The Bitcoin Origin Foundation says it is merging five top cryptocurrencies into one energy-efficient multichain blockchain, via simultaneous hard forks. In a statement on Thursday, the Foundation said the move will also mean that current holders of these assets will be award with a stake in Bitcoin Origin.
The new multichain will link the five biggest Proof-of-Work cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, said Bitcoin Origin. It will operate with a variant of the Proof of Authority consensus protocol, which is being called Proof of Ambassador.
The Proof of Ambassador protocol will be a combination of two major consensus methods: Proof of Stake and Proof of Authority, the release states. It will enable a high transactional throughput of 15,000 transactions per second.
Holders of each of the forked coins, in what the company is calling a Penta-Fork Blockchain will be awarded Bitcoin Origin in proportion to the US dollar value of their original holdings of the 5-forked coins. In what the company is calling a Penta-Fork Blockchain, holders of each of the forked tokens will be awarded Bitcoin Origin in proportion to the US dollar value of their original holdings.
“The existing Proof of Work cryptocurrency model is not sustainable, environmentally speaking, with energy consumption rising exponentially,” said Greg van der Spuy, CEO of Bitcoin Origin, in a statement. “Generating new coins requires dedicated hardware which is expensive and consumes a lot of energy. Read more from the-blockchain.com…
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