Cryptocurrencies and blockchain technology have revolutionized the way we perceive financial transactions. These innovations however come with ethical issues and environmental concerns. The two most popular consensus algorithms used in blockchain are Proof of Work (PoW) and Proof of Stake (PoS).
PoW knocks back efforts to improve the environment
PoW (proof of work) is an algorithm that requires computational power to solve complex mathematical puzzles to validate transactions on the blockchain. The miners who solve the puzzle first are rewarded with the native cryptocurrency. PoW is widely used in Bitcoin (BTC), the first and most popular cryptocurrency, but it consumes enormous amounts of energy. Bitcoin mining is estimated to consume around 129.85 TWh of electricity annually, which is equivalent to the energy consumption of a small country. This consumption of energy not only raises environmental concerns but also has ethical issues related to the allocation of resources.
PoS Is Set To Improve Fossil Fuel Use
In contrast, PoS (proof of stake) is an algorithm that validates transactions on the blockchain based on the number of coins a miner owns. In PoS, the miners who own more coins have a higher chance of validating transactions and receiving rewards. This algorithm consumes significantly less energy than PoW, making it a more environmentally friendly solution.
The environmental impact of blockchain and cryptocurrency mining is significant, and many companies are taking initiatives to address this concern. Ethereum, the second-largest cryptocurrency, is in the process of switching from PoW to PoS with the Ethereum 2.0 upgrade. It’s an upgrade to the Ethereum blockchain that is designed to improve scalability, security, and sustainability. One of the key features of Ethereum 2.0 is the ability to support more transactions per second than the current Ethereum blockchain. Since the Ethereum merge in 2022, the Ethereum blockchain shifted from PoW to PoS. This transition has made the Ethereum blockchain more energy-efficient and more environmentally safe from the impact of cryptocurrency.
Big Eyes Coin is a new cryptocurrency operating on the Ethereum blockchain that has launched with a focus on environmental sustainability. Founded in 2021, Big Eyes has already made impressive charitable contributions with its aim of creating a decentralized platform for ocean conservation and clean-up efforts.
The project is funded by a percentage of every transaction fee, the funds are then used for ocean conservation projects. This initiative is an excellent example of how blockchain technology can be used for environmental and social good.
Donating 5% of all Big Eyes token sales to organizations that promote marine conservation, such as The Sea Shepherd and Orca Network, in an effort to restore and protect the seas. The currency is rooted as a motivating investment by Big Eyes’ robust charitable endeavors and ambitions to influence the NFT market and make it easy for its community to partake in sustainability practices.
In conclusion, Big Eyes Coin is a cryptocurrency that operates on the Ethereum blockchain and uses a PoS consensus algorithm. This makes it more energy-efficient than cryptocurrencies that use PoW. The Ethereum merge and Ethereum 2.0 are important developments in the world of cryptocurrency that have helped to address concerns about the environmental impact and scalability of blockchain technology. By understanding these key concepts, readers can gain a better overview of how cryptocurrency works and how it can be used as a global payment system.
Big Eyes Coin (BIG):
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