BitcoinOil GmbH plans to solve the existing environmental and processual problems of the cryptocurrency sector by implementing a Proof of Stake algorithm on a Bitcoin based Blockchain instead of the widely used Proof-of-Work structure.
BitcoinOil (BTCO) is a new cryptocurrency, a hard fork of the original Bitcoin blockchain that is anticipated to be launched in 2019. The implementation of the BTCO hard fork, currently in BETA testing, is designed to create the most technologically advanced version of blockchain to date.
The centerpiece of BTCO and its “Optimally Improved Ledger” (OIL), the highly innovative “SSPSS” strategy, is to focus on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability (“SSPSS”).
The company’s new cryptocurrency, BitcoinOil, will utilize the minimum consumption of natural energy required. The plan of going green is to move away from Bitcoin’s Proof-of-Work algorithm to the newly introduced BTCO Proof of Stake algorithm.