Can blockchain ever be environmentally friendly - page 2.

Marlo Stanfield

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Merit: 280

Quote from: PoseidonF on July 11, 2018, 10:15:03 AM

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

You can run different decentralized consensus systems that don't burn nearly as much power as Proof of Work. But the thing is that PoW is the one that is proven and demonstrably secure by having a very clear cost to attack that is extremely high. It's possible some of the alternatives will stand the test of time, but PoW in pretty solid.

robertcross07

newbie

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In order to complete the blockchain process high source of energy is required. So I believe that it can be environment friendly if the source of power can be natural like solar or any green ways.

MicaleFalcon

newbie

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Obviously blockchain is environmental friendly because fuel energy is not consumed for mining. Mining consumes hydro power energy and its very much environmental friendly.

bedulook

newbie

Activity: 112

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Energy is no more a environmental problem for blockchain due to new renewal energy sources use to mine top cryptocurrencies. Swiss Alps is an example of the use wise use of environment in terms of energy for blockchain.

thepers0n

newbie

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Definitely yes. It's an Internet currency and people shouldn't cut down trees to make paper money. Moreover we can make less coins and spend valueable metals. It's a great perspective

Diced90

hero member

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Get'em boys

Quote from: MicaleFalcon on July 13, 2018, 09:17:02 AM

Actually Block chain is really great inventions based on this statement its more environment friendly because it uses hydro power so it doesn’t use fuel based on this it is also environment friendly also its a online process so there is less chances of this.

So, yes, the answer is blockchain can be environmentally friendly if we switch to the use of sustainable and renewable energy, from hyrdo to turbine and solar, though this may face issues of efficiency and scale-ability.

rabia_laskor

newbie

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What they are mining is not fuel energy. They are basically using the hydropower, which is absolutely environment-friendly. So, yeah. The blockchain is an environmental thing.

mahibul49

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yes its already in positive mode and blockchain is a transparent way to run anything.
as u can see without any 3rd party everything is running smooth in blockchain.

GilbertQuintanilla

newbie

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The blockchain technology has made the transactions and the exchange easier without the need of a middleman. It uses the source of hydro power, as mentioned in the post which is indeed an ecofriendly means of a resource. It eliminates the means of a fuel based resource. Given that it is an online based resource, it is good for the environment.

Skieleton

sr. member

Activity: 686

Merit: 282

Quote from: PoseidonF on July 11, 2018, 10:15:03 AM

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

In fact, it is enough to use green energy from wind or water to extract BTC. It is definitely cheaper and less harmful.

MicaleFalcon

newbie

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Actually Block chain is really great inventions based on this statement its more environment friendly because it uses hydro power so it doesn’t use fuel based on this it is also environment friendly also its a online process so there is less chances of this.

SUDARMONO

full member

Activity: 504

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Yes I think that's true because we have to consider the use of energy used by bitcoin as well, but if Stellar requires less energy it will be better to do Stellar mining.

Catmony

hero member

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I think this topic belong to altcoin section as it only promotes stellar which is another altcoin.

NANO coin uses almost zero electricity to process transaction,no mining required and it is free. And secure enough never got hacked so there is no point of promoting stellar as most environment friendly coin.

Tatzky

jr. member

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Radiation is the first effect of crypto since we need technology to run and have them... But don't care much because the God effect is much more so that is the thing to consider....

joellogan

newbie

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yes I think it can but it mainly depend on the situation bitcoin mining demand lot of energy so as much mining you will need it will also contain that much energy. Roll Eyes

but I don't think there is reason to worry about if it envioment friendly or not cause it's main purpose is transaction so it will never effect on climate change until the massive use starts

isaac_67

newbie

Activity: 154

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Yes blockchain environmental friendly and we all know bitcoin and blockchain are two different things. Bitcoin is a digital coin and blockchain provides security of this market. That’s why blockchain technology needs more update.

JamescrypTrader

jr. member

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"All blockchains are distributed ledger technology, but all distributed ledger may not be blockchain". So if the distributed ledger technology can be completed with low power consuming process, I think, blockchain can be environmently friendly only then.

PoseidonF

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Activity: 228

Merit: 0

Quote from: davis196 on July 12, 2018, 12:27:30 AM

Quote from: Glory90 on July 11, 2018, 10:49:49 AM

Quote from: PoseidonF on July 11, 2018, 10:15:03 AM

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

Stellar and Visa can save energy because they are centralized services, nowadays, we have a proof-of-stake solution to make Blockchain more environmentally friendly without the need to become centralized

Can you explain what is "proof-of-stake"?I`ve never understood those proof-of-work or proof-of-whatever type of terms,when it comes to blockchain technology.I`m not very tech savvy nad I don`t want to go further and understand how every blockchain works.
Why do people always focus on energy consumption?It`s not about the consumption.It`s about the method of producing electricity.We need more green energy technologies.

Definition: "Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has. The first cryptocurrency to adopt the PoS method was Peercoin."

PoseidonF

copper member

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Quote from: BitGunner on July 12, 2018, 08:33:58 AM

Why not? Time passes and new technologies appear, several years ago people couldn't imagine even the possibility to trade virtual currency, remember time without internet at all? people are smarter and smarter every year and i am sure that in several years we will have better environment and blockchain won't interfere with this

I agree, its important not to zoom in too much and mantain view of the big picture over time.

PoseidonF

copper member

Activity: 228

Merit: 0

Quote from: crycur on July 12, 2018, 08:38:56 AM

This article might not be 100% accurate but it does raise some interesting points about Bitcoin energy consumption vs the other way currencies are created - http://www.ccreview.com/news/waster-energy-promising-hope-efficiency/

Very interesting article!

Topic: Can blockchain ever be environmentally friendly - page 2. (Read 475 times)