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Crypto

2020 Forked Bitcoin PoS project

A fork of Bitcoin was created in 2020 based on the consensus algorithm PoS.

The relationship between Bitcoin’s PoS fork and Ethereum’s Merge

What many are wondering is whether the price evolution of BitcoinPoS (BPS) can be a good guide to determine the future of Ethereum.

Question: is bitcoin PoS (forked in 2020: https://t.co/txg3TSpm2v) price development good guidance for the future price of today’s ethereum PoS fork? Yes, no, why? pic.twitter.com/OHgyglLk0p      — PlanB (@100trillionUSD) September 15, 2022

In 2020, a group of developers created a fork of the Bitcoin network, replacing the original consensus mechanism. Here’s how they describe it on their official website:

“The next evolution in Bitcoin technology. Satoshi’s vision reimagined.”

If we then look at the price chart of the native token of the protocol, it seems that the project has not been successful so far.

fORK

CHART

Key differences between Bitcoin and Ethereum

Given the size of the ecosystem and the potential for future developments, the transition to PoS has been instrumental in creating a more sustainable and, above all, a more scale-efficient environment. Also, given the nature of the two blockchains and the purpose for which they were created, the Bitcoin ecosystem is in no way comparable to Ethereum.

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The first presents itself as a revolution in payment systems, whose strength lies in the development of Bitcoin’s layer 2, the Lightning Network. The latter was created as the first programmable blockchain whose potential is entirely based on the smart contract creation environment. Hence the need to rely on a more efficient and scalable ecosystem that paves the way for a stronger and more sustainable Web3 future.

PlanB’s vision and tweets

The tweet series published yesterday by the PlanB account, which is famous for creating the stock flow model for BTC price prediction, arouses curiosity. About two hours before the BitcoinPoS price question, there was another tweet, the first in this series:

Ethereum forked from PoW (energy) to PoS (trust/politics/fiat) today. Next: some idiot will fork #bitcoin from PoW to PoS .. because climate 🤡   — PlanB (@100trillionUSD) September 15, 2022

— PlanB (@100trillionUSD) September 15, 2022

It is worth noting that the energy requirements of the Ethereum network are now reduced by more than 99.9%, thanks to the abandonment of PoW. A few hours later in the afternoon, PlanB continued to reinforce his idea with the following tweet:

This is what governments, regulators, MSM and many ESG investors fail to understand:
– bitcoin/PoW can go CARBON NEGATIVE
– PoS can not do that https://t.co/bwuTM05DOR— PlanB (@100trillionUSD) September 15, 2022

In fact, he wants to point out that in the not-too-distant future, Bitcoin could even become Carbon Negative. In contrast, all PoS systems, although much less energy-intensive, will never achieve this given their technical nature.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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