Ten new eco-friendly cryptocurrencies to be eco-conscious.
Categories: Crypto News
Solana(SOL)- Solana's blockchain claims to be faster or faster to work with other networks. It uses far less processing power than Ethereum at present, by using its eco-friendly combination of proof-of-stake (PoS) and proof-of-history (PoH) to secure its blockchain.
Terra- Terra, the promoter of the LUNA token, says this blockchain intends to create a better digital financial system. LUNA allows for smart contracts.When transaction volumes of these currencies increase, they sell the native LUNA to get price stability — liquidity to match the fiat currency in circulation — and buy back LUNA when transaction volumes decrease. That lets the price of LUNA change as per market demand, but keeps the price of stablecoins steady.
Avalanch(AVAX)- AVAX is the native token of the Avalanche blockchain, and is seen as a rival of Ethereum — often referred to as an ‘Ethereum Killer’ within the crypto community.Its design claims to achieve the holy grail of cryptocurrencies – being scalable with fast transactions, decentralised, and low transaction fees. That is, the AVAX blockchain was already low on carbon emissions, but bought NORI tokens, for “blockchain-backed carbon removal” – thus making it carbon neutral.
Polygon (MATIC)- Polygon’s MATIC essentially sits as a layer on top of Ethereum, to reduce transaction costs and congestion.It went on to enable decentralised applications (DApps) that communicate across blockchains and offer decentralised finance (DeFi) services.
Algorand (ALGO)- It is different from major currencies because in Algorand has almost zero fees on user transaction.The Algorand Network announced they are ‘carbon neutral’ in April 2021, achieved by purchasing carbon offsets.
Filecoin(FIL)- Filecoin is meant to allow usage of empty storage space globally. Users with extra available storage space can offer it up, at no extra cost to the environment beyond that of keeping the user’s computer switched on.So good apparently, that even scammers are finding ways to earn million.
Tezos (XTZ)- Tezos was one of the first crypto projects to support the Securitize platform and thus be compliant with US Securities regulations. That perceived safety enabled innovative property sales, artist support for NFT sales and financial services using the XTZ currency.the annual energy consumption of the Tezos network is estimated to be equivalent to the footprint of just 17 people.
Celo (CELO)- Celo focuses and optimises for smartphone users.On the Celo network, one can simply use the recipient’s phone number to make a payment. Moreover, the Celo Alliance for Prosperity claims that cryptocurrency is well suited for areas where people have smartphones but are underserved by the formal banking sector.The network claims a ‘carbon negative’ time period of 20 months so far, and described its initiatives for carbon sequestration, preserving the Amazon, analysing Earth’s ecology and offset its own carbon footprint.
Maker DAO (DAO)- DAO Maker claims to create funding frameworks while reducing investor risk. Investor Mark Cuban was looking forward to companies built on a decentralised autonomous organisations (DAO) approach. Cooper Turley who has built many DAOs says, “a DAO is an internet community with a shared bank account.”
Chia(XCH)- The Chia Network saw a spectacular launch on crypto exchanges this year, raising hopes of being the next Bitcoin but settled at just 10% of that price within a month.Chia was a good demonstration of concept, there weren’t many use cases for it, so speculation reduced and the price of Chia coin fell. However, we may yet turn back and look at Chia in a few years, just as we look back at the early days of Bitcoin mining today.