According to experts, Hederah Hashgraph is the most sustainable and environmentally-friendly digital currency.
Clean energy is one of the hottest topics around the world right now. This subject also made its way into the crypto mainstream as the CEO of Tesla recently showed his concerns regarding bitcoin as a currency that uses energy means that have bad impacts on the environment. Being a company that supports clean energy and has supports the vision of changing the world through eradicating emissions, they have suspended car purchases through bitcoin and they plan on using their bitcoin for transactions once there is a more sustainable energy source is found for mining.
Although the facts are far from this as 75% of the bitcoin miners use renewable energy but this topic has stirred a lot of debate in the crypto market. Tesla is looking for other alternatives that use lesser energy, and as we’ve seen in the past, the retail investors will follow leading to huge price pumps. Although Elon has recently been showing his interest in Dogecoin it still operates on Proof-of-Work, an energy sucking protocol. So, let’s take a look at the alternatives that can actually help solve this problem.
Environmentally Friendly Cryptocurrencies
|CURRENCY||KILOWATT HOUR (KWH) PER TRANSACTION|
|Hedera Hashgraph (HBAR)||0.00017|
Tron is one of the currencies which users have been using as an alternate of Ethereum for transactions since it requires no fee for transactions. The currency also handles around 2000 transactions per second. The project uses a very energy efficient consensus algorithm, Delegated Proof-of-Stake, that allows users to vote for parties who can add blocks to the network out of a selected pool. This method is much more efficient as it does not require energy and it also solves the scalability issues that the conventional Proof-of-Work has.
Another possible alternative that has been making the news with its innovative approach is Hedera Hashgraph. Since a consensus algorithm is the backbone of a project that’s responsible for the speed, decentralization, and energy, Hedera Hashgraph has done tons of research on the subject to implement Proof-of-Concept. This provides a fast, secure, and fair consensus service that helps HBAR outperform most of the tokens in the market. It enables privacy and scalability as well.
Surpassing Bitcoin, Ethereum, and even Tron for that matter, HBAR’s network is able to process over 10,000 transactions per seconds with a negligible fee. Hedera Hashgraph has been able to win the trust of a lot of blue-chip companies which includes Google, IBM, LG, Boeing, and much more. This also explains how HBAR’s approach is appreciated by companies worldwide and can be extended to Tesla as well since all of these exceptional services come with no energy required for mining. Deepak Chopra, a prominent figure in alternative medicine recently tweeted:
This makes HBAR the best contender in the list of most environmentally friendly cryptocurrencies with the best and fastest services. The subreddit of the project recently saw the following comparison that showed how HBAR has the lowest energy costs:
The world is moving fast towards renewable energy sources and it is estimated that the whole earth might transition to renewable energy by 2050. We’ll soon see taxes and fines imposed on energy created through fossil fuels. Elon signaled this in one of his tweets stating:
It is high time there was a carbon tax!
— Elon Musk (@elonmusk) May 13, 2021
It is high time there was a carbon tax!
This also shows how the world would slowly transition towards energy efficient and environmentally friendly coins. Making informed decision that actually help the world make a better place in the end are necessary. So, be it HBAR, Tron, or any other project that you find contributes to the decentralized system but also doesn’t damage the environment, one should choose what helps them best in terms of utility and isn’t damaging to earth.