2020. október 8., csütörtök 11:06 |
BitCoin POS: Josip Heit presents the future of the financial market in Monaco (part 1) |
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Hamburg, 8 October, 2020 (APA/OTS) - After GSB Gold Standard Banking Corporation AG, based at the Port of Hamburg, presented its technical "G999" fireworks as a revolutionary block chain ecosystem and unique electronic money system, card device and app in one, inspired by the deflationary token economic model, which enables fast payments, micro fees and a variety of other options, including a communication network that guarantees customers absolute privacy, the novelty was not enough - the implementation of the BitCoin POS followed in the Principality of Monaco! |
Who hasn't heard of it and who doesn't know the word "Bitcoin"?
Well, for those readers who have never heard of Bitcoin, here is a
brief explanation: "Bitcoin" is the world's leading crypto currency
based on a decentrally organised booking system. Payments are
cryptographically legitimised and are processed via a network of
computers with equal rights (peer-to-peer). In contrast to the usual
banking system, no central clearing (authorisation and total
monitoring) of all money movements is necessary. Proof of ownership
of Bitcoin is stored in personal digital wallets. The price of a
Bitcoin to legal tender follows the principle of stock exchange
pricing, regulated by the general public and not by politicians or
central banks.
The Bitcoin network is based on a decentralised database, the
Blockchain, jointly managed by the participants, in which all
transactions are recorded. Cryptographic techniques are used to
ensure that valid transactions with Bitcoins can only be carried out
by the respective owner and that monetary units cannot be issued
more than once.
Josip Heit, CEO of GSB Gold Standard Banking Corporation AG,
together with the developers of the BitCoin POS, then explained in
Monte-Carlo (Monaco) what the latest developments on the subject of
"Bitcoin (BTC)", or even words like "Proof-of-Stake (PoS)", are all
about and explained: "Proof of Stake" refers to a procedure by which
a block chain network reaches a consensus on which participant may
generate the next block. A weighted random selection is used,
whereby the weights of the individual participants are determined
from participation duration and/or assets (the "Stake"). In contrast
to the Proof of Work used by Bitcoin and Ethereum, Proof of Stake
does not require time and energy-intensive mining and it is not
possible to take over the network simply by possessing computing
power ("51% attack")".
In this context, the innovative developers of the BitCoin POS in
Hong Kong, Ma Compusoft Limited, expect to move to Proof of Stake
(PoS) very soon, once the Ethereum (ETH) network proves the success
of the algorithm. Bitcoin's current proof-of-work (PoW) consensus
algorithm is still a pioneering concept in this respect. However,
this did exist and you should know this, but even before Bitcoin, it
is now inseparably linked to the crypto currency, which is likely to
change in the future.
The fact is and this can no longer be denied, the traditional fiat
money could soon be history. Fiat money (US dollar, the euro, the
British pound, the Swiss franc, the Russian rouble or the Chinese
renminbi, to name but a few), this name comes from the Latin word
fiat ("Let it be done! Let it be! Let it be!") and is an object
without any intrinsic value, which serves as a pure medium of
exchange.
The opposite of fiat money is commodity money, here for example
gold or silver, which in addition to their external exchange value
also have an intrinsic value which is independent of governmental
decrees as long as it is allowed to pay with it. Our current money
is actually only paper, its monetary value - also called purchasing
power - is in economics the exchange relationship between money and
goods or services. If the national economies do not produce
anything, the money is worth nothing, in contrast to gold!
Whoever buys a "BitCoin POS", which has a higher value than the
known fiat currencies, participates in a currency which cannot be
manipulated by central banks through dictation. It is clear that
Bitcoin is likely to move to a PoS system in the near future,
because nowadays a large amount of energy is required (for Bitcoin
mining) to keep the Bitcoin network running, so it is important to
explore alternative consensus mechanisms.
However, in addition to the electricity problem and the related
discussion about the protection of the environment through excessive
electricity consumption, the current debate between "proof-of-stake
(PoS)" and "proof-of-work (PoW)" is also about economic fairness,
access barriers, network security and decentralisation. Bitcoin PoS
solves these problems with a novel solution - namely by replacing
the Bitcoin Proof-of-Work algorithm with a Bitcoin Proof-of-Stake
algorithm. PoS does not require you to buy thousands of devices to
generate more mining power. It is sufficient to simply have a
deposit of "frozen" coins and receive a reward that is proportional
to the amount you invest! PoS reduces electricity consumption by 99
percent! (continues)
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2020. október 8., csütörtök 11:07 |
BitCoin POS: Josip Heit presents the future of the financial market in Monaco (part 2) |
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Hamburg, 8 October, 2020 (APA/OTS) - |
Here BitCoin POS goes even further, because security is the main
concern of crypto money advocates, investors, speculators and
network participants. Who wants to lose everything because of a bug
in the system? Bitcoin has just such a flaw - which is called
centralization. Here, Bitcoin mining creates a paradigm of
centralisation, which raises the spectre of a 51% attack. If such an
attack were to occur, the entire network would be at risk with a
value of billions of dollars. One can safely say that under such
circumstances the Bitcoin network would be finished. To this end, Bitcoin PoS, with its elegantly simple design, avoids
the possibility of a 51% attack by converting the entire updated
Bitcoin code base to "Proof of Stake". While an attacker would have
to control 51% of the network hash for Bitcoin, in the event of an
attack on Bitcoin PoS he would have to control at least 50% of the
token supply of the network, which is impossible even in the coming
decades given the state of the art.
Whether and how these innovations are used or not, in contrast to
the conventional financial market, depends on each individual. No
currency can harm gold, because no matter how you twist and turn it,
the net worth of gold has been proven for centuries.
For further information, please click here:
https://www.bitcoinpos.net
- Picture is available at AP Images (http://www.apimages.com) -
Contact: GSB Gold Standard Banking Corporation AG, Frau Melanie Berger,
Große Bleichen 35, 20354 Hamburg, Telefon: +49 40 300 66 88 - 190,
Mail: News@GSB.Global Web: https://www.gsb.gold/en
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