OTS - BitCoin POS: Josip Heit presents the future of the financial market in Monaco (part 1)
2020. October 08. 11:06
Hamburg, 8 October, 2020 (APA/OTS) - After GSB Gold Standard
Banking Corporation AG, based at the Port of Hamburg, presented its
technical "G999" fireworks as a revolutionary block chain ecosystem
and unique electronic money system, card device and app in one,
inspired by the deflationary token economic model, which enables
fast payments, micro fees and a variety of other options, including
a communication network that guarantees customers absolute privacy,
the novelty was not enough - the implementation of the BitCoin POS
followed in the Principality of Monaco!
Who hasn't heard of it and who doesn't know the word "Bitcoin"?
Well, for those readers who have never heard of Bitcoin, here is a
brief explanation: "Bitcoin" is the world's leading crypto currency
based on a decentrally organised booking system. Payments are
cryptographically legitimised and are processed via a network of
computers with equal rights (peer-to-peer). In contrast to the
usual banking system, no central clearing (authorisation and total
monitoring) of all money movements is necessary. Proof of ownership
of Bitcoin is stored in personal digital wallets. The price of a
Bitcoin to legal tender follows the principle of stock exchange
pricing, regulated by the general public and not by politicians or
central banks.
The Bitcoin network is based on a decentralised database, the
Blockchain, jointly managed by the participants, in which all
transactions are recorded. Cryptographic techniques are used to
ensure that valid transactions with Bitcoins can only be carried
out by the respective owner and that monetary units cannot be
issued more than once.
Josip Heit, CEO of GSB Gold Standard Banking Corporation AG,
together with the developers of the BitCoin POS, then explained in
Monte-Carlo (Monaco) what the latest developments on the subject of
"Bitcoin (BTC)", or even words like "Proof-of-Stake (PoS)", are all
about and explained: "Proof of Stake" refers to a procedure by
which a block chain network reaches a consensus on which
participant may generate the next block. A weighted random
selection is used, whereby the weights of the individual
participants are determined from participation duration and/or
assets (the "Stake"). In contrast to the Proof of Work used by
Bitcoin and Ethereum, Proof of Stake does not require time and
energy-intensive mining and it is not possible to take over the
network simply by possessing computing power ("51% attack")".
In this context, the innovative developers of the BitCoin POS
in Hong Kong, Ma Compusoft Limited, expect to move to Proof of
Stake (PoS) very soon, once the Ethereum (ETH) network proves the
success of the algorithm. Bitcoin's current proof-of-work (PoW)
consensus algorithm is still a pioneering concept in this respect.
However, this did exist and you should know this, but even before
Bitcoin, it is now inseparably linked to the crypto currency, which
is likely to change in the future.
The fact is and this can no longer be denied, the traditional
fiat money could soon be history. Fiat money (US dollar, the euro,
the British pound, the Swiss franc, the Russian rouble or the
Chinese renminbi, to name but a few), this name comes from the
Latin word fiat ("Let it be done! Let it be! Let it be!") and is an
object without any intrinsic value, which serves as a pure medium
of exchange.
The opposite of fiat money is commodity money, here for example
gold or silver, which in addition to their external exchange value
also have an intrinsic value which is independent of governmental
decrees as long as it is allowed to pay with it. Our current money
is actually only paper, its monetary value - also called purchasing
power - is in economics the exchange relationship between money and
goods or services. If the national economies do not produce
anything, the money is worth nothing, in contrast to gold!
Whoever buys a "BitCoin POS", which has a higher value than the
known fiat currencies, participates in a currency which cannot be
manipulated by central banks through dictation. It is clear that
Bitcoin is likely to move to a PoS system in the near future,
because nowadays a large amount of energy is required (for Bitcoin
mining) to keep the Bitcoin network running, so it is important to
explore alternative consensus mechanisms.
However, in addition to the electricity problem and the related
discussion about the protection of the environment through
excessive electricity consumption, the current debate between
"proof-of-stake (PoS)" and "proof-of-work (PoW)" is also about
economic fairness, access barriers, network security and
decentralisation. Bitcoin PoS solves these problems with a novel
solution - namely by replacing the Bitcoin Proof-of-Work algorithm
with a Bitcoin Proof-of-Stake algorithm. PoS does not require you
to buy thousands of devices to generate more mining power. It is
sufficient to simply have a deposit of "frozen" coins and receive a
reward that is proportional to the amount you invest! PoS reduces
electricity consumption by 99 percent! (continues)