The Bitcoin Origin Foundation will merge five big cryptocurrencies into one energy-efficient multichain blockchain using simultaneous hard forks. This was announced by the foundation in a statement on Thursday. This also means that holders of these assets will get a stake in Bitcoin Origin. With this announcement, the definition and meaning of cryptocurrencies have become even broader.
The new multichain, also known as Bitcoin Origin will combine the technologies of the five biggest Proof-of-Work cryptocurrencies – Bitcoin, Bitcoin Cash, Litecoin Ethereum, and Dash. It will work with a variant of the Proof of Authority consensus protocol, being termed Proof of Ambassador.
There will be a mix of two major consensus methods in the Proof of Ambassador protocol which will allow an extremely high transactional throughput of 15,000 transactions per second on the blockchain. The forked coins holders or the Penta-Fork Blockchain as the company is referring to will be awarded Bitcoin Origin which will be in proportion to the US dollar value of their original holdings of the forked coins. Understanding the cryptocurrencies meaning is extremely critical here.
Explaining why the current Proof of Work cryptocurrency model is not sustainable, CEO of Bitcoin Origin, Greg van der Spuy said new coin generation requires dedicated hardware which not only consumes a great amount of energy but is also very costly. He thinks that an eventual change to another consensus method is unavoidable.
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.
Cryptocurrencies Meaning Extended
In order to allow users of any technical skill implement their own native, serverless blockchains, Bitcoin Origin will use ground-breaking, and innovative blockchain protocols. That will include multi-state engines (MSE), multi-layering, and namespace sharing. Moreover, dApp fees can be paid in native tokens by using an Ethereum Token Bridge. The project’s Testnet launch is expected to take place in the quarter 3 of 2018. The Mainnet version is planned in quarter 4.