Ripple (XRP) pointed to how computers working 24 hours a day to solve cryptographic puzzles and earn crypto coins produce more than 22 megatons of carbon emissions. Ripple Blockstars Podcast pointed to how sustainable blockchains will boost adoption.
Marc Blinder, AIKON CEO and Co-Founder in the podcast on how sustainable blockchains will boost adoption stated, “The thing about proof of work is you are basically turning electricity in to money.” Further stated, “The more Bitcoin is worth, the more electricity it requires to operate the system, because there’s a lot more competition. Environmental destruction is built into the system.”
For clarity, CNBC recently published, “Bitcoin’s wild ride renews worries about its massive carbon footprint. Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.”
Electricity generation to run the nodes that sustain the PoW accounts for greenhouse gas emissions, thus increasing the carbon foot print. The sustainability of technologies is determined by their energy efficiency.
Traditional mining practices are coming under the scrutiny of environmentalists and there is a need to come up with more eco-friendly solutions.
Unsustainable mining practices are only going to be a major hurdle to mass adoption. XRP claims that their carbon footprint is nearly 10 million times smaller than Bitcoin. However, AIKON have to state that they are making use of a more efficient proof-of-stake protocol. To reach out a wider audience it is important to have a great user experience along with sustainability. Tesla is cited as an example to have demonstrated sustainability and user experience with their high-quality electric vehicles.
Mass adoption is related a lot to user experience. Anything that is convenient and accessible leads to wider adoption.
Marc points to how he taught some Syrian refugees to use a crypto wallet. He recollects on how someone was happy knowing that their family will be able to have the Bitcoin if he gave the 12 word code to their family in Syria. Blockchain is creating a level playing ground for all people. It just looks like public blockchains will win in the end as they are good for individuals and small people as people are suddenly able to have access to something they did not have before.
Some coins like Doge are gaining greater momentum all of a sudden. This is because they have made something about user experience worthy leading to mass adoption.
There is always an alternative thought: Someone stated, oh please, stop. Everything in this world is based on energy. Let’s stop using our washing machine and dishwasher because they waste energy. On my way to the river to do my laundry.
Original Source : thecurrencyanalytics.com
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.
If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you