The drive toward decentralized cloud servers and storage has recently been gaining steam. There is more available compute power and more energy consumption in the data centers around the world than BTC will ever need.” Netflix and YouTube are just two well-known examples who use at least as much. “All data centers should run on green energy and have the means to prove it,” he said. Instead, he put the blame on cloud service providers and the companies that use them. Its validators include internationally recognized service providers such as Vodafone and EDF.īut Energy Web Chief Trading Officer Micha Roon told Decrypt that Bitcoin was far from the main issue in terms of energy consumption. The nonprofit enables energy assets to participate in a global marketplace and administers the Energy Web Chain, an enterprise-grade, public blockchain tailored to the energy sector. To get a more bipartisan perspective, Decrypt turned to Energy Web, which is behind a sector-led initiative to decarbonize the cryptocurrency industry in record time. And another platform, IOTA, is even more energy-efficient, according to its supporters. Nano claims that one Bitcoin transaction is equivalent to 6 million nano transactions. Image: NanoĪnother contender is Nano, which uses a consensus protocol known as Open Representative Voting (ORV) for minimal energy consumption. ĪD Nano claims to be one of the most energy-efficient blockchains. XRP incurs just 0.0079 KWh, making it the greenest blockchain, even if it’s not the most decentralized. Both blockchains use pre-mined tokens, and thus minimal energy to process transactions. Per the data, the most energy-efficient choice is Ripple (XRP) or Stellar. In April, the platform partnered with Spanish fintech firm ClimateTrade, which is building a CO2 marketplace that enables companies to track emissions.īut energy usage figures for Proof of Stake blockchains are still evolving, and data is sketchy. Some, such as Algorand, claim to be fully carbon neutral. An Ethereum client, Nimbus, estimates that PoS is 99% more energy-efficient than PoW.Įthereum, the second-largest cryptocurrency by market capitalization, currently uses energy-intensive PoW but could make the transition to PoS as early as the end of this year.Ĭurrently, however, Ethereum consumes an estimated 62.56 KWh, per transaction, and has a carbon footprint compatible with Sudan.īut some blockchains are already using PoS, including Tezos, Cosmos, Solana, and Cardano-to name but a few. To get an idea of how much lower its energy use is, consider that Bitcoin uses more energy in a year than the entire country of Argentina, according to the BBC. The more coins owned by a miner, the more mining power they have. It’s based on pre-existing coin ownership. Proof-of-stake (PoS) is the most common alternative to Bitcoin’s proof-of-work (PoW) consensus mechanism. And there are plenty of alternatives out there nipping at Bitcoin’s heels. Many hope that, once the bloodbath is over, the tweet may spur a shift towards more environmentally friendly cryptocurrencies-those which use the less energy-intensive proof-of stake or other greener methods of achieving consensus (which is what blockchains need in order to process transactions). Gaming DApps need more users to be successful, DEXs need more users to be liquid… But the underpinning platforms don’t scale to accommodate them yet.Energy usage trend over past few months is insane /bmv9wotwKe The User Experience Needs Improvingīeyond a shadow of a doubt, if DApps are hoping to attract more users, they need to make it easier for users to get on board. That’s a rather unfortunate value drop for its owner. Now, the average feline goes for around $1, with the most expensive currently at $15. Even if a gaming DApp came along to rival the CryptoKitty fad and convinced users to take the extra steps to play it, the network couldn’t support them anyway.ĬryptoKitties once sold a cat for $170,000. Then, of course, there’s still the very real problem of scalability. Blockchain Platforms Are Not Ready for Users Trading cats and rolling dice aren’t appealing enough to most users. Let’s face it, the average user doesn’t care enough about decentralization to download a cumbersome blockchain-based operating system and use an inferior product. These are users with access to high definition graphics, virtual reality, surround sound, and other sophisticated gaming elements. With so much interest in the gaming market, there are some 2.3 billion gamers worldwide.
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