BitcoinClean (BCL Token): Cryptocurrency Renewable Energy Mining?
BitcoinClean is yet another bitcoin hard fork. Find out everything you need to know about the project today in our review.
What Is BitcoinClean?
BitcoinClean is a bitcoin hard fork that hard forked away from the main bitcoin blockchain on April 18, 2018.
The goal of the project is to create a bitcoin network mined exclusively using renewable energy. The coin is also Lightning Network-ready. Overall, the creators of BitcoinClean describe their coin as “the first eco-friendly cryptocurrency.”
The source code and other information about the coin can be found online at BitcoinClean.org. The website also features a 12 page whitepaper.
BitcoinClean is listed under the symbol BCL. It’s listed on YoBit.net, where you can purchase BCL in exchange for BTC.
What Problems Does BitcoinClean Seek To Solve?
One of the biggest criticisms about bitcoin is that it requires a massive amount of energy to process transactions. This amount of energy is growing every year. Some of the bitcoin network’s energy comes from renewable sources, although not all of it.
Some of the problems listed in the BitcoinClean whitepaper include:
- Bitcoin’s success “comes at huge economic and environmental cost” because multiple terawatts of energy are used to mine blocks
- Most of the energy in the bitcoin network is from non-renewable sources
- BitcoinClean cites a recent Motherboard article that explains the energy used to confirm a single bitcoin transaction is 215 kWh, “the same amount of energy used by a US household in a week”
- 87% of energy in the bitcoin network comes from fossil fuel use, on average
- The bitcoin network isn’t scaling very well, and the network is facing huge transaction bandwidth problems
How BitcoinClean Cryptocurrency Renewable Energy Mining Works
Obviously, there’s nothing stopping the original bitcoin (BTC) from using mostly renewable energy. Miners will use whatever energy source is cheapest and most efficient. So how does BitcoinClean plan to launch a bitcoin network exclusively powered by renewable energy?
Well, BitcoinClean claims to be introducing a protocol “for peer to peer verification of renewable energy use.”
This peer to peer verification system, no joke, is called “proof of greenness” (PoG). The goal is to create maximum confidence between peers without the influence of a third party.
Aside from proof of greenness, the BitcoinClean hard fork makes minimal changes to the original bitcoin code. The first BitcoinClean block was mined at block number 518,800, which means every bitcoin holder up until block 517,799 will own the same amount of BitcoinClean whenever they choose to claim them. This block was mined on April 18.
The major changes introduced in BitcoinClean include support for the Lightning Network and an increased 8MB block size.
BitcoinClean increases the block size to 8MB, allowing up to 32 transactions per second. And, when the Lightning Network launches, BitcoinClean will be ready to handle it.
How Does BitcoinClean’s Proof of Greenness (PoG) Work?
BitcoinClean’s key feature is its proof of greenness, or PoG system.
With BitcoinClean’s PoG, each address has two scores associated with its “greenness” or its use of green energy. Those two scores include Rank and Impact.
A submitted block is only valid if the submitting miner has a rank above 100. Each miner starts with a rank of 0.
How Do Miners Increase Their Score?
Well, miners can grow their score by publishing documents and pictures proving they use clean energy sources for mining. They can publish utility bills from a green energy supplier, for example, or provide documentation of owning a hydroelectric power generator or power station. This information can be published online, then verified by other miners.
Only miners with a “Rank” above 100 can upvote or downvote these claims to greenness. After reviewing submitted documentation, miners can vote that documentation up or down. Each confirmation increases the Rank of the miner, while each denial decreases the Rank.
Users are free to submit anything that they think proves beyond doubt their actual use of renewable energy.
BitcoinClean BLC Token Distribution
BitcoinClean is raising the limit of mineable BitcoinClean tokens (BCL) to 21,500,000.
Of this total supply, 500,000 tokens are reserved for the BitcoinClean team.
Of the remaining supply, 250,000 coins will be used to promote and develop BitcoinClean in the future. 100,000 coins will be used to launch BitcoinClean for endorsements, advertising, and marketing. 50,000 will be used to list BitcoinClean on exchanges or in wallets. 30,000 will be used to pay developers, and 70,000 will be distributed to founders and initiators.
BitcoinClean emphasizes the following features:
BitcoinClean expands the size of one block to 8MB, allowing 8 times the transactions per blocks mined “meaning 8 times less energy used per transaction,” explains the official website.
Proof of Greenness:
BitcoinClean has a peer-to-peer verification protocol called proof of greenness that ensures all miners only use renewable energy. Transactions can only be approved by miners with a certain level of greenness as verified by other miners.
BitcoinClean claims their network will be more decentralized because “requiring miners to use renewable energy will redistribute mining power and allow a more democratic voting process than currency seen in the bitcoin ecosystem.”
Who’s Behind BitcoinClean?
BitcoinClean doesn’t list team information online at BitcoinClean.org nor does it list team information in the whitepaper.
However, BitcoinClean does post a list of “supporting companies” and supporting individuals. Supporting companies include Coin Factory Austria, Capocasa, Dubidu, Cryptocode, Hydrominer, and Cyberian Mine.
Meanwhile, supporting individuals include Miguel Forbes, Axel Ferro, Enrico Jacono, Walter Komarek, Raphael Spannochi, Robert Chwistek, and Jorg Schirlbauer. No further information is given about any of these individuals, and it’s unclear if they’re the developers of the project or just supporters of BitcoinClean. Miguel Forbes, however, is a well-known American entrepreneur. It’s unclear how, if, or why he supports the BitcoinClean project.
BitcoinClean aims to make a cryptocurrency powered exclusively by renewable energy. That cryptocurrency has a verification system called proof of greenness, or PoG. BitcoinClean also supports the Lightning Network and increases the block size to 8MB.
There’s not much information about BitcoinClean available online. The currency supposedly launched via a hard fork in April 2018. You can purchase BCL on Yobit.net today via the BCL/BTC pair, where the last 24 hours of trading volume amounts to about 0.17 BTC.
To learn more about BitcoinClean or to stay up-to-date on the latest developments from the project, visit online today at BitcoinClean.org.