This blog post will cover:
- Stellar Lumens
The longer we live on Earth the more ecological problems we’re facing. Even though cryptocurrency is meant to be virtual and harmless, it turns out there are various reasons crypto can’t be called completely green. The main issue is the high energy consumption level — mining seems to be very power-greedy.
However, there are quite a few projects that focus on the health of our Planet and aim to save natural resources. Now, let’s take a look at the most popular “green” cryptocurrencies of 2022.
Stellar appeared as a fork of the popular Ripple project. It is a network of independent, peer-to-peer nodes. The approach of verifying transactions with a network of trusted nodes allowed to make the system faster and more energy-efficient. High transaction speed and low energy consumption have attracted the attention of large companies such as IBM and Deloitte.
Stellar uses 0.00003 kWh per transaction.
Blockchain works on the basis of a Proof-of-Stake algorithm. Algorand developers are aiming to create the first blockchain net with a small carbon footprint. The Algorand blockchain team partners with the ClimateTrade green project in order to reach ecological goals.
Algorand uses 0.000008 kWh per transaction.
The IOTA project runs on a special technology of distributed ledger, the DAG algorithm. This approach allowed to abandon the energy-intensive consensus building algorithms in favor of simplified and more energy-efficient tools. The IOTA team continues working to reduce the energy consumption of operations.
IOTA uses 0.00011 kWh per transaction.
Nano is a cryptocurrency working on the Open Representative Voting (ORV) algorithm where users vote for transactions. Developers position this project as a more energy-effective alternative to PoW. Due to the ORV algorithm the project ranks first in a rating of Green coins.
Nano uses 0.000112 kWh per transaction.
Cardano can process about 1,000 transactions per second due to the PoS algorithm called Ouroboros. The result is significantly higher than the PoW algorithms of well-known blockchains have. For example, Bitcoin provides 7 transactions per second. Cardano’s high capacity and low power consumption make ADA one of the most environmentally friendly cryptocurrencies.
Cardano uses 0.5479 kWh per transaction.
These are top-5 projects which not only managed to get popular but also win the respect of the crypto community by taking care of nature. Who knows, maybe sometime soon most of the crypto projects will mind the ecology and discover more efficient ways to save the Earth?