Did you know Bitcoin consumes more electricity than the whole country of Sweden? Bitcoin compares to over 10 times the global solar and wind energy produced. On a global scale, Bitcoin uses 0.66% of all electricity consumed worldwide. That is huge for a new-age digital currency!
The core issue in cryptocurrencies has been mining. Most cryptocurrencies rely on a computational competition called Proof of Work (PoW). In this model, participants are rewarded with cryptocoins for adding transactions to the blockchain’s globally distributed ledger. More computational capability means a higher chance to earn more cryptocoins.
However, turning towards energy-efficient approaches, proof of stake (PoS) is a credible alternative to the PoW approach. Replacing the concept of all processors processing duplicate transactions, PoS randomly picks one to do the job to make this efficient. Furthermore, the validator’s stake or collateral ensures the authenticity of the validation.
kandi collection on Sustainable Cryptocurrencies lists libraries that help you try energy-efficient cryptocurrencies.
Each may follow different approaches to improve sustainability over Bitcoin. eos by EOSIO, go-algorand by algorand, cardano-node-docker by abracadaniel, and metahash-fullnode-client by metahashorg are popular cyptocurrencies leveraging the Proof of Stake approach. nano-node by nanocurrency leverages energy efficient Block Lattice Technology. stellar-core by stellar supports traditional currencies and leverages its proprietary Stellar Consensus Protocol that is efficient. holochain by holochain brings in a unique no mining approach using HoloTokens that makes it inherently energy efficient. hedera-services by hashgraph leverages the Power Transition tool to drive energy efficiency. burstcoin-jminer by de-luxe leverages the Proof of Capacity approach. SolarCoin-Raspberry-Pi-Node by Scalextrix incentivizes Solar Energy production.