Solana

Bitcoin

ZachXBT

Rewards

Coin

<a href="https://bitcoinworld.co.in/paypal-proposed-cryptoeconomic-rewards-for-sustainable-bitcoin-miners/" title="PayPal Proposed ‘Cryptoeconomic’ Rewards For Sustainable Bitcoin Miners" rel="nofollow"></a>
International payments giant PayPal has proposed ‘Cryptoeconomic’ to make sustainable Bitcoin (BTC) mining more economically attractive by rewarding miners through incentives layered on top of the Bitcoin network. 
PayPal’s Blockchain Research Group, in collaboration with Energy Web and DMG Blockchain Solutions, has proposed using “cryptoeconomic incentives” to encourage Bitcoin miners to use low-carbon energy sources, <a href="https://pyusd.mirror.xyz/P2fyue5RNhdOAV_IREgLPkj70vk-7zLAAw7Rk39s0iw">according</a> to an April 22 blog post. 
The firm hopes that the experimental incentive contributes to further discussion and innovation around Bitcoin and is seeking industry feedback on potential improvements. 
Under the proposal, “green miners” who use sustainable energy sources would be accredited with special “green keys,” which are associated with their public keys. 
Bitcoin transactions would be preferentially routed to these green miners by attaching lower fees but with an additional locked BTC reward in a multisig payout address that only the green miners can claim. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/zachxbt-exposed-12-abandoned-solana-presale-meme-coin-projects/" aria-label="“ZachXBT Exposed 12 Abandoned Solana Presale Meme Coin Projects” (Edit)">ZachXBT Exposed 12 Abandoned Solana Presale Meme Coin Projects</a> 
“Green miners will be incentivized to mine these transactions since they will be the only ones eligible for the additional “locked” BTC reward,” it explained, 
This incentivizes rational profit-driven miners to operate with low-carbon sources to get the extra BTC rewards. 
<figure id="attachment_71021" aria-describedby="caption-attachment-71021" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-71021" src="https://bitcoinworld.co.in/wp-content/uploads/Green-miner-transactions.-Source-PayPal-Blockchain-Research-Group-502x300.jpg" alt="" width="576" height="344" srcset="https://bitcoinworld.co.in/wp-content/uploads/Green-miner-transactions.-Source-PayPal-Blockchain-Research-Group-502x300.jpg 502w, https://bitcoinworld.co.in/wp-content/uploads/Green-miner-transactions.-Source-PayPal-Blockchain-Research-Group-837x500.jpg 837w, https://bitcoinworld.co.in/wp-content/uploads/Green-miner-transactions.-Source-PayPal-Blockchain-Research-Group-768x459.jpg 768w, https://bitcoinworld.co.in/wp-content/uploads/Green-miner-transactions.-Source-PayPal-Blockchain-Research-Group.jpg 911w" sizes="(max-width: 576px) 100vw, 576px">
 <figcaption id="caption-attachment-71021" class="wp-caption-text">
 Green miner transactions. Source PayPal Blockchain Research Group
 </figcaption>
</figure> 
&nbsp; 
According to the paper, the <a href="https://filecache.mediaroom.com/mr5mr_paypal/186970/Green_Mining_Initiative_2024.pdf">proposed</a> solution will leverage Energy Web’s “Green Proofs for Bitcoin” platform for miners to get certified based on their clean energy and grid impact scores. 
The green miners can register and share their green keys on the platform as participants of the incentive program. 
PayPal BRG said that it has successfully tested the proposed solution with Bitcoin miner, DMG Blockchain Solutions Inc. 
During the test, it broadcasted multiple low-fee transactions to observe effectiveness under different levels of on-chain transaction volume. 
Depending on transaction volume, “these transactions would either take a long time to confirm or eventually be dropped by the network,” it observed before adding: “This would increase the chances for green miners to pick up these transactions.” 
An alternative approach would involve exploring private channels such as the Lightning Network or smart contracts, but there would be trade-offs such as more complex implementation, it added. 
“The solution outlined here aims to achieve a good degree of decentralization, ease of implementation and trust independence while distributing incentives,” PayPal BRG concluded. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
#Binance #WRITE2EARN 
&nbsp; 
The post <a href="https://bitcoinworld.co.in/paypal-proposed-cryptoeconomic-rewards-for-sustainable-bitcoin-miners/">PayPal Proposed ‘Cryptoeconomic’ Rewards For Sustainable Bitcoin Miners</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

PayPal Proposed ‘Cryptoeconomic’ Rewards For Sustainable Bitcoin Miners

ItsBitcoinWorld

Other articles published on Apr 23, 2024

Guide to Choosing the Best Crypto Wallets in 2024

Which AI Altcoins Are Developers Focusing On Lately? List of the 10 Most Popular Artificial Intel...

Legal Battle Ensues as Crypto Groups Sue SEC Over “Dealer” Definition in Securities Law

BIG SHIB Price Prediction: Shiba Inu Price Eyeing $1 Before Bitcoin Halving?

Binance Coin Gains Momentum in the Crypto Market

Cardano Price Prediction For March: ADA Price To Explode? Buy ADA Now?

Join our free newsletter for daily crypto updates!