The network of Bitcoin forks now seems to be never ending. Starting off with Bitcoin Cash, we’ve got Bitcoin Gold, Bitcoin Diamond, Bitcoin Private and future prospects for Bitcoin Prime to name but a few. It literally sounds like a series of Pokémon games.
Next on the list, Bitcoin Origin. This one however is a little bit different, Bitcoin Origin has been designed through the idea of a penta-fork, a five-way direction change encompassing Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash.
The idea for Bitcoin Origin, is to establish a serverless blockchain, creating a far more environmentally friendly and cost-effective system for the facilitation of blockchain operations.
According to the Bitcoin Origin ‘position paper’:
“The Bitcoin Origin Project will create the world’s first, simultaneous multi-fork of the top 5 proof-of-work (PoW) cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. The Bitcoin Origin multi-fork will create a Proof-of-Authority (PoA) variant form of consensus, that replicates mining-like profitability, provides improved privacy, and increases transactional throughput to at least 15,000 transactions per second (THs).”
You can see the full position paper for yourself here-
Note that this position paper is the precursor to the full whitepaper which is expected sometime over the next couple of months, Q2 of 2018 to be exact.
As a concept, Bitcoin Origin is pretty complicated and not for the feint hearted, the design of the system though, in theory is based upon a totally accessible blockchain through which anybody no matter what their technical knowledge, can operate and can introduce their own serverless blockchain.
What? Told you it’s complicated.
Moreover, Bitcoin Origin is not ICO funded, all funding for the project has come from the developers themselves, this suggests that the team behind it have a real belief that this five-way fork will work.
The bottom line of this is that we have yet another team of people trying to radically change the way the blockchain industry works. The idea of a five-way fork to me is the essence of decentralisation. This will create a brand-new product with a brand-new destination, it’s almost like the ultimate hybrid.
The potential environmental impact of this is key to the success of Bitcoin Origin, on paper it really does seem to have a minimal carbon footprint, reinforced by a genuine green blockchain ecosystem. The innovation on hand here is awe-inspiring, so long as it actually works.
We will keep an eye on movements from this group, there’s a long way to go, but with a full whitepaper expected over the coming months, maybe then we will get a better idea of how this is going to work. For now, check out the position paper if you wish to try and make some sense of it.