According to a research published by the Bank for International Settlement (BIS) on 21st Jan 2019, it is found that the current Bitcoin’s (BTC) issues can be solved by leaving from a proof-of-work (PoW) framework.
As per the paper, when later on Bitcoin’s square rewards tumble to zero — given that just a predetermined number of new Bitcoin will ever be made — exchange charges alone won’t have the capacity to continue mining costs.
The investigation further notes that while second-layer arrangements like the Lightning Network could help, “the main basic cure is withdrawn from confirmation of-work.” Such a takeoff, as indicated by the report, would “most likely require some type of social coordination or systematization.”
The archive’s general decision is that, as per the specialists, “in the digital era as well, hard cash is probably going to remain a social build as opposed to an absolutely technological one.”
The Switzerland-based BIS is an association comprising of 60 national banks, which apparently represent 95 percent of worldwide GDP.
As Cointelegraph as of late revealed, another BIS report distributed on 8th Jan found that 70% of national banks worldwide are directing investigation into national bank advanced cash issuance.
Another report distributed by the BIS in September a year ago found a solid connection between news of regulatory intervention globally and crypto prices.