5 Eco-Technologies that the Crypto World Should Adopt 

The rise of cryptocurrencies and its overall usage is considered to be one of the biggest technological leaps we have made so far. From measly using fiat to transact, we’re introduced to a peerless, boundless, and versatile payment system which revolutionized the way we see money altogether.

However, it goes without saying that the mining and use of cryptocurrencies, however “green” we make it, will still have some detrimental effects on the environment. After all, the main source of energy most miners and machines use to validate transactions and mine blocks for bitcoin are derived from the burning of fossil fuels.

Thus, this brings the dilemma of creating a cryptocurrency landscape that is carbon-free, not only to rid the industry of its bad reputation amongst ecologists and climate activists who bang at crypto’s doors every day of the week, but to also help our environment recover, while at the same time provide the same level of service.

The good thing about this is that, since cryptocurrencies became big and famous, much discussion has been made to address the ecological waste that the industry creates, and yet times have passed, Mother Nature’s not getting any better, and as we upscale, previous methods prove to be ineffective against the growing needs and wants of the industry.

So how can we make scalable solutions to this environmental conundrum?

I’m glad you asked! Let’s explore the newest Eco-technologies that the cryptocurrency should adopt ASAP! 

Crypto and the Environment

Cryptocurrencies are mostly mined on residential power grids. While this is not necessarily illegal (at least in some countries), the stress it induces to the power plants that harness and power the whole system is nothing to be scoffed at. It was said that a mining rig running non-stop in a week uses up as much power as a regular household in 40 days! And with fossil fuels not becoming any greener any time soon, we must look outwards for better solutions.

The biggest options we are looking at right now is the use of eco-technologies, which are technological advancements/pieces that use less energy in exchange for a better output. This spells well for the crypto industry, as this world relishes upon better results in the shortest and most efficient ways possible! 

Eco-Technologies The Crypto World Should Adopt

Various solutions have been proposed over the past, all aiming to create a greener cryptocurrency industry, and while most options went obsolete, these new renditions of solutions prove to be scalable, immediate, and powerful solutions to the eco-problem in the crypto world!

• Proof of Stake 

A primary eco-technology that’s widespread in the industry is the Proof-of-Stake consensus mechanism. Unlike the power-intensive Proof-of-Work, POS does not require the use of a whole block of computational power to verify transactions and submit them to the blockchain, and as we all know, less power, less waste.

POS Mechanism is also cheaper to manage than Proof-of-Work, as it doesn’t require massive servers of computers to run, if power is short, the network could choose to rely on decentralized cloud computing which is a widespread POS eco-technology to pool power and confirm transactions efficiently! And it’s scalable too, which makes Proof-of-Stake a more efficient and more powerful alternative to Proof-of-Work in all senses of the word!

Proof-of-Stake is seeing more notice lately, with one of the biggest cryptocurrencies in the market—Ethereum, completely switching from Proof-of-Work to Proof-of-Stake just last year!

• Energy-Efficient Recycled Mining Hardware

Mining equipment are Double Whammies. Not only do they require large amounts of energy to operate and be profitable, they’re also very expensive and temporary, as they tend to go obsolete as more nodes are blocked!

This means serious business in the computing and energy sectors. Thus, the brightest minds in the industry collaborated to create new mining and computing rigs that are energy efficient, and most of all, recycled from last year’s hardware to make sure they don’t produce as much e-waste! While these things aren’t as available commercially, alternatives like second-hand mining rigs which, while not as good alternatives to this revolutionary technology, definitely get the job done, at least in the “less e-waste” department.

• Fractional NFTs

Newly introduced renditions of the billion-dollar concept of NFTs, these fractional NFT variants offer the same kind of service you’d expect from a regular NFT, but divided into equal parts which means less cost.

With them causing less load on the blockchain when processed and transacted upon, Fractional NFTs are becoming the smartest answer to the eco-problem of the NFT industry!

As of now, more and more projects within the NFT world push for the creation and adoption of the fractional NFT model. Soon enough, most blue-chip NFTs which account for most of the carbon footprint in this industry, will outright switch to Fractional NFTs, giving every investor a chance to get on profitable opportunities, at less cost and less environmental guilt!

• Harnessing of Renewable Resources for Energy

Inarguably the best answer to the environmental conundrum of the cryptocurrency industry, the harnessing of Renewable Resources, while expensive initially, will create a bubble of benefits that the whole infrastructure could enjoy!

For one, soon as Renewable Energy Resources are implemented such as Hydro-Electric Power Plants or Wind Turbines that are specifically catering towards crypto-data centers and mining rigs, immediate cost-effectiveness will be seen as these alternatives outright frees the industry from its dependency on non-renewable energy sources, which are not only detrimental to the environment, but practically more expensive!

A huge movement in the industry is being made as we speak that promotes the use of renewable energy sources in exchange for the burning of fossil fuels. So far everyone in the crypto space is onboard with this plan, all that matters now is when it will be mobilized on a larger scale!

• Green Blockchain Technology

Green Blockchain Technology is not exactly an eco-technology per se, but it’s a series of well-laid plans to make blockchain more eco-friendly and more efficient at the same time. Solutions such as Layer-2 off-chain protocols and smart contracts are some of the most interesting answers laid on the table as of the moment to help combat the large carbon emissions that the cryptocurrency industry incurs. 

Layer 2 off-chain protocols like the Lightning Network for Bitcoin are made with the sole purpose in mind of creating sustainable transaction validators in every network. They do this by passing off the brunt of the transaction validation work to an off-chain protocol, such as what the Lightning Network does in Bitcoin Transactions.

On the other hand, we have Smart Contracts and Smart Contracts, which are self-executing protocols and programs in the cryptocurrency network that validate and process transactions for the user without the need for intermediaries. The implementation of Smart Contracts in every nook and cranny of the cryptocurrency industry reduces the need for validators, as everything from here on out will be automated, this all in all relinquishes the need for more computing power as everything is streamlined to perfection, and all together creates a greener cryptocurrency world!

These scalable solutions, while not widespread in the industry, are beginning to receive more notice as of late, due to how cheap and efficient they are at working. As part of the Green Blockchain Technology strategies that are promoted by crypto-exclusive eco-groups, we should expect more of these to come up soon enough! 

Key Takeaways

Once again, the cryptocurrency world finds itself in a crossroads between sustainability and profit. The good thing about it is, this time, we’re now armed with better eco-technologies and strategies that we could leverage to create a greener infrastructure within the crypto world!

By adopting these strategies and technologies on a larger scale, we could expect significant changes in the way energy is used and waste is emitted within the crypto world. 

However, all of this effort will go to waste if education and awareness of the current climate situation and the effects that the cryptocurrency world incurs on the environment are sidelined. While we’re at the cusp of an industry-wide overhaul for a better and safer crypto space, everybody’s effort and awareness are required to make big things happen.

Thus, it’s imperative that we all go through this hand-in-hand! The salvation of Mother Nature doesn’t lie in a single person/entity’s hands after all!