There is a debate in the world of cryptocurrencies and blockchain experts regarding the fungibility of Bitcoin, is every bitcoin the same as ever other bitcoin just like the dollar?
The debates are quite passionate, and the question is why do we care?
The main reason for caring is the same reason for caring if your electric car is powered by the sun or by coal, after all your electric car still needs to be filled up just like a gasoline car.
If your electric car runs on electricity produced by coal, then it is no better than a gasoline car.
So what does this have to do with cryptocurrencies, given the debate around environment impacts of mining proof of work crypto (Bitcoin) and the recent announcement from some authorities to ban mining (New York Senate), a system to trace the provenance of the energy used to mine proof of work crypto (and also your Telsa) would provide a new class of green Bitcoin (and other proof of stake coins).
So if bitcoins are non-fungible (unique) then they can be separated into green and grey bitcoins.
One bitcoin is indistinguishable from another bitcoin, after all it is just computer code. However most commentators believe that because the history of the coins can be traced that this in effect make the coins non-fungible (unique) this total traceability is detrimental to the “fungibility” of Bitcoin insofar as an increasing number of stakeholders (trading platforms, merchants, etc.) are able to refuse Bitcoins that have been used previously for the purchase of illegal or illicit goods or services (such as the purchase of drugs or weapons on the Silk Road site or other equivalent sites), or were produced through the use of grey power (Coal, Gas, Diesel etc)
To validate green bitcoins the OracleHub hardware oracle energy series (Solar Tag, Wind Tag & Hydro Tag) is designed to provide this proof of provenance and chain of supply that can be varied on a public blockchain and stored on a public distributed database (IPFS)
The same system will of course be used to validate the green credentials of your car, house, workplace, favorite restaurant, golf club etc.
Hardware oracles will be as ubiquitous as mobile phones and computers and connect every part of your life to a growing number of blockchains across all industries and professions, and OracleHub will be at the forefront of this development and adoption.
