Cryptocurrency has had a huge effect on society in recent years. In the last decade, some people have gone from being averagely wealthy people, to being millionaires – and sometimes going back having average wealth. Some people have lost entire fortunes to cryptocurrencies. The crypto market is extremely volatile, but it cannot be denied that there is a lot of value in it, and a lot of different benefits.
But one of the main issues with cryptocurrency is that it can have extreme effects on the environment. However, there are some examples of sustainable cryptocurrencies that are gaining popularity, and could be a great way for crypto to grow into a more sustainable market.
It should be noted that when you invest in cryptocurrency, as with all investments, your capital is at risk. The volatile nature of cryptocurrency makes it a very risky investment, and we would never advise investing more money than you can afford to lose.
Nano
This cryptocurrency is both scalable and low latency. The reason that it is considered to be a sustainable cryptocurrency is because it uses the Open Representative Voting (OVR) consensus system. What this means is that users vote on each transaction. This crypto does not rely on mining, which is one of the main practices that results in many cryptocurrencies’ high energy consumption.
Stellar (XML)
This crypto network has been around since 2014, and is actually a spin-off from Ripple – a decentralized peer-to-peer network that offers digital payment protocol for financial firms.There are even businesses with Remote IT Support Solutions which use this kind of software in their tools and tech too.
Like it’s parent, Ripple, Stellar is aimed at helping financial institutions modernize, by bridging the gap between traditional banking and cryptocurrencies – it has proven successful, as IBM uses Stellar. Once again, Stellar does not rely on mining. Rather than using the proof-of-work and proof-of-stake algorithms, it validates transactions using trustworthy nodes – this means it takes a lot less work to validate a transaction, and thus, less energy is used.
EOS
This blockchain is the main competitor for Ethereum – which itself is the second most popular cryptocurrency after Bitcoin. It uses a modified version of the Proof-of-State algorithm, known as the Delegated Proof of State (DPoS) system. There are a number of companies who use IT Support for Financial Serviceswho love this kind of tool.This is a very fast way of creating new blocks, and it is a democratic system, because it uses voting and elections to validate each block and to keep it secure.
What is interesting about EOS is that not only is it a cryptocurrency, but it is a decentralized operating system that has been used to create safe and compliant decentralized Apps and smart contracts.If you have an IT Support Partner, say you’re living in the UK, speak to any Managed Services Provider London businesses trust on how they could incorporate this kind of tech into your business too.
These crypto examples show us that blockchain can be run in both a decentralized and energy efficient way – thus making it much more sustainable. There is no doubt that crypto and blockchain is fascinating technology, but it is important that it is developed into a more sustainable industry.
