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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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The scoop A new stock exchange was approved by the SEC in 2019. It focuses on long-term sustainability. We thought it demanded more PR.
Things to know
- 87% of executives and directors feel most pressured to demonstrate strong financial performance within two years.
- If all US companies had employed long-term strategies, they would have added
- $1 trillion to U.S. GDP
- Five million jobs between 2001 and 2015
- Economic earnings for long-term firms grew on average 81% more than other firms.
Long Term Stock Exchange was founded by Eric Ries after an international tour for his NYT best-seller Lean Startup. The stock exchange uses principles-based listing standards for new companies.
Bottom line In a time in which we face unprecedented and urgent long-term problems such as climate change, racial injustice, and the threat of epidemics, it is crucial that our infrastructure supports the long-term solutions needed to tackle such complex problems.
Dig deeper → 4 min