Bitcoin Proof of stake – Bitcoin PoS – BPS
BPS was listed on first Staking Platform – Stackofstake.com. Now you can Stake BPS and earn passive income.
LOS ANGELES, CA, UNITED STATES, August 6, 2020 /EINPresswire.com/ — Bitcoin Proof of Stake – BitcoinPoS – BPS
The Bitcoin core network today runs on the proof of work algorithm. It leaves the network open to the 51% attack, also it is costly to mine and harmful for the environment. The PoW mechanism has also been a hindrance to scalability. However, numerous innovations are trying to deal with the issues, facing the Bitcoin network while preserving certain unique aspects of the original concept. For instance, the 21 million tokens supply along with the proven code-base that has been improved over a decade is worth preserving.
The Bitcoin Proof of Stake coin reserves the strongest aspect of the Bitcoin network with a flexible proof of stake algorithm. It presents a new paradigm in the utility of crypto. The Bitcoin PoS coin preserves everything that Bitcoin has while bringing new development to the blockchain technology.
Driving Mass Adoption
When Satoshi Nakamoto launched Bitcoin about a decade ago, his goal was mass adoption of crypto that would replace the current financial system. However, that goal has not been achieved. Many crypto projects in existence today have numerous issues that prevent mass adoption.
The Bitcoin PoS project aims to advance Satoshi Nakamoto’s vision of a decentralized financial network that is independent of centralized control. Bitcoin Proof of Stake is designed to be scalable and easy to use. The goal is to give access of banking services to billions of people globally. To achieve this, Bitcoin PoS aims to be a coin for ordinary retail payments.
About the Proof of Stake Mechanism
The Bitcoin network is secured using a proof of work mechanism. However, the PoW mechanism is energy-intensive and requires expensive mining rigs to secure. The proof of stake mechanism wants to replace how consensus is achieved. Instead of using PoW, the staker that generates a block has to provide proof that they have access to given number of coins.
Generating the block will entail the sending of coins to oneself, which proves ownership. The amount of coins needed for staking is determined via a difficulty adjustment model that is similar to the PoW mechanism. The goal is to ensure an approximate constant block time. Just like PoW, the block generation process will result in rewards via a transaction fee and supply model.
Bitcoin PoS Deals with the Bitcoin Centralization Problems
The Bitcoin network appears perfect to its proponents. However, it has a problem with centralization. The high cost of power and the expensive mining rigs mean that only a few select companies…