16 MOST ECO FRIENDLY CRYPTOCURRENCY NOW

Bitcoin is not the most eco friendly cryptocurrency and is facing a lot of resistance. Bitcoin mining, the process of creating Bitcoin through a system of complex mathematical calculations, is set to get out of reach for the majority of Bitcoin enthusiasts, unless Bitcoin faces some substantial changes. Bitcoin futures markets have already started to reflect Bitcoin’s dwindling share of the Bitcoin mining power industry.

Bitcoin doesn’t appear to be the most environmentally-friendly cryptocurrency, with Bitcoin mining using much more electricity than noted sustainable digital currencies like SolarCoin and BitGreen.

16 eco friendly cryptocurrency

eco friendly cryptocurrency

There’s been a lot of attention on bitcoins impact on the environment in recent times. Cryptocurrencies have started to make efforts in minimising their carbon footprint and many investors have been looking towards these greener alternatives. There are over 4,500 mineable coins and tokens in existence. Is there a eco friendly cryptocurrency that reflects your sustainability and ethical values?

Why not explore the eco friendly cryptocurrency options that are affordable, and available on the network today?

16. EOSIO (EOS)

EOSIO is a public blockchain beloved by developers because it is simple to set up and write applications in several programming languages, is highly scalable, and costs nothing. EOSIO is another ‘Proof of Stake’ platform that uses pre-mined EOS tokens that can be traded on standard cryptocurrency exchanges such as Coinbase, Binance, and Kraken.

EOSIO, the open-source protocol developed and published by Block, and offers an efficient way to operate a blockchain. It also consumes a fraction of the energy compared to other altcoins. The result is that the network can now set claim to being the world’s first blockchain with carbon neutral servers.

15. TRON (TRX)

Based in Singapore, TRON is a non-profit company and public blockchain supporting nearly every programming language. The peer-to-peer platform permits creators to share applications directly on the blockchain, making the complete process more energy efficient.

TRON operates using decentralized governance based on a two-tier model of super Representatives (SR) and super representative partners, with each account able to become an SR and able to vote for SRs. The TRON currency, Tronix, is pre-mined and can be traded on Binance and different exchanges, with large plans afoot for TRON’s future, such as using it to create decentralized gaming platforms.

14. Signum (SIGNA)

The blockchain that was formerly Burstcoin is now Signum, with plans to take the lessons from Burstcoin and rebuild thoughtfully. Goals for the rebirth include a focus on sustainable mining, decentralization, feature innovation, low fees, and widespread accessibility. Signum uses less than 0.002% of Bitcoin’s energy to drive the blockchain and its coin Signa. Signum also produces no e-waste, making it the first blockchain that deserves to be called ‘sustainable’.

Many blockchains claim to be sustainable, but Signum is at the forefront of the sustainability movement. Since 2019, the development team and its community have worked tirelessly on Signum’s architecture, as it evolved from the blockchain Burstcoin which had its genesis block in 2014. Signum empowers users and developers around the world with innovative blockchain solutions for everyday life.

13. Ripple (XRP)

Ripple, which is a digital tool rather than a currency, describes itself as an “open-source, permissionless and decentralized blockchain technology which can settle transactions in 3 to 5 seconds.”

Ripple has committed to the Crypto Climate Accord (CCA) which is a new initiative organized by EW, RMI and the Alliance for Innovation Regulation (AIR) to make the cryptocurrency industry 100% renewable. Ripple has also joined over 20 supporters across different industries and blockchains, including the United Nations, CoinShares, Compass Mining, the XRP Ledger Foundation and ConsenSys to ensure that the crypto industry comes together to develop solutions that enhance sustainability, scalability and create value for all. Ripple has also set its own target of achieving carbon net zero by 2030.

12. MetaHash (MHC)

MetaHash gives a quick, efficient decentralized network with zero costs and the capacity to mine/forge MHC using fairly low-key hardware. MHC is just one of 4 components of the MetaHash project, the others being TraceChain, MetaApps, and MetaGate. TraceChain is an algorithm for routing traffic over the network. MetaApps lets in users to write stand-alone decentralized applications using C++, php, and Solidity, among other programming languages. MetaGate is an open source user interface for third-party developers and this decentralized, open-source cryptocurrency runs on Blockchain 4.0 and claims a validation rate of fewer than 3 seconds per transaction.

11. IOTA (MIOTA)

IOTA doesn’t rely on a blockchain. alternatively, this crypto makes use of a cryptography-based technique of verification called Directed Acyclic Graph (DAG). This allows transactions and verifications to keep tempo with each other in real time. As a cryptocurrency, IOTA has not proven as volatile in terms of rate as many different tokens.

Good news for those searching for more stability inside the marketplace and more financial sustainability, this has proven disappointing for those investors seeking out the same pay-off as with early investments in Bitcoin, Ethereum, or other altcoins.

In terms of energy sustainability, due to the fact IOTA uses fast Probabilistic Consensus for consensus and only relies on proof of work in part, the overall energy consumption of the network is very small.

IOTA blows Bitcoin out of the water in terms of energy use. With the new updates set to make Atomic Transactions the norm for IOTA, this will reduce the transaction size from 1.7kb to less than 100 bytes, probably reducing the energy consumption as a result.

10. Holo (HOT)

Holo remains in development, but 2021 is anticipated to be a huge year for the network. An initial community offering of Holo revolved around a pre-sale of cloud-hosting services as transferable ERC20 tokens referred to as hot on the Ethereum public blockchain.

Again, this makes Holo one of a kind to other cryptocurrencies in that it is backed by a tangible asset (cloud-hosting services). Holo charges a fee on transactions using the P2P network, meaning that revenue is tied directly to the quantity of apps and hosts on the network.

Holo sets out to provide its users with their own blockchains. every individual “agent” or “host” exists as both its own storage site and blockchain, and earns holo tokens in return. Holo is developing rapidly in popularity, in particular because of the potential this crypto has to empower anyone interested in cryptocurrency still sitting on the side-lines to leap in and make investments.

In theory, transaction speed is limitless on Holochain, and energy expenditure is very low. In practice, I’ve seen no clear statistics on how much energy Holochain consumes, though it is bound to be many orders of magnitude lower than Bitcoin, Ethereum, and nearly every other cryptocurrency.

9. Hedera Hashgraph (HBAR)

Hedera Hashgraph’s popularity is on the upward push, having currently passed Ethereum (ETH) in number of trades, making it one of the world’s largest cryptocurrency networks. Hedera Hashgraph is a proof-of-stake token, that means it uses far less energy than proof-of-work tokens like Bitcoin.

The crypto also has plans for upgrades in late 2021 that will allow for sharding, which will fragment the network and in doing so, allow for growth in the number of transactions without an energetic downside.

The list of proprietors and the governing council of Hedera is impressive, which include Avery Dennison, Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, university college London (UCL), Wipro, and Zain group.

Hedera Hashgraph includes four major offerings, which includes HBAR, the cryptocurrency that allows for low-fee, highly customizable transactions. the other services include smart contracts, file service, and consensus service.

8. DEVVIO

With a rumoured summer time debut, start-up DEVVIO is a potential up-and-coming low energy cryptocurrency offering in the space. DEVVIO claims that its blockchain network can resolve troubles that others have not, such as integration with financial establishments and efficiency. DEVVIO claims that it can process up to eight million transactions per second.

DEVVIO network uses one millionth of the power usage of Bitcoin and generates far less in terms of greenhouse gases. It was designed particularly to reduce energy expenditure and be a ‘greener’ cryptocurrency.

DEVVIO’s current partners consist of Avnet and Panduit, which help organizations embrace carbon neutrality in part through connecting massive corporations to companies generating carbon credits via specific actions which includes tree-planting, installing solar energy infrastructure, and so on.

7. Chia (XCH)

Chia, was created by Bram Cohen of BitTorrent and was incorporated in August 2017 to develop an improved blockchain and smart transaction platform. Chia is the first enterprise-grade digital money and it is using a new Nakamoto consensus algorithm. TRG Datacentres says chia is a good example of a sustainable cryptocurrency that has been designed to be less energy intensive.

Chia can be mined on Amazon Web Services cloud computing platform, Setting this up takes just a few minutes, with chia ‘farming’ simple and straightforward compared to ‘mining’ of many other currencies. Chia also offers downloadable software to users’ desktops, that allows users to earn Chia tokens by running the decentralized platform on their hard drives.

6. Algorand (ALGO)

lgorand is Environmentally Friendly Cryptocurrency that’s a evidence-of-stake blockchain that receives its value because it helps smart contracts. The effect of each user on the community is proportional to their stake within the system, and Algorand’s blockchain is scalable and secure, as well as free from forks and other potential governance troubles.

Released in late 2019, Algorand is also relatively new to the crypto scene however became able to manage nearly one million transactions per day by December 2020. the speed of transactions on the Algorand platform and its low transaction costs, in addition to being a permissionless pure proof-of-stake blockchain protocol, all mean that the network is more accessible, scalable, and makes use of far less energy than Bitcoin.

In April, Algorand declared its blockchain to be completely carbon-neutral. This crypto has additionally fostered a partnership with climate trade, an company committed to supporting businesses to improve their sustainability profiles.

5. Nano (NANO)

Eco-friendly cryptocurrencies | Intro to Nano cryptocurrency VideoLink

Nano is sustainable cryptocurrency that’s free, fast, and uses considerably less energy than Bitcoin and many other cryptocurrencies which makes it a great eco friendly cryptocurrency alternative. The Nano platform uses a system called Open Representative Voting (ORV), where account holders vote for their chosen representative, who then work to securely confirm blocks of transactions.

4. Stellar (XLM)

Tax-deductible public donations fund the network’s operating costs and therefore the hard market cap for Lumens and removal of an inflation standard demonstrates that the SDF is looking to take care of a network that allows easy, accessible, low-cost cross-border payments instead of to create a quick buck with massive gains in the price of Lumen.

The Stellar network also allows individuals and institutions to make tokens to be used on the network, which has inspired some to use the network for sustainability initiatives like investing in renewable energy.

3. Cardano (ADA)

Cardano is arguably the foremost well known of the green cryptocurrencies and at the time of writing was the fifth-largest cryptocurrency. Cardano is another eco friendly cryptocurrency that functions mainly as a digital currency but can also be used for digital contracts, DApps, and other purposes.

Cardano is inherently more energy efficient than Bitcoin because it uses a ‘Proof of Stake’ consensus mechanism where those participating in the currency buy tokens to join the network.

2. BitGreen (BITG)

Bitgreen is an eco-friendly cryptocurrency that was launched as a green alternative to bitcoin and is one of the Most Sustainable Cryptocurrencies on the market. BitGreen was founded in late 2017 as a response to the environmental impact of Bitcoin.

BitGreen is meant to incentivize eco-friendly actions, with users able to earn BITG by, as an example, carpooling on a ride-hailing app, buying sustainable coffee, and volunteering. BitGreen are often spent on goods and services through BitGreen’s partners or traded on ProBit Exchange, Mercatox, STEX, and Crex24 exchanges.

1.SolarCoin (SLR)

Solarcoin is a global and independent sustainable cryptocurrency designed to market the creation of solar power by rewarding generators with solar coins. You can spend and trade SolarCoin just like other cryptocurrencies, but the key difference is that the platform aims to incentivize real-world environmental activity – verifiably produced solar energy.

Currently, this network mostly relies on users uploading documentation to prove energy generation, but may one day streamline this process with automatic updates from solar arrays.

Conclusion

New eco-friendly cryptocurrencies alternatives are on the horizon all the time, As concerns mount over the amount of energy employed in the mining of crypto, new initiatives are constantly emerging to enhance the sector’s environmental credentials.

So, if you’re an investor who has already reapportioned your assets from fossil fuel companies and so forth into more sustainable investments, consider doing the same with any cryptocurrencies you hold, as there are some great eco friendly cryptocurrency alternatives to choose from on the market today.

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