Bitcoin Oil, or the Company, announces its plan to create a highly
innovative Bitcoin fork and generate crypto-assets which the Company
refers to as Bitcoin Oil, or OIL. In addition, Bitcoin Oil also
announces its intentions to “go green” by utilizing the Power of Stake,
or PoS, protocol to solve Bitcoin’s serious energy consumption problems.
“We have an opportunity as Bitcoin Oil to mitigate, for the first time,
a significant concern that crypto currency users have regarding the
large amount of electric energy consumed by crypto miners,” says Hannah
Paddock, Bitcoin Oil’s Chief Marketing Officer.
In today’s crypto ecosystem, Bitcoin and many other cryptocurrencies are
experiencing a desperate need for electricity to meet the Proof of Work,
or PoW, protocol. PoW is often described as “complicated puzzles” that
miners must solve in order to earn the right to verify a block of
transactions and claim the mining reward. Historically, cryptocurrencies
were considered to be unregulated virtual currencies, using
decentralized control as opposed to centralized currency and central
banking systems, which means cryptocurrency networks could not be shut
down.
Although that might have been true in the early days of cryptocurrency,
the Company believes that Bitcoin can no longer be considered a truly
decentralized cryptocurrency and government-independent, given that
approximately 80% of Bitcoin’s mining pools (and its votes) are
controlled by China – “Bitcoin’s most powerful adversary” as many say.
The truth of today’s market is that abundantly cheap electricity
supplies need to exist to continue PoW mining ventures.
Overtime, mining
has transitioned from ordinary activity carried out by many disparate
miners to giant mining farms. As a result, governments have an
increasing influence and at least indirect oversight over Bitcoin’s
largest miners.
In this context, government regulators are taking action to ensure that
miners no longer receive preferential policies for electricity prices,
taxes or land use – a highly political set of options with a lot of
leverage for governments to significantly influence and control all
major Bitcoin mining farms. To combat these legislative restrictions and
become truly independent from political influence and government
control, Bitcoin Oil’s blockchain developers are “going green” by
implementing the PoS protocol.
Ethereum will be the pioneer to this change as they begin to convert
from PoW to a PoS algorithm, which is named Casper, as part of its
Constantinople update. As the second largest crypto asset, this
development is a huge endorsement for the PoS protocol. We believe the
energy crisis is one of the first truly substantial trials facing the
cryptocurrency world as it marches towards public prominence. Pitfalls
and obstacles such as these are to be expected in such a nascent
technology, but it’s the responsibility of the community at large to
adapt to these tribulations. Bitcoin Oil will be following suit and
“going green” with a conversion to an innovative PoS algorithm.
Alternative to PoW, PoS doesn’t require miners to solve complex
mathematical puzzles in order to secure transactions.
Instead, PoS uses
economic incentives to secure network security. The concept is that
using an economic game theory is a better and more efficient way to
maintain network consensus.
Implementing this new “green” system would
mean network validators must deposit and lock up, or “stake”, coins to
the network to act as de-facto collateral. These “staked coins” will be
lost in the event a validator attempts to fake transactions or
manipulates the system. In PoS, the amount of coins staked, along with
the amount of time the coins have been staked to the network, help
determine the likelihood a validator will be given the chance to secure
the next block of transactions and thereby earning the validator
additional coins as a reward for the validation work.
The divergence from completing mathematical computations in PoW to
staking coins in PoS is the key factor in reducing the amount of energy
required to operate and maintain a PoW-based network, such as Bitcoin,
and PoS-based network such as Bitcoin Oil fork. This innovation
eliminates the need for miners to use computing power to maintain the
network, and instead relies on network participants to stake their coins
in order to be recognized as network validators.
“If Ethereum’s successful algorithm change in Q1 2019 means anything, it
should be a clear signal to the crypto community that PoW cannot persist
in its current state. We believe PoS could avert Bitcoin from
self-sabotage, which is one of the reasons why we believe Bitcoin Oil’s
PoS-based technology will be superior to Bitcoin’s current PoW model.
Bitcoin Oil will remain vigilant in the improvement of Bitcoin and
proactive with our solutions,” Hannah Paddock continued.
About Bitcoin Oil
Bitcoin Oil is a developer of innovative blockchain technology aimed at
the improvement of Bitcoin. Bitcoin Oil is a developer of ledger
technology aimed at the Bitcoin blockchain and the creator of Bitcoin
Oil Coin, a new cryptocurrency based on the Bitcoin network with
optimally improved ledger through the use of its “SSPSS” improvement
strategy. The centerpiece of Bitcoin Oil and its “Optimally Improved
Ledger” (OIL) will be the highly innovative “SSPSS” strategy focusing on
the development and implementation of essential Bitcoin improvements in
the fields of Stability, Sustainability, Privacy, Smart Sidechains, and
Scalability, or “SSPSS”, including but not limited to key new Bitcoin
blockchain features such as (i.) minimizing Bitcoin’s volatility (i.
e.
by connecting it with stable off-chain values), (ii.) drastically
reducing Bitcoin’s insane energy consumption (i.e.
by altering the
consensus protocol to PoS), (iii.) implementing true privacy features
(i.e. by enabling confidential transactions), (iv.) empowering Bitcoin
based ICOs and STOs (e.g.
by employing full smart contract
functionalities), and last but not least (v.) developing cutting-edge
scalability solutions (i.e. by complete integration of layer 2 protocols
and offline transactions). To learn more about Bitcoin Oil, please
review our next press releases as well as our forthcoming white paper,
or if you are interested in investing with Bitcoin Oil, please contact
us at [email protected]
or call us at +1-8777-BITCOINOIL.
Disclaimer
This press release shall not constitute an offer to sell or the
solicitation of an offer to purchase any coin or right described herein,
nor shall there be any sale of these coins or rights in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
This press release contains information about pending transactions, and
there can be no assurance that any of these transactions will be
completed in accordance with the terms described in this press release
or at all.
This press release contains information about a possible hard fork of
the Bitcoin network. Neither the OIL or such other crypto-asset
generated through the hard fork nor the OIL or such other crypto-asset
generated thereafter by any other method will be registered under the
Securities Act of 1933, as amended, or the securities laws of any other
jurisdiction and may not be offered, sold, pledged or transferred within
the United States or such other jurisdiction without registration or an
applicable exemption from such registration requirements. Even though
Bitcoin Oil intends to deliver and distribute certain bonus OIL to the
record holders of the Bitcoins then existing on the Bitcoin network,
such delivery and distribution may be restricted or prohibited by laws
of the jurisdiction in which such holders reside or such distribution or
delivery may result in Bitcoin Oil being required to register such OIL
under the Exchange Act of 1934, as amended, or the securities law of any
other applicable jurisdiction. We are in the process of assessing
regulatory requirements for the delivery and distribution of such bonus
OIL to the then holders of the Bitcoins as part of the hard fork and
there can be no assurance whether we would be able to make such delivery
or distribution to any such holder in connection with the hard fork.
This press release contains statements that are forward looking (such as
when Company describes what it “plans,” “believes,” “intends,” “seeks,”
“aims,” or “anticipates” will occur, what “will,” “potentially,” or
“could” happen, and other similar statements or the negative of such
terms or statements), which may not be correct, even though Bitcoin Oil
believes that they are reasonable at the time of this press release.
Bitcoin Oil undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which the
statement is made.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190204005243/en/.
