Green Crypto: Balancing Function and Effort
Green initiatives recently took notice of Bitcoin. The original blockchain received some bad press regarding its power consumption. What critics often overlook is that Bitcoin is actually more efficient than traditional monetary systems.
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Point taken. We can do better. Green cryptos do exist. They tend to be less popular because their technology is newer. Tron, ADA, DOT, EOS, and Ripple can complete many more transactions than Bitcoin or Ethereum within the same given time span and at a fraction of the cost.
Efforts put into Bitcoin and Ethereum are universally recognized as being more secure. High performance chains that have never been hacked are believed to become susceptible if ever under the scrutiny of Bitcoin’s leading market cap.
In a leadership role, Bitcoin assumes the pressure from world governments. Similarly, Ethereum draws attention of the corporate sector. Smart contracts for enterprise found comfort on Ethereum. Who knows how many of these ventures might seek to develop their own blockchain if Ethereum didn't exist.
High performance blockchains achieve their transaction speeds not because of more effort. No. Bitcoin has that wrapped up. Transactions speeds are directly related to new proof mechanisms- like what Steemit, Hive, and EOS use in Delegated Proof of Stake. New blockchain solutions incorporate ingenious ideas toward reducing the efforts of block producers (or miners) so that higher speeds can support more elaborate smart contracts.
One might think that higher speed blockchains would eventually catch up on the power consumption scale. As it turns out, efficient proof mechanisms are exponentially more economical than Bitcoin or Ethereum. For these blockchain to use the equivalent amount of power as top chains, well, the world would need to run on blockchain. It would be a massive effort that would retire the current server-based internet.
And to think, even if these next gen blockchains did overtake old Proof-of-Work systems at the cost of their power consumption, they would still use less than traditional monetary systems. Wonder how much smaller a fraction that ratio would be when including the power consumption of the traditional internet.
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SOLUTIONS EXIST NOW
Point taken. We can do better. Green cryptos do exist. They tend to be less popular because their technology is newer. Tron, ADA, DOT, EOS, and Ripple can complete many more transactions than Bitcoin or Ethereum within the same given time span and at a fraction of the cost.
LEADERSHIP
Efforts put into Bitcoin and Ethereum are universally recognized as being more secure. High performance chains that have never been hacked are believed to become susceptible if ever under the scrutiny of Bitcoin’s leading market cap.
COMFORT
In a leadership role, Bitcoin assumes the pressure from world governments. Similarly, Ethereum draws attention of the corporate sector. Smart contracts for enterprise found comfort on Ethereum. Who knows how many of these ventures might seek to develop their own blockchain if Ethereum didn't exist.
PERFORMANCE
High performance blockchains achieve their transaction speeds not because of more effort. No. Bitcoin has that wrapped up. Transactions speeds are directly related to new proof mechanisms- like what Steemit, Hive, and EOS use in Delegated Proof of Stake. New blockchain solutions incorporate ingenious ideas toward reducing the efforts of block producers (or miners) so that higher speeds can support more elaborate smart contracts.
DUAL BENEFITS
One might think that higher speed blockchains would eventually catch up on the power consumption scale. As it turns out, efficient proof mechanisms are exponentially more economical than Bitcoin or Ethereum. For these blockchain to use the equivalent amount of power as top chains, well, the world would need to run on blockchain. It would be a massive effort that would retire the current server-based internet.
CONCLUDING THOUGHTS
And to think, even if these next gen blockchains did overtake old Proof-of-Work systems at the cost of their power consumption, they would still use less than traditional monetary systems. Wonder how much smaller a fraction that ratio would be when including the power consumption of the traditional internet.
A land that the Lord your God cares for. The eyes of the Lord your God are always upon it, from the beginning of the year to the end of the year.
- Deuteronomy 11:12 ESV from OpenBible.info via Caring For The Environment
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hello @machnbirdsparo,
from my point of view it is a strategy designed to cause a fall in market prices, green is fashionable and this makes more people form an opinion based on what one person says, in time it will be seen that it is all a simple market strategy.
Likely. I did think enough of the green movement in general to cover this and maybe dually generate some interest while clearing up some misnomers.
Hello @machnbirdsparo
You always bring very interesting information. This you comment is really important, because they talk about the energy consumption of this main cryptos, however there are many things that certainly consume much more energy than cryptos, but as they are in favor of governments, they are not even mentioned.
It is good the fact that you highlight it here.
Thank you.
Totally agree. Stuff so much worse than Bitcoin deserves the media's scrutiny.
But bitcoin is digital gold.
:)
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The crypto You mentioned are not green crypto. They are greener than BTC or ETH but it was never their main aim - it is just a coincidence. They are neutral crypto, whereas ETH and BTC are anti-green.
Real green crypto are Burstcoin,Chia, CUT, UPCO2, WGP etc
You're right.
Though, the article is meant to investigate the media's disproportionate response to BTC vs the banking system. To illustrate that crypto is a 'green' move in general, I highlight high-performance chains with very low environmental impacts. Please notice how I state in the second paragraph that "We can do better" and that "Green cryptos do exist". May have been better served to elaborate on this. Though, I may have gotten off message... ehh
Awesome comment, and I'm inclined to support your view that those mentioned here are mere coincidence. Tough job trying to follow a flawed topical lead by mainstream media.
Thanks for nice respond. I hope that people will stop blindly following just BTC and ETH and be more open for other crypto.
Best wishes.