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There is one major impediment to the widespread adoption of cryptocurrency that advocates are working to overcome. The fact that mining cryptocurrencies consume enormous – and seemingly wasteful – amounts of energy.
However, two key solutions have emerged as potential methods for cryptocurrencies to reduce their environmental impact and energy consumption.
Making efforts to reduce the amount of energy required to mine cryptocurrency, as well as the use of clean energy sources, have the potential to solve crypto’s energy consumption problem.
Understanding how different cryptocurrencies can reduce their impact can help one understand the future of crypto and its potential to become a widely used form of currency.
Here’s how clean and green energy can help solve cryptocurrency’s energy consumption problem.
Moving Away from Proof-of-Work and Investing in Proof-of-Stake
When it comes to cryptocurrency mining, some of the more complex intricacies of the practice can be difficult for the average person to grasp. It’s critical to understand the concepts of proof-of-work and proof-of-stake when it comes to energy consumption.
Most cryptocurrencies use a proof-of-work model, which requires network users to use more power in order to mine more cryptocurrency. Proof-of-stake, on the other hand, is a model that uses far less energy to mine cryptocurrency and has proven to be a viable alternative to the proof-of-work model.
Ethereum, one of the most popular cryptocurrencies, recently completed a merger in which the mining process for Ethereum was changed from proof-of-work to proof-of-stake. According to reports, Ethereum has drastically reduced its carbon footprint, now using one-hundredth of the energy that its network previously consumed.
This change in the Ethereum network has demonstrated that it is possible to build crypto networks that allow users to mine cryptocurrency without using an exorbitant amount of energy. Though the Ethereum merger is a relatively new phenomenon, crypto supporters will undoubtedly agree that it is a positive shift in the crypto world that can help convince skeptics about the negative impact of crypto mining.
Given the overwhelmingly positive outcome of the Ethereum merger, it stands to reason that other cryptocurrencies will follow in Ethereum’s footsteps. This transition from proof-of-work to proof-of-stake models could easily serve as an effective and practical solution to the issue of crypto energy consumption.
While proof-of-stake has proven to be an extremely useful and effective model in terms of energy consumption, some believe it falls short in other areas that crypto advocates value.
The main area in which proof-of-stake models are being criticized is decentralization.
One of the main philosophies driving cryptocurrency adoption among crypto enthusiasts is decentralization. Proof-of-stake models can make it more difficult for networks to limit the amount of cryptocurrency mined, allowing power to fall into the hands of a single person.
Despite being less capable than its proof-of-work counterpart in ensuring cryptocurrency decentralization, proof-of-stake models’ ability to drastically reduce network energy consumption makes it a difficult solution to dismiss.
As time passes, it is likely that new innovations will be implemented to address the shortcomings of proof-of-stake models in terms of keeping crypto decentralized. While proof-of-stake is a great way for cryptocurrency to reduce its energy consumption, other innovations in the space may also be able to help.
All things considered, the Ethereum merger has established a strong precedent in the crypto world, and many are hopeful that other crypto networks will follow suit and implement their own efforts to reduce energy consumption.
Clean Energy as a Means of Combating Crypto’s Negative Environmental Impact
While the Ethereum network’s strategy of changing its model to require less energy to min Ethereum has proven to be an excellent way to reduce crypto-related energy consumption, alternative forms of energy have emerged as another potential solution to the problem.
Clean energy sources, in particular, are beginning to be seen as a way to power crypto mining efforts without harming the environment. While some may be familiar with these terms, others may be unfamiliar with them.
Some professionals have slightly different definitions of clean energy, yet the majority of people see clean energy as renewable energy sources with little to no negative environmental impact.
Unfortunately, few people are aware of the enormous power of clean energy sources, emphasizing the significance of effective engineering communication. Wind power, solar power, and hydropower are all examples of clean energy that are not in danger of depleting or harming the environment.
A wind turbine is a specific example of a way to generate energy from a clean energy source. These machines are powered by wind and convert wind energy into more practical forms of energy such as electricity. In terms of cryptocurrency, using technology such as wind turbines could have a significant impact on the amount of environmental damage caused by crypto mining.
Many people around the world set up what are known as mining farms in the crypto world. People can earn cryptocurrency by solving complex computational problems on these mining farms. While the complexities of the process are complex, it is important to understand that these operations necessitate large amounts of powerful technology, which necessitates large amounts of energy.
While the process of introducing new concepts such as proof-of-stake is a way to address one aspect of the crypto energy consumption problem, clean energy may be the ideal solution for powering crypto mining farms. If these farms could harness a form of energy, such as solar power, they would be able to significantly reduce the environmental impact of crypto mining.
Although cryptocurrency is still in the early stages of implementing methods to reduce its energy consumption and negative environmental impact, the combination of crypto network models that require less energy to mine from and the use of clean energy sources appears to be the ideal way to take cryptocurrency to the next level.
Taking advantage of these two options may encourage more people to adopt cryptocurrency, increasing its chances of becoming a globally accepted form of currency.
Making Crypto Eco-Friendly Is Critical
Cryptocurrencies have brought with them a slew of advantages, including power decentralization and increased access to opportunities for various individuals.
However, the energy consumption associated with the crypto world has been far from sustainable and has also been environmentally hazardous. Fortunately, new innovative network models and clean energy sources have given the crypto world options for reducing its energy consumption and negative impact on the world.
While not all major cryptocurrencies have implemented plans to reduce their energy consumption, those that have are setting a good example for others to follow, making cryptocurrency more likely to be widely adopted.
IMPT Token Presale
No discussion of green energy would be complete without considering one of the most ambitious initiatives in this space. IMPT.io is a brand-new project focused on using blockchain technology to create a more sustainable world.
This blockchain-based ecosystem aims to transform the opaque carbon credit market by incentivizing individuals and companies to reduce CO2 emissions.
IMPT’s primary service is streamlining the process of obtaining and trading carbon credits, which play a fundamental role in the fight against climate change. These carbon credits are essentially contracts that allow the holder to emit a specific amount of CO2 into the atmosphere. Each carbon credit typically relates to one ton of carbon dioxide emissions. These carbon credits can also be traded, with prices decided based on the laws of supply and demand.
As noted in IMPT’s whitepaper, the volume of carbon credits required globally is expected to increase at least 20-fold by 2035. This increase in demand necessitates a safe and transparent marketplace that allows individuals and companies to work together for the common good.
This is where IMPT comes in, as its blockchain-based platform helps eradicate the ‘double-selling’ within the carbon credit market. Moreover, IMPT makes it easy for individuals to help the environment by allowing them to acquire carbon credits through their everyday shopping activities.
IMPT raises over $4 million in the first two weeks of the presale
The presale for IMPT has commenced, and the project has already managed to successfully sell out over $4 million. As the presale progresses, the price will steadily rise, meaning that the earliest buyers are the ones who will end with the best deal.
While there was a brief early adopter sale, right now, IMPT is in its first presale phase with IMPT tokens being sold for just $0.018. There are a total of 600,000,000 tokens (3 billion IMPT is the max supply) up for grabs during this round, with a further 660 million to be sold for $0.023 during round two, and another 540 million to be sold during the third and final presale phase for $0.0280.
Earn cash back in IMPT on spending
One of the main incentives for people use IMPT is the fact that they are able to earn cashback on spending.
Every time someone makes a purchase through the platform, they can opt to become part of the solution for high carbon emissions, by earning IMPT tokens in return. Those who earn IMPT can then choose to use the tokens to acquire carbon credits as NFTs.
Over 10,000 brands have agreed to join IMPT.io
One of the main claims that the project makes on their website is how pleased they are to have such a large array of brands on board with their vision. Thus far, according to their website, over 10,000 brands have agreed to join IMPT.io and to work with them in the future as part of their mission to reduce emissions.
As such, we could see some impressive growth for IMPT upon its release. With IMPT tokens expected to sell for $0.0280 during the phase three presale, we could estimate that IMPT will likely list for between $0.028 to $0.06. This would see early presale investors making a sizable profit immediately and with more growth expected soon after the project is released, we could see prices climb far higher soon after the token becomes available on exchanges around the world.
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