So Bitcoin origin. The first multi crypto fork.
That’s right. Multi crypto currency fork. Let’s talk about that right now.
The team behind Bitcoin Origin is mainly from South Africa. They are creating a hard fork of the top 5 proof of work cryptos. Bitcoin, Ethereum, Litecoin, Dash, and Bitcoin Cash.
The symbol is ORI , I know I thought it would have been BTCO or something like BORG but anyway seeing as it’s a fork but I guess because they are forking another 3 non Bitcoin cryptos, which has never been done before, they can pretty much make their symbol whatever they want.
The concept behind Bitcoin Origin is to ensure that proof of work cryptos can be managed in a safer, more profitable, and more sustainable manner. They have stated that proof of work coins, mainly these 5, are having a pretty darn huge negative impact on the environment by not utilizing renewable energy for most of their mining farms.
Bitcoin Origin will be using what they have dubbed proof of ambassador. This is the voting consensus model to create and maintain value for coin holders. What this means is that rewards will be issued when coin holders vote for ambassadors. They say these rewards will be comparable to proof of work mining rewards. This is to enable them to compete, potentially, with the heavy energy consuming asic and graphics card mining hardware. So they are really mindful of being green and reducing energy consumption hence proof of ambassador which is a bit similar to staking.
The advisor to the team is Andrew Henwood. The CEO of Foregenix which is the largest payments security company in the world.
No official word yet as to which exchanges it will be listed on but they say it will be listed on all of the main ones. We’ll wait any see which ones exactly. They say they have advanced claiming tools which make it easier to claim your Bitcoin Origin coins than previous forks. Every holder of Bitcoin, Bitcoin Cash, dash, Ethereum, and Litecoin will be issued an equivalent amount of Bitcoin Origins at the time of the fork. The price of 1 ORI coin is at $0.05 at the moment. I asked them how that price was pegged and what pegged the price there. I was told, that is just the price.
Now you might be thinking. What is the point of this, this looks like just a coin that is a fork of 5 cryptos for the sake of it or for the sake of proving the technology exists. No purpose except to make a currency out of nothing, based on nothing.
Forks of the past could arguably be looked at the same way. But they forked to change something about their preferring currency. Bitcoin origin is attempting to move away from proof of work.
They will also have some use case. They will be offering server less blockchains, from what I can understand, they aim at offering smart contracts that are for other creators and devs to run their own blockchains on. The other interesting feature of Bitcoin Origin is a Multi-State facility. This is what will allow transactions between blockchains and will allow for the forking of the 5 different cryptocurrencies.
Bitcoin Origin had an airdrop. I wasn’t expecting them to have one but by the sounds of what these guys are planning on doing. Nothing is set in stone. The airdrop had 50,000 participants after just 3 days. There are 52,300 people in their Telegram group now even though the airdrop is over. And yes, I participated. I was moving away from airdrops, but this one I couldn’t refuse.
This sounds really, really good. Is it too good? Will they succeed in evolving blockchain? I encourage you to take a look at them and their whitepaper over at www.bitcoinorigin.io.