PRESS RELEASE. Leading comparison site for crypto services – Cryptowisser delves deep into the ecological future of cryptocurrency. Despite thorough scrutiny by traditional media and press, cryptocurrency may remain more environmentally friendly than traditional banks, but nobody is reporting on it.
The crypto community expects a green future.
With the crypto world under constant scrutiny from various sources, the last thing they need is accusations of ruining the earth. While mining Bitcoin is very energy-intensive, the crypto community is constantly working to improve its carbon footprint.
As for environmental discoveries, the future seems to be in using Proof of Stakes systems vs. Proof of Work. Although several coins have already been migrated from proof-of-work systems, many still exist.
the Cryptowisser report details how proof-of-work systems and especially their security measures require an astronomical amount of energy. The principles of a PoW system require individuals to manage the process of recording transactions and verifying the data stored on the blockchain, which in turn requires crypto mining and a lot of computer hardware.
Proof of Systems, on the other hand, maintain their transactions with multiple owners, known as validators, and with this Proof of Systems protocol, each user creates a node and each node does not need any extra energy to prove the credibility of the node, as opposed to to proof-of-work systems.
The report also explains the lack of control in many “traditional” industries, including banking. While it’s true that the crypto industry needs to reassess its environmental impact, it could be argued that they are the only financial industry to receive such speculation while leaving traditional banks, which are incredibly energy consuming, unscathed.
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