The Community Speaks segment is written by select members of cryptocurrency coin or token project communities who want to update the Altcoin Buzz Army about news surrounding the project they represent. The goal of the Community Speaks Segment is to bring these community members in to introduce the Altcoin Buzz Army to their opinions surrounding their respective projects and keep them updated on its progress. Any ideas or opinions expressed here do not necessarily align with those of the Altcoin Buzz core team.
Hello everyone, this is Cryptomoonie bringing you another Bitcoin Green update. Below, I will discuss the new brand, Bitgreen, and its updated mission as a result of the Cryptopia Hack.
Bitcoin Green is now BitGreen. A smart move if you ask me as cryptocurrencies try to create their brand without the Bitcoin baggage. BitGreen has always been the better version of Bitcoin. Yes, Bitcoin is the mother of all coins, but it has a lot of issues. Slow transaction speeds, high transaction fees, a significant contributor to climate change/ global warming, and other issues stemming from the proof of work algorithm. BitGreen, on the other hand, is faster, runs in a Proof of stake supported algorithm, which in turn reduces its global footprint to 1000 times less than that of Bitcoin. You know this, I wrote about this before.
Cryptopia was one of Bitgreens leading exchanges. It provided the most liquidity, but then a fatal crisis hit the altcoin exchange: a hack that left it 14 million dollars in the hole. This caused a considerable ripple effect. The site went down; transactions halted, wallets were locked. It took a few months for Cryptopia to get back up and running; however, the more recent news hit everyone like a Mike Tyson hook: Cryptopia hired a liquidator to figure out what to do with the coins left on the site. Here’s an excerpt from their release:
“David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia. Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders.”
- The BitGreen team took action, and they released a recent article that highlighted to paths to move forward with the latest act by Cryptopia. BitGreen being, a community focused cryptocurrency and blockchain company, is currently asking the community to vote on whether or not they want a mandatory hardfork and modified wallet which will create a temporary lock-up on Cryptopia’s addresses until they announce their plans.
Here is a list of pro’s and con’s for or against the hardfork:
- Demonstrates the power of decentralized governance in allowing stakeholders to make a preventative and/or critical decision.
- Sets a governance standard to show that stakeholders have control over the future over the BitGreen blockchain.
- Potentially reduces the risk of unfavorable action from Cryptopia’s liquidators.
- Balances the power between network stakeholders and exchanges.
- Rejects the concept of immutability in favor of governance consensus.
- Prevents a designated custodian from accessing coins.
- Potentially viewed as a risk to decentralization.
- Requires a hardfork–all wallets that do not download the new software will go offline, masternodes need to be reset.
- All precedents for a network freezing coins (i.e. DAO Hack) were in response to theft — this freeze is seen as proactive and/or an overtly precautionary measure against non-stolen funds
It’s time for the community to stand up and decide. To learn more and to read the full medium post by Bitgreen, visit this link.
This article was brought to you by a member of our Community Speaks team. The Community Speaks team is made up of members of different project communities who want to make their voice heard in the Altcoin Buzz community. If you are interested in becoming part of our Community Speaks team please contact @Garrett59 on telegram.