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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
Lately, there have been a lot of shocking revelations about the environmental impact of cryptocurrencies. Cryptocurrency might become the future of global finance and the economy. But considering the environmental impact of cryptocurrencies, several investors are hesitating to invest in the crypto market. Reports state that the entire Bitcoin mining industry leaves a carbon footprint. Massive energy consumption and electronic waste form a part of the effect of cryptocurrency on the environment. But not every cryptocurrency uses the same resource model. Nowadays, investors are moving towards more sustainable forms of transactions. This article lists the top 10 greenest cryptocurrencies to buy and hold in March 2022.
SolarCoin is a decentralized and global cryptocurrency. But it is unlike any other cryptos. SolarCoin has made an enormous difference by being one of the best and most trusted cryptocurrencies which are also sustainable. This cryptocurrency aims to create 1 SolarCoin for every Megawatt hour generated from solar technology.
In April 2021, Algorand declared its blockchain to be completely carbon-neutral. This crypto has also fostered a partnership with Climate Trade, an organization dedicated to helping companies improve their sustainability profiles.
BitGreen was created as a response to Bitcoin, considering the environmental impact it has. It is a 100% community-run project and uses an energy-efficient proof-of-work algorithm. The company was founded in 2017 and has created a non-profit organization to oversee and handle the BitGreen project.
Chia, which was created by Bram Cohen of BitTorrent, can be mined on Amazon Web Services cloud computing platform. It puts a user's desktop to use by offering downloadable software that allows users to earn Chia tokens by running the decentralized platform on their hard drives.
Stellar is overseen by Stellar Development Foundation and the network was released in 2014. It enables a faster and cost-effective mode of transaction and is considered a strong alternative for transaction applications like PayPal. Stellar is environment-friendly and uses a consensus protocol, which is even better than the proof-of-stake algorithm.
The TRON currency, Tronix, is pre-mined and can be traded on Binance and other exchanges, with big plans afoot for TRON's future, including using it to create decentralized gaming platforms. TRON operates using decentralized governance based on a two-tier model of Super Representatives (SR) and Super Representative Partners, with each accountable to become an SR and able to vote for SRs.
IOTA doesn't rely on a blockchain. Instead, this crypto uses a cryptography-based method of verification called Directed Acyclic Graph (DAG). This allows transactions and verifications to keep pace with each other in real-time.
Cardano is inherently more energy-efficient than Bitcoin as it uses a consensus mechanism where those participating in the currency buy tokens to join the network. This helps save a staggering amount of energy, with the founder of Cardano claiming that the cryptocurrency network consumes only 6 GWh of power.
Nano uses block-lattice technology, which is energy efficient. It is still reliant on a Proof of Work mechanism, but the block-lattice goes beyond blockchain to create an account chain for each user on the network. The Nano platform uses a system called Open Representative Voting (ORV), where account holders vote for their chosen representative, who then works to securely confirm blocks of transactions.
According to DEVVIO founders, the DEVVIO network uses one-millionth of the energy usage of Bitcoin and generates far less in terms of greenhouse gasses. It was designed specifically to reduce energy expenditure and be a 'greener' cryptocurrency. This is clear from the founders' commitment to creating DEVITO as a blockchain ecosystem that can support multi-party collaboration and trust across stakeholders working in the field of environment and sustainability.
