Proposed Block-chain Vote to Switch Bitcoin-sCrypt from Proof-of-Work to Pure Proof-of-Stake


The v.1.3.3 client update has proven successful, so we are excited to move forward and make an announcement concerning our project to decentralize development through block-chain voting.

In light of recent events involving Blackcoin and Cinnincoin, we came to appreciate the superiority of Proof-of-Stake over Proof-of-Work for Bitcoin-sCrypt mining.

Accordingly, we would like to propose a block-chain vote to switch Bitcoin-sCrypt from Proof-of-Work mining to pure Proof-of-Stake mining.

Yes.  You heard that right:  A block-chain vote to switch Bitcoin-sCrypt from Proof-of-Work to pure Proof-of-Stake.

What makes Proof-of-Stake superior to Proof-of-Work for Bitcoin-sCrypt mining you ask?

  • Transactions & Mining
    • 5-10 second transaction confirmations
    • No ASIC centralization
    • No profit switching mining pools
    • No difficulty hang-ups
    • Energy efficiency
    • Multi-pools give positive price pressure to BTCS: our GPU miners would point to multipools which would mine the most profitable Proof-of-Work coin, then automatically exchange those coins for BTC, with the BTC automatically exchanged for BTCS, which would be distributed to miners, resulting in positive price pressure on BTCS (opposite effect than profit-switching pools).
  • Cap total coins created to coins created to date, with annual inflation going forward.
    • Approx ~4.9 million coins  (+ annual inflation) instead of 21 million total coins.
    • Fair distribution of ~4.9 million coins because these coins have been distributed to miners committed to Bitcoin sCrypt since its release.

By changing from Proof-of-Work mining to Proof-of-Stake mining, Bitcoin-sCrypt would be the first cryptocoin to take advantage of the benefits of Proof-of-Stake after initial release.  Granted, there would be both technical and political hurdles, but these challenges could be overcome and the results would be worth it.

We love the idea that one of the first uses of the Proof-of-Stake block-chain voting system could be to change Bitcoin-sCrypt to Proof-of-Stake mining and we look forward to the Community’s feedback.

Our next Monday Referendum Roundup update will outline the block-chain voting schedule and other voting proposals, including the initial house-keeping votes.

Stay tuned as the future looks bright for Bitcoin-sCrypt.