Dubai-based Bithereum has voiced its visions to create a superior currency centred around a transaction validation method that makes the blockchain network faster, more efficient, and cheaper to run.
Bithereum (BTH) is a coin that is created via forking the Bitcoin (BTC) blockchain, and BTH will eventually function as a peer-to-peer (P2P) electronic cash system similar to BTC. Currently, however, Bitcoin isn’t scalable for widespread adoption and involves high transaction fees in addition to slow transaction processing speed, which is what Bithereum hopes to change.
“Bithereum will bring together the best aspects of all prior Bitcoin forks, while also revolutionising Bitcoin mining,” said Sachit Singh, founder, Bithereum. “The company selected Dubai, known as the city of the future, as its headquarters, because of the city’s growing involvement with the blockchain technology framework across various verticals. Dubai also aims to become the first blockchain powered government in the world by 2020 which is a great milestone for the industry.”
The current Bitcoin mining method, known as ‘Proof of Work’ is currently very costly and wasteful. Not only are there very high up-front costs, but there is also the issue of excessive energy consumption and a monopolisation of the mining efforts. Enter ‘Proof of Stake’: a transaction validation method that makes the blockchain network faster, more efficient, and cheaper to run.
Proof of Stake mining will not only be an economical advancement by augmenting transaction speed and reducing fees, but it will also be an ecological advancement by lowering the excessive energy consumption used by ‘Proof of Work’ mining.
Ethereum has laid out a robust and very promising plan to implement this model through the Casper protocol, and it is probable that the benefits of this technology can also positively affect Bitcoin’s issues of the community schism and the mining cartel. Thus, by combining the visions of Bitcoin and Ethereum, Bithereum will ultimately revolutionise mining, improve scalability, and increase network consensus.