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The scoop: NFTs went mainstream. Now more people are starting to realize Ethereum has a sustainable energy problem. There is a solution.
Not all blockchains are the same: Bitcoin uses about 1% of the world’s electricity. Ethereum is the second largest coin and runs on a similar model as Bitcoin. Neither are energy efficient.
Still, blockchain technology as a whole operates under many different consensus algorithms. Bitcoin and Ethereum’s proof-of-work model is just one version.
Sustainable proposals: Convert mining facilities to use more renewable forms of energy. That’s a good place to start.
More effectively, big coins like Bitcoin and Ethereum can operate using a proof-of-stake model to be more sustainable. This would allow fewer nodes (computers) to validate transactions on the public ledger and increase the energy efficiency of their blockchains.
Finally, emerging coins should look to more efficient consensus algos like Ripple as a model for sustainable crypto. That would propel the industry forward.
Bottom line: Progress is happening. There are existing solutions. The blockchain industry just needs a little nudge to do better.
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