Looking for more environmentally friendly alternatives for job approval

The energy efficiency of cryptocurrencies has been a hot topic recently, with proven blockch yesils such as bitcoin criticized for their high energy consumption compared to greener alternatives. 

The latest controversy began when Tesla CEO Elon musk confirmed the suspension of the purchase of Tesla vehicles using bitcoin. Musk expressed concern about” the growing use of fossil fuels for bitcoin mining and transactions, “adding:” We plan to use it for transactions as soon as mining becomes more renewable energy sources. We are also looking for other cryptocurrencies that use 1% of Bitcoin energy / transactions.” 

A week later, a senior government official from China announced that Beijing would begin mining bitcoin, leading to a stricter ban on the industry, raising concerns about energy consumption and perceived financial risks. It is estimated that 90% of bitcoin mining capacity in China is currently closed, at least for a short time, in anticipation of overseas migration.

These developments have led to a wider criticism of energy consumption in the sector, as well as a debate about greener alternatives to the Yesil model (PoW). The rate proof (PoS), often referred to as a viable alternative, exceeds the adoption rate of PoW chains, especially since the second largest cryptocurrency wants to switch to Ethereum 2.0 as PoS.

Does proof of commitment solve the problem?
To earn the right to add a new transaction block to the chain, miners in prisoner-of-war networks compete to solve challenging math puzzles. Miners are encouraged to spend more computational energy to solve the problem faster and get rewards for the block. Unlike these consensus systems based on Business evidence, such as Bitcoin or Ethereum, blockchains with evidence of participation are independent of energy consumption, which is considered as high as the annual consumption of countries such as Austria.in the case of bitcoin, to protect their network. 

Instead, it uses economic incentives based on POS:

Join the Discussion

  • BrokerEUR/USD
    InterTrader 0.6pips (fixed) margin: 3.33%
  • Back to top