LOS ANGELES, May 4, 2018 /PRNewswire/ -- For all the benefits of cryptocurrencies and blockchain technology, they have an outsized impact on the environment. The Bitcoin Origin Project seeks to drive this impact down while reinforcing transparency and profitability for blockchain investments. As a multi-fork that focuses on the leading proof-of-work cryptocurrencies, Bitcoin Origin is introducing new technologies that could radically change the budding blockchain industry.
To reduce the inefficiencies and negative impacts of cryptocurrencies and other blockchain ventures, Bitcoin Origin has created an alternative to proof-of-work, or PoW, for building consensus. Known as proof-of-ambassadorship, or PoAm, this new method offers a higher level of efficiency and privacy compared to PoW, all while providing the same or higher levels of profitability. Along with the development of serverless blockchain technology, improved smart contracts, and a model for providing blockchain as a service, the platform has the potential to revolutionize this industry.
While Bitcoin Origin hopes to advance blockchain technology in many ways, its most important goal is environmental. PoW ventures use an enormous amount of energy, which is largely generated from dirty sources. By encouraging a shift to eco-friendly server farms, Bitcoin Origin hopes to lower the industry's carbon footprint and set the stage for a green blockchain ecosystem.
Origin's Innovative Initiatives
Bitcoin Origin is a multi-fork for five of the biggest PoW digital currencies: Ethereum, Dash, Litecoin, Bitcoin, and Bitcoin Cash. It has developed a number of innovative features to reward investors while lowering environmental and other negative impacts, including:
- Proof-of-Ambassadorship- This system involves designating Ambassadors, or individuals who achieve a good reputation among Bitcoin Origin's stakeholders based on their performance on a number of key variables. They must promote Bitcoin Origin continuously to maintain this position. If they can do this effectively while undergoing an extensive vetting process, they receive 25 percent of block fees as a reward.
- A Multi-State Engine- By creating multiple blockchain/state pairings, this engine makes economic abstraction possible, and it lets participants use each forked token for contracts, transactions, and fees.
- Multichain- A serverless blockchain, Multichain gives users the infrastructure to develop their own blockchain applications, regardless of their resources or technical skills.
- Blockchain-as-a-Service- By selling blockchain as a service, Bitcoin Origin allows people to take advantage of this revolutionary new technology at a fixed price.
Due to its unique service model and goals, Bitcoin Origin will not be holding an ICO. Instead, it will use a fee distribution system, which allows participants to obtain up to 15 percent of the token supply per year. It hopes this system will make token distribution more fair and less biased.