– Charles Hoskinson wants Bitcoin mining to be shut down.
-The leader expects it to be converted into wrapped Bitcoin.
– Advantages that wrapped Bitcoin will provide.
Bitcoin’s Mining to Break Off
The leading public blockchain platform Cardona’s founder Charles Hoskinson wants crypto mining to be stopped. The noteworthy digital assets can be converted to wrapped Bitcoins on other networks.
According to Hoskinson, proof-of-work (PoW) consensus mechanism is no longer needed because it is the “gold mine” to get crypto assets. Actually, Proof of Work (PoW) is a form of cryptographic proof which enables one party to transfer a certain quantity of computational effort to another party.
Hoskinson highlighted that Bitcoin’s blockchain is only developed for crypto mining in recent times. The advancement in uplifting the blockchain structure has not yet achieved very much success because it is not designed for that purpose.
Also, crypto mining is a highly intensive process that consumes a lot of energy. Charles pointed that now the number of Bitcoin left to mine is less as compared to what is already in circulation. He also remarked on the issue of how continuous crypto mining can harm the environment.
Discussion at Wrapped Bitcoin
On 3 October, It was stated by Cardona’s founder on Twitter Broadcast that all the current units of the assets should be converted into wrapped Bitcoin (wBTC). Wrapped Bitcoin is Bitcoin (BTC) based on the smart contacts-enabled platform like Cardano (ADA), Ethereum (ETH), and others.
Wrapped Bitcoin has the power of Bitcoin with the flexibility of an ERC20 token. The first ERC20 token backed equally with Bitcoin was wrapped Bitcoin.
Hoskinson also explains how crypto mining will be beneficial to the broader crypto ecosystem due to wrapping which can help it broaden its utilization and acceptance. He forecasted that more numbers of wrapped Bitcoin will be on other blockchain networks as well in the next five years.
He added – “[Wrapped Bitcoin] could be used in all kinds of Dapps and smart contracts and potentially be used by nation-states to create a means of exchange and unit of account to actually have a stable currency they could use with a sound monetary policy.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.