\n
![\"article](\"https:\/\/u.today\/sites\/default\/files\/2019-11\/alex-m-ava.jpg\")
\n<\/a><\/p>\n
Input Output CEO Charles Hoskinson is convinced that Bitcoin’s proof-of-stake algorithm is useless and wasteful<\/p>\n<\/div>\n<\/div>\n
During a recent YouTube livestream<\/a>, Input Output CEO Charles Hoskinson<\/a> predicted that there would be more Bitcoin outside of the main chain than there is within the main chain five years from now.<\/p>\n He believes that Bitcoin will be used by all sorts of decentralized applications, smart contracts and even nation-states.<\/p>\n While Hoskinson appreciates the benefits of Bitcoin’s sound monetary policy, he is convinced that there is no need for the energy-hungry proof-of-work consensus algorithm given that there are synthetic versions of the largest cryptocurrency that can function on other blockchains. “Wrapped Bitcoin is Bitcoin,” Hoskinson said.<\/p>\n Ads<\/p>\n<\/div>\n<\/div>\n Wrapped Bitcoin (wBTC)<\/a>, the Ethereum-based version of the crypto king, is presently the 19th biggest cryptocurrency with a market cap of $4.8 billion. There are also other versions of Bitcoin on other blockchains, such as Polkadot, but they are less popular.<\/p>\n The Cardano<\/a> founder complained about the fact that Bitcoin consumes a “humongous” amount of power.<\/p>\n He believes that leaving miners on just to produce an additional two million coins over the course of the next 100 years is not a good investment of energy.<\/p>\n Even though Bitcoin is promoted as the counterbalance to central banks, the vast majority of Bitcoin in circulation is actually held by custodial accounts, Hoskinson notes. “That a fact. The dirty reality of our space,” he added.<\/p>\n<\/a><\/p>\n
“Humongous” waste<\/h2>\n