Cryptocurrencies have been trending for a good decade. Although at the beginning no one could have expected how successful the digital currencies would be, there has been a lot of criticism recently. When it comes to environmental protection and sustainability, we need to catch up. This should be achieved with the new green cryptocurrencies. We present the five best green cryptocurrencies that can currently be found among the more than 10,000 digital coins
Why are cryptocurrencies criticized?
Cryptocurrencies are based on the digital blockchain. Energy is required to mine new coins, i.e. to generate them, and to carry out transactions. In particular, the creation of new Bitcoins currently requires enormous energy consumption. Criticism has been leveled at the oldest cryptocurrency because many server farms used to mine new coins are located in countries that rely heavily on coal or other non-renewable energy.
5 sustainable cryptocurrencies
Ecology and sustainability penetrate into all aspects of life. It's no longer just about a healthy and conscious diet, organic cotton or energy-saving devices in your own home . Modern financial products such as cryptocurrencies are becoming the focus of green thinkers.
Buying and selling cryptocurrencies is no longer just the preserve of stock market traders and investors. With uncomplicated apps and platforms, anyone can purchase the digital coins and assert personal ideals such as environmental friendliness. It is important to pay close attention to the production of the coins.
NANO
Nano is one of the most energy-efficient cryptocurrencies in terms of generation. It does not rely on intensive mining. The voting system on these coins follows Open Representative Voting (ORV), where users vote on each action. Only account owners can sign the blocks. All transactions take place in less than a second and, like other coins, are irreversible.
Cardano
Cardano is both a coin and a platform for concluding digital contracts. It is one of the first currencies in the blockchain process, which experts consider to be very efficient. The network can process a good 1,000 transactions per second. For comparison: Bitcoin only manages 7 transactions in the same time.
Cardano is more sustainable because it is based on proof-of-stake consensus, the first peer-reviewed protocol built for the blockchain. The basis of the network is scalability. As one of the most popular currencies, Cardano offers security and absolute transparency.
IOTA
IOTA is one of the currencies that is one of the more stable coins. The entire network is built on a very energy-efficient mechanism. Although it is based on the Proof-of-Work concept , which leads to high energy consumption in Bitcoin, IOTA compensates with the Fast Probabilistic Consensus. Only 0.11 watt hours are used per transaction. This is far below the average energy consumption of the coins.
With new updates and further developments, the network can reduce this consumption significantly.
Stellar
Stellar emerged from the Ripple network in 2014 to reach additional target groups as an energy-saving system. To confirm an action, only a number of nodes need to be used.
Stellar wants to act as an interface between the traditional banking system and digital cryptocurrencies. The system, which is already used by international corporations such as IBM and by some governments such as Nigeria and France, does not create its values through energy-intensive mining. Reputable nodes are used to confirm transactions, replacing the Proof-of-Stake and Proof-of-Work algorithms.
Ripple
As a decentralized network, Ripple and its currency XRP serve for fast and borderless exchange between different currencies. Using the system, financial institutions can send money to all corners of the world very quickly.
The concept is also based on the protocol consensus algorithm. This means that 80% of networkers must agree to the transaction before it is anchored in the blockchain. The fees and energy consumption are very low and the transaction speed is particularly high, an ideal combination to be registered as sustainable.
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