Cardano’s Charles Hoskinson Doubles Down On PoUW Protocol
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
Cardano’s Certificate of Useful Work [PoUW] The Ofelimos Consensus could be Bitcoin’s savior, IOG founder Charles Hoskinson said in his latest video. podcast.
Hoskinson spoke about a report released by the White House on the climate and energy impacts of cryptocurrencies in the United States. Among its recommendations was the shutdown of all energy-intensive industries, including Bitcoin mining.
We predicted that this would be a huge battle in the ecosystem, which is why I’ve been working hard to prove useful work, because then the consensus algorithm does more than just secure your cryptocurrency… so we recommend that Bitcoin consider accepting it.
Ofelimos is a useful work consensus mechanism that was created to lower the carbon footprint of proof-of-work chains like Bitcoin and many other coins.
Cardano’s recently introduced PoUW protocol has proven to be secure and aims to reduce the amount of energy used by proof-of-work chains to a minimum.
PoW-based blockchain protocols rely heavily on the work of protocol participants, called miners. The security of the library is ensured as miners are encouraged to compete in solving computational problems to obtain a new block.
What is Cardano’s Ofelimos?
Although this computational work secures the protocol, it consumes considerable power and resource usage.
According to one report, Bitcoin has an annual energy consumption on par with many small and medium-sized countries.
On the other hand, Proof of useful work addresses the problem of energy efficiency by directing the computational effort needed to maintain protocol security to solve complex real-life problems, such as optimizing company logistics or event scheduling.
One of the uphill tasks facing PoUW is to resolve the following dilemma:
If the problems to be solved are really useful [coming from the real world]a bad actor can hack the system to form an easily solvable one [or already solved by the attacker] problem cases.
However, Cardano’s founder assured that Ofelimos has easily solved this problem.
Hoskinson believed that authorities around the world have started carbon scoring of cryptomining. He further recommends that Bitcoin miners switch to this PoUW protocol to minimize their carbon footprint and avoid the wrath of regulators.