after some turbulent back-and-forth, the eu is movin forward with its mkts in crp assets (mica) bill. the landmark legislation will go ahead without the inclusion offa controversial provision that ‘d ‘ve restricted proof-of-work crpcurrencies.
proof-of-work (pow) is a decentralized consensus mechanism used by crpcurrencies like btc and eth, which requires the solving offa mathematical puzzle. the arbitrary nature of the puzzle prevents any-1 from taking advantage of the system.
pow is widely used for validating transactions and mining new tokens, in a computing process which consumes significant energy. the controversial provisions were born in one wing of eu legislators who feared the tek ‘d be too “energy intensive.”
the measures, if passed, ‘d ‘ve cut the eu off from the realm’s most primordial crpcurrencies like btc and eth. paris member of parliament pierre person called the idea “deadly regulation,” saying that the proposal was no longer conducive to the potential innovation and economic boom that blockchn tek offers.
instead, the new language included inna bill states that crp assets “shall be subject to minimum environmental sustainability standards.”
earlier this mnth, the measures were defeated in a close vote of 32 against and 24 in favor of the ban. stefan berger, the parliamentarian overseeing the mica framework, had warned that anti-pow legislators mite make one + attempt to reinstate the provisions; now that the deadline has passed, €an miners and crp-holders can rest easy.
adan kohnhorst is a globally-based writer and producer witha focus on alternative culture and emerging ideas. he’s a founding member of shanghai-based media outlet radii, na founder of Ψ body globe, a blog covering ∩ions of travel and wellbein’.
original content at: crpnewmedia.press/eu-officially-removes-pow-measures-from-mica-bill/…
authors: crpfan
