The issue of Bitcoin consuming a large amount of electricity and putting in danger the environment has become serious than ever before. It is said and argued by the majority of people around the world that Bitcoin has garnered two further major problems in recent times. They were referring to the already known issue of Bitcoin’s volatility and the new issues of environment and electricity consumption.
Even the new issues were also apparently existed from day one, however, they were highlighted at the time when Bitcoin was surging continuously. But when the issue was pointed out recently, it caused huge disruption in the global crypto economy. Obviously, being the lead coin, the impact was severe and relentless towards Bitcoin. The coin instantly lost about US$ 1 Trillion from its market cap. In addition, the value of Bitcoin was immensely damaged as it went down under US$ 30,000. Approximately a complete half part of Bitcoin was cut down with a single swing.
Similarly, from the time of its launch, Bitcoin was receiving unconditional support from Elon Musk and his company Tesla Inc. However, both have created differences between them and Bitcoin which too had damaged the very foundation of Bitcoin.
Thirdly, China had banned Bitcoin mining and the mining of other cryptocurrencies within its lands. Again, the Bitcoin economy was shaken from its core. But still, there are people and corporations who are backing up the first digital coin of the world. For instance, Veriblock, which is a blockchain project that encourages PoP contracts i.e. proof-of-proof, has compiled a proposal. According to Veriblcok’s proposal, Dogecoin can be secured by recycling the energy consumed by Bitcoin mining.
It was informed by Veriblock that its team of developers is presently in the middle of completing a project. The project is aimed towards incorporating PoP within the codebase of Dogecoin through which a beta version network will be established for the Dogecoin community. However, when the project will be completed, it will first undergo the process of testing and simultaneously feedbacks too will be obtained.
Maxwell Sanchez, CTO of Veriblock, suggested that the project will ultimately benefit the PoP technology of Veriblock. Furthermore, the project will also enable Veriblock how it can improve the PoW of the network belonging to Bitcoin.
Sanchez commented that Bitcoin has been unnecessarily criticized and targeted these days. He explained that Veriblock will be recycling i.e. utilizing the energy that was utilized by Bitcoin during the mining and minting process. Through the process, not only Dogecoin will be able to derive benefits, but also Bitcoin can fulfill the minimum required standards set up by Fortune 500. Sanches was of the opinion that the technologies such as PoP provide a way forward to Bitcoin in ending the unnecessary criticism.