Innovations are a vital part of our day-to-day life. While no sector is untouched by innovation, so is Cryptocurrency and Blockchain technology. Cryptos are essentially digital currencies that function on algorithms and Digital ledgers. It is their need to constantly evolve and update to stay in the crypto game. The development of more energy-efficient mining hardware, such as Application-Specific Integrated Circuits (ASICs) and Field Programmable Gate Arrays (FPGAs), can significantly reduce the amount of electricity needed to mine cryptocurrencies.
Additionally, some blockchain projects are exploring alternative consensus algorithms that require less energy than the Proof of Work (PoW) algorithm used by Bitcoin and other major cryptocurrencies. While cryptos like Dogecoin (DOGE) are still using the PoW consensus, the new Big Eyes Coin (BIG) is more environmentally friendly as it uses PoS consensus. Solana (SOL) takes a step ahead by launching an emissions dashboard.
Dogecoin to Switch to a PoS Consensus
Dogecoin (DOGE) operates on a proof-of-work (PoW) consensus algorithm but is planning to transition to a proof-of-stake (PoS) mechanism in the future. In the PoW system, miners receive DOGE as a reward for their contribution to creating new blocks. Unlike Bitcoin, Dogecoin has no limit on the number of coins that can be mined each day, making it an inflationary cryptocurrency as opposed to BTC’s deflationary nature.
Although Dogecoin utilizes the PoW mining mechanism, it differs slightly from that of Bitcoin. Dogecoin uses Scrypt, a hashing algorithm that is less complex than Bitcoin’s SHA-256. Hashing algorithms are random code generators that employ specific techniques to produce fixed-length codes. Additionally, Dogecoin and Litecoin (LTC) share a common algorithm, which facilitates “merged mining.” This feature enables miners to simultaneously mine both cryptocurrencies without affecting their operational efficiency.
Solana Encourages Transparency in Blockchain’s Carbon Footprint
In partnership with data platform Trycarbonara, the Solana Foundation has announced the release of a real-time tracking dashboard that can measure carbon emissions on the Solana (SOL) blockchain. According to a recent blog post by the foundation, this represents the first instance of a “major smart-contract blockchain” that can monitor carbon emissions in real-time. The organization hopes that this will promote transparency regarding carbon emissions throughout the blockchain ecosystem.
The dashboard is now available on the Solana Climate website and provides a range of indicators, including total node count, megawatt-hours, total carbon emissions average, and marginal use, among others. The dashboard also includes a few emissions comparison charts, enabling users to compare Solana usage with other activities that produce emissions, such as burning a gallon of gasoline and performing a Google search.
The Solana Foundation’s real-time carbon emissions dashboard is open-source, and the data used to power it is modeled on the estimated carbon footprint of the Dell PowerEdge R940. While it remains to be seen whether other blockchain organizations will adopt similar tracking systems, this initiative from the Solana Foundation arrives as global efforts to leverage blockchain technology to monitor carbon emissions are increasing. The European Commission, which operates in conjunction with the European Council, has applauded blockchain’s potential to provide a foundation for accurate carbon emissions measurement in any industry as part of its “Shaping Europe’s digital future” initiative.
Big Eyes Coin: A More Sustainable Crypto
Investors are eagerly anticipating the launch of Big Eyes Coin (BIG) as the presale draws to a close on June 3, 2023, having raised over $34 million. What distinguishes Big Eyes Coin from its competitors is its emphasis on community involvement and token utility. The development team is focused on building an ecosystem that supports DApps and DeFi projects, positioning it as a strong contender in the cryptocurrency industry. By offering tutorials and how-to guides, the platform aims to streamline crypto investing with a community-driven approach.
Big Eyes Coin is committed to protecting the environment and has reserved 5% of its total token supply for ocean-saving charities. As climate change continues to take effect, the project recognizes the importance of taking action to protect the planet. To address the issue of carbon emissions associated with crypto mining, Big Eyes Coin employs a Proof-of-Stake (PoS) consensus mechanism to validate transactions. This approach significantly reduces the energy requirements of the blockchain, making it a more sustainable option.
To incentivize early investors, Big Eyes Coin is offering a 300% bonus to presale investors who use the code END300. With its unique features and growing popularity, the project has the potential to rise to the top of the market.
The world of cryptocurrency and blockchain is constantly evolving, with innovations that seek to improve efficiency and sustainability. While the transition to more energy-efficient mining hardware and alternative consensus algorithms can reduce the energy consumption associated with mining cryptocurrencies, initiatives such as the Solana Foundation’s real-time carbon emissions dashboard can promote transparency regarding carbon emissions throughout the blockchain ecosystem. Investors are eagerly anticipating the launch of Big Eyes Coin, with its focus on community involvement, token utility, and commitment to protecting the environment through a PoS consensus mechanism. With the potential to rise to the top of the market, Big Eyes Coin offers a unique and sustainable option for crypto investing.
Click To Know More About Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Opensea: https://opensea.io/collection/big-eyes-lootbox-cards
