CFTC Chief Backs Regulatory Incentives to Make Bitcoin Proof of Stake

Rostin Behnam – chairman of the Commodities and Futures Trading Commission – is not happy with Bitcoin’s current levels of energy consumption. He believes regulators should establish incentives to push the network towards a proof of stake (POS) consensus model. Not Worth the Energy, says Benham Speaking at POLITICO’s Sustainability Summit, Benham claimed that Bitcoin’s energy consumption doesn’t match its economic output. “That may rebalance over time, but right now it’s clearly skewed,” he said. Most of Bitcoin’s energy consumption…

BitcoinPoS Review: A Solution to Bitcoin’s Centralization Problem

Bitcoin's popularity has demonstrated blockchain technology's efficiency in solving economic issues, including centralization and fraud. That’s because blockchain technology has gained widespread application in several sectors, including finance, banking, supply chain, etc.  But while Bitcoin has brought many pleasantries in the fintech industry, king crypto faces some challenges which compromise its usability. Bitcoin leverages Proof-of-Work (PoW) consensus algorithm, which has some downside - it's slow, costly to mine, harmful to the environment, open to 51% attacks, and resistant to scalability.…