Sustainable Cryptocurrencies – In recent months, there has been a lot of focus on Bitcoin’s alarming environmental impact, and while attempts are being made to reduce the cryptocurrency’s carbon footprint, some investors are abandoning the cryptocurrency in favor of greener alternatives.
The energy usage of cryptocurrency is also influenced by market dynamics. Miners often slow down or turn off their computers when the price of Bitcoin, Ethereum, or other major players in the space falls below a certain level, as it is no longer profitable to run the machines at that level.
Digiconomist believes that Ethereum miners reduced their energy consumption by more than half (from roughly 20 TWh to 10 TWh) in less than 20 days. The energy usage linked with Ethereum has risen alongside with the cryptocurrency’s valuation in 2021.
So, which cryptocurrencies do you think have a brighter long-term future than Bitcoin?
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Here are some of the sustainable cryptocurrencies to watch out for:
SolarCoin is a decentralized, global, and government-free cryptocurrency. SolarCoin can be traded and spent just in the same way as other cryptocurrencies, but the platform’s major goal is to reward real-world environmental activity: verifiably produced solar energy.
2. Powerledger (POWR)
POWR was an Ethereum currency that powered the Powerledger platform in 2016/17. It appeared on Coinbase in November 2021, and the token’s price soared even as the rest of the cryptocurrency market plummeted.
Cardano was created by Charles Hoskinson, the co-founder of Ethereum, and was the world’s first peer-reviewed blockchain when it was evaluated by academics and scientists.
It is mostly used as a digital currency, but it can also be used for digital contracts, decentralized applications, and other uses. Cardano can process 1000 transactions per second, compared to Bitcoin’s 7 transactions per second.
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The Stellar network (which split from Ripple in 2014) was created to bridge the gap between digital currencies and traditional financial institutions. Stellar doesn’t charge institutions or people to use the network, and it’s becoming a significant competitor to PayPal since it allows for easier, faster, and more cost-effective cross-asset and cross-border transactions.
The Stellar Development Foundation, a non-profit organization, manages Stellar. Stripe (a payments startup) provided seed money, as well as gifts from Google, FastForward, BlackRock, and FastForward.
Burstcoin was renamed Signum in June 2021, and its symbol was changed to SIGNA. Following a large price drop after the currency was delisted from Poloniex in May 2019, a hard fork has rendered the original Burstcoin basically invalid.
Burstcoin was likely the first blockchain to incorporate Turing-complete smart contracts, which allow non-fungible tokens (NFTs) to be created and used in on-chain games.