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BitGreen is a proof-of-stake, transactional currency designed to provide a scalable and sustainable blockchain solution.
BitGreen (BITG) is founded on 'The Green Protocol,' which utilizes a highly efficient proof-of-stake consensus algorithm. BitGreen can be mined on any computer or laptop without specialized equipment.
BitGreen, the organization, aims to shed light on a number of critical issues facing proof-of-work based blockchains and raise public awareness for the environmental and economic problems arising from such issues.
BITCOIN IS AN ENVIRONMENTAL THREAT
The Bitcoin network consumes more energy than 82% of countries on earth
Why BitGreen?
BitGreen (BITG) is a sustainable cryptocurrency modeled after Satoshi Nakamoto’s original vision for Bitcoin. It is a decentralized, peer-to-peer transactional currency designed to offer a solution to the problematic exponential increase in energy consumed by other proof-of-work currencies.
The Green Protocol
The BitGreen team has designed a revolutionary new consensus mechanism called 'The Green Protocol,' an energy efficient, extremely fast proof-of-stake and masternode mining agreement to act as a sustainable replacement for Bitcoin’s current proof-of-work algorithm. Here's how it works:
1. PROOF-OF-STAKE AND
MASTERNODE-ONLY MINING
Proof-of-stake is an energy-efficient, scalable, and intuitive consensus mechanism that uses economic incentives to secure a blockchain network. In proof-of-stake, your mining rewards are proportional to the number of coins you hold in the network.
This differs to Bitcoin mining operations, which require high-powered computers to perform proof-of-work calculations that are neither scalable nor sustainable.
2. COMBINATION WITH FIXED
BLOCK REWARD
In proof-of-stake, block rewards are distributed to coin holders instead of third-party miners. The cryptocurrency’s inflation flows to coin holders in an amount proportional to their staked collateral. This is a key advantage of proof-of-stake. There is no longer a distinction between miners and everyday users.
In proof-of-work currencies, the cryptocurrency’s inflation flows to the third-party miners, which means the holders of the coin are hurt by inflation
3. CREATION OF A FAIR
DISTRIBUTION OF COINS
With proof-of-stake, all members of the cryptocurrency ecosystem have their economic incentives aligned to improve the network’s technology and encourage widespread adoption, not to slow the network down or make it less efficient to increase profits for mining businesses.
Proof-of-stake works because it requires users to own a very large amount of currency in order to pose a threat to the network.
BitGreen Foundation
Our objectives extend beyond building out a sustainable, energy efficient, and secure cryptocurrency. We aim to publicize the problems surrounding proof-of-work cryptocurrencies with an aggressive campaign to promote awareness. As part of our long-term mission, we will be opening a non-profit legal entity called the BitGreen Foundation.
The BitGreen Foundation is an organization created to bring awareness to Bitcoin’s sustainability issues. Furthermore, the BitGreen Foundation will focus on education, teaching the public about cryptocurrencies and providing resources for investors and developers to learn about alternatives to proof-of-work. The BitGreen Foundation believes in a future without proof-of-work cryptocurrencies. Our campaign to promote awareness will be an essential part to the success of BitGreen.
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Exchanges
BitGreen (BITG) is currently trading on these exchanges.
