proof of Ambassador protocol will be a combination of two major consensus methods - Proof of Stake and Proof of Authority, and will enable a high transactional throughput of 15,000 transactions per second on the blockchain.
"The existing Proof of Work cryptocurrency model is not sustainable, environmentally speaking, with energy consumption rising exponentially. Generating new coins requires dedicated hardware which is expensive and consumes a lot of energy. An eventual switch to another consensus method is inevitable," said Greg van der Spuy, CEO of 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."
Bitcoin Origin will also make use of ground-breaking, innovative blockchain protocols like multi-state engines (MSE), cross-chain, multi-layering and namespace sharding to let users of any technical skill implement their own native, serverless blockchains. And in turn solve the problem of economic abstraction. Moreover, the use of an Ethereum Token Bridge will allow for dApp fees to be paid in native tokens.
The board of advisors for the project includes Cyber Security Expert and Consultant, Andrew Henwood, renowned Researchers and Developers, Schalk Dormehl and Afri Schoedon and serial entrepreneur, Thomas van der Spuy.
The testnet launch for the project is scheduled for Q3 of 2018 with a mainnet launch planned in Q4. So far, the company has provided proofs of concept for both the Proof of Ambassador consensus protocol and its native blockchain implementation framework.
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BitcoinOrigin ICO Website: https://www.bitcoinorigin.io/
BitcoinOrigin facebook: https://www.facebook.com/BitcoinOriginHQ/
Media Contact
Name: Magdél Steyn
Email: magdel@bitcoinorigin.io
Website: https://www.bitcoinorigin.io
Cell no: +27 74 102 4851
Telegram group link: https://t.me/BitcoinOriginHQ
SOURCE: The Bitcoin Origin Foundation
