You have already heard of Bitcoin, but what about Bitcoin Origin? This is not a scam like Bitcoiin or a normal hard fork like Bitcoin Cash, but a whole new project that intends to create a multi-crypto fork by using serverless blockchain technology. That does sound complicated, doesn’t it? Read our article to understand Bitcoin Origin better.
What Is Bitcoin Origin?
So you know what is a hard fork? Hard forks are what happens when the main users of a cryptocurrency cannot decide on some important decision like changing an algorithm. This way, the coin splits in two. The bigger part stays being Bitcoin, for example, and the minor part becomes Bitcoin Cash. That is what happened last year in the Bitcoin hard fork that created Bitcoin Cash.
The Bitcoin Origin Project is something like that, but kind of different at the same time. Bitcoin Origin intends to be the first simultaneous hard fork of the top 5 proof of work cryptos in the market today, which are Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash.
The goal is that a “proof of authority” network will be created and it will be better than any of these old tokens alone and it will be able to make more than 15,000 transactions per second. The company will use something called proof of ambassador as a way to achieve consensus on the network.
How Will Bitcoin Origin A Mult-Cryptocurrency Fork Work?
This will be a multi-layered cryptocurrency that will use side-chains as its inherent part and will be completely scalable. It will also be cross-chain, as Bitcoin Origin will create a bridge with Ethereum allowing ETH to be converted.
One of the main differences of Bitcoin Origin will be that the blockchain will be multi-state, meaning that the users will be able to use native tokens for fees and block rewards. The proof of ambassador system will mean that anyone staking ORI tokens will be able to vote on the decisions of the network. The stakers will be the ones that will validate the transactions on the network.
The company states that one of the reasons why it started this project is because the proof of ambassador method, which is similar to the proof of stake method and considerably less harmful to the environment than mining is because it uses too much electricity to work.
Bitcoin Origin ORI Token ICO Details
Instead of having an Initial Coin Offering like many companies, Bitcoin Origin will work like the forks that were explained at the beginning of this article. You have to go to the site and see the instructions on how to fork your token when the hard fork actually happens. After you are whitelisted, you will start to be a part of the new network.
The company explains that you will be awarded in ORI tokens in the same proportion of the tokens that you convert to the blockchain. Example: if you own 1 BTC, which is somewhat like $8,000 USD, you will get $8,000 USD in ORI tokens.
0.137% of the total ORI tokens will be created each day randomly. This is made to ensure that the coin will not lose value because it will slowly be introduced in the market. The forked coins will be 45.71% of the total number of tokens. 31.43% will be obtained via staking.
Bitcoin Origin Verdict
We are quite frankly skeptical of Bitcoin Origin. While we do not believe that this project is necessarily a scam or something like this, we do not believe that many people will be a part of it. It does not make much sense to abandon your valuable Bitcoin or Ethereum and use it to create a cryptocurrency that might actually work very well at all.
Unless this project has a great market strategy, many of the current investors will simply not put much faith in this project, which basically means that it will probably not be as great as it is intended to be.