What Is Ofelimous?

The goal of the Ofelimous protocol is to limit the energy that is used by proof-of-work chains to the absolute minimum. Proof-of-useful-work, as opposed to proof-of-work, assures that the computational capacity of miners is being directed toward the resolution of issues originating from the real world.

However, this makes the blockchain that has embraced it less secure since an adversary may utilize the system to solve simple issues, resulting in the creation of more blocks than miners could with the same resources. However, Cardano is certain that Ofelimous will readily find a solution to this problem. Hoskinson suggests that miners of Bitcoin should transition to this PoUW protocol so that they may reduce their carbon footprint, which is already on par with that left by smaller nations.

The White House has proposed that cryptocurrency mining be outlawed until it can become more environmentally friendly. A study on the excessive use of energy by a variety of businesses, including bitcoin mining, was recently issued by a group of parliamentarians working for the White House. The research was compiled in response to an order given by President Joe Biden in March of this year.

In a word, the research suggests that certain businesses need to be outlawed if there is no feasible way for them to considerably reduce the amount of energy that they use. BTC skeptics have often brought up the problem of the huge carbon footprint that is left behind by the Bitcoin blockchain. According to recent studies, the amount of energy that Bitcoin miners utilize is comparable to the amount of energy that is spent by small nations all over the globe.

The present situation, in which costs for energy supplies are increasing at an alarmingly high rate, makes this problem even more important. However, the paper suggests that proof-of-stake, rather than proof-of-work, should be used for PoW blockchains since doing so would drastically cut the amount of energy such blockchains use.

Switching to alternative crypto-asset technologies such as Proof of Stake might drastically cut total power use to levels that are less than one percent of what they are now. This Ofelimous protocol is used by Cardano, and Ethereum is set to transition to PoW as well. The long-awaited update to Merge is scheduled to happen in about one week, between September 15 and 20.

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While the order is not yet clear, the matter is still under speculation that an individual authority will have new regulatory leadership powers

Crypto regulation in the US has slowly ratcheted up in recent years, with greater reporting requirements placed on exchanges

President Joe Biden is reportedly preparing to sign an executive order on cryptocurrency policy this week. This is a statement by Reuters on Monday, which cited a person familiar with the matter.

Further, this order was all about seeking to appoint an individual with regulatory authority to oversee the crypto market. It could come as early as Wednesday, per the report.

Jurisdiction of digital asset market oversight continues to burn in the minds of regulators eager to close the gap on what they perceive as trading activity occurring outside their remit.

Benham Obeying the Orders of Joe Biden

During that hearing, Benham was asked whether a lead agency for regulating crypto should be established. Further, he added that his agency, along with the Securities and Exchange Commission, should share the responsibility.

It’s under speculation, particularly by Michael Fasanello, director of training and regulatory affairs at Blockchain Intelligence Group in January.

These agencies include the CFTC, the SEC, the Financial Crimes Enforcement Network and the Office of the Comptroller, according to Fasanello.

Though some, including SEC Commissioner Hester Pierce, have said adding a new regulator to the mix in an already “fragmented regulatory system” for financial products should not be a top priority. 

Moreover, crypto regulation in the US has slowly ratcheted up in recent years. Further with the greater reporting requirements placed on exchanges as well as scrutiny toward stablecoins. This value is generally pegged to fiat currency or commodities.

Last year, the Treasury Department pushed out a requirement for individuals to report transactions in crypto exceeding $10,000.

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A week ago, Gensler spoke about his thoughts on cryptocurrency regulations, specifically the importance of investor protection. During his confirmation hearing, Gensler also commented on viewing cryptocurrencies either as securities or utility tokens. According to his logic, Bitcoin is not a security, but coins like Ripple are.

The lawsuit between the SEC and Ripple started in December 2020 and is still ongoing. Last week, both the CEO Brad Garlinghouse and the Executive Chairman Chris Larsen filed motions to dismiss the lawsuit.  

In the meantime, Bitcoin, the largest cryptocurrency by market cap, posted gains of about 14% in the past 7 days and around 2.45% in the past 24 hours. It is trading at around $56,100 at the time of writing and has a market cap of over $1 trillion. The second-largest cryptocurrency, Ether, has gained about 14% in the past 7 days and lost about 2% in the past 24 hours. It is currently trading at around $1,770, per CoinMarketCap.com data.

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