Bitcoin is now under scrutiny...

...A recent study was conducted at the Qatar University by John Truby. John Truby is an "associate professor of law and a director of the Center for Law & Development". Since bitcoin uses Proof-of-Work, which is highly energy inefficient, it is threatening the Paris Agreement and therefore a big deal.

Market Watch reported that "annual electricity consumption stands at 73.12 TWh, a near 400% increase over the past 12 months, and according to the study, the process involved in a single bitcoin transaction could provide electricity for a home in Britain for an entire month."

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From the study, Market Watch stated:

'Despite digital currencies providing considerable potential transactional, security, and financial access benefits, the design of bitcoin’s mining and trading system requires such a vast consumption of electricity that it is equivalent to powering Denmark. This threatens the planet to the extent that intervention is necessary to prevent similar models emerging,' wrote Truby. 'Furthermore, the [Paris] Agreement mentions numerous times that technology should be utilized to achieve greenhouse gas mitigation, whereas a highly polluting use of technology would very much go against the spirit of the agreement, if not the commitments made.'

Clearly, this is a problem that will eventually snowball out of control unless there is some type of intervention. The Market Watch article gives a few clues to what could help this situation, such as having the government step in or to change how the transactions occur. Another article from BTC-Echo also reported on this study and it elaborated on government intervention which would have them limit the demand for bitcoin.

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The government surely wants to do something about all of this, because, at the moment, it is helping them out in a way, but they will want full control. Something that is decentralized can only benefit them so long.

The question remains: Is government intervention or changing bitcoin transactions really the answer?

I'd say NO those are not answers to the long-term. If the government gets their hands on it, it's back to square one for everyone else using the blockchain. If the government doesn't intervene, it will clearly become more of a global energy and climate issue. Changing how the transactions operate will most likely also not be an easy feat as there is a lot to account for. So, what is a solution?

GODcoin!

alt

Why? Not only will GODcoin be backed by tangible assets such as gold and silver, but it is set up to use far less energy than bitcoin. From the white paper:

The intention is to be more energy and time efficient. This will save on overall costs, and will be more transaction-friendly to the consumer.

Blocks will be produced through a process called minting. In decentralize systems, there are multiple nodes on the network producing blocks. An algorithm needs to be in place to reach consensus on which block is added to the network. Without a consensus algorithm in place, nodes will keep forking the blockchain in favor of its own blockchain. This results in either a completely centralized system or a useless distributed network.

GODcoin will use the Proof-of-stake consensus algorithm for the minting process. This presents a couple significant advantages, transactions will be processed quickly and energy efficiency is drastically improved over the commonly used Proof-of-Work. Minters will be able to run a node on resource constrained systems provided there is adequate disk space.

GODcoin is the future!

There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links: