This article explores how the EOSIO blockchain is fulfilling its promise on social and environmental sustainability compared to other alt coins.
Is an eco-friendly blockchain system possible?
Much of the negative press surrounding cryptocurrencies focuses on the amount of energy required to mine coins. With market growth expected for the foreseeable future and climate change an increasingly pressing matter, is it possible to have an eco-friendly, sustainable, blockchain system? In this article, we will explore what the industry is doing to improve its green credentials and how EOSIO is leading the way.
How is EOSIO different from other blockchain systems?
Since its creation, Block. one has centered on giving the world what it needs from blockchain technology: scalability, flexibility, and accessibility. A system where deal speeds can support large volumes associated with throughput; and there is the architecture required to assist large-scale operations that will grow and develop. It has already been conscious, however, of the third imperative within the race to deliver upon blockchain’s promise: a product that is eco-friendly.
Media coverage from the blockchain and cryptocurrency sector is often quick to highlight the high energy consumption involved in creating, or “mining” cryptocurrencies. But what is often overlooked is that there are other options. For instance, EOSIO. The open-source protocol developed and published by Block. one’s engineers offers an efficient way to operate a blockchain. It also consumes a fraction of the energy compared to other altcoins.
What are the best known altcoins doing?
The Proof-of-Work (PoW) consensus system deployed by the Bitcoin network (and others, including Ethereum) requires a lot of computing processing and electrical power. It involves a vast military of nodes to the network competing to resolve a mathematical challenge and “mine” tokens.
By comparison, the Delegated Proof-of-Stake (DPoS) mechanism that is used within EOSIO (and other blockchain ventures), entails delegating this function to a body associated with 21 “block producers.” These nodes keep up with the network and are compensated for doing so. Yet this approach may be replaced through a voting procedure, for “standby” applicants.
How does EOSIO compare?
Not only does EOSIO demonstrate lightning-fast speeds — 3,996 dealings per second and counting. But compared to close to 15 per second on Bitcoin and Ethereum, DPoS enables blockchain to operate in an eco-friendly way.
According to calculations done from the “social enterprise obstruct producer candidate”, Genereos, and based on peer-reviewed research simply by Digiconomist (read right here and here ), DPoS is 66,454 times more efficient than Bitcoin, and 17,236 times more energy-efficient compared to Ethereum.
During the last several months, efforts have been made to reduce the effects of even low-level emissions. Led simply by EOS Authority, the prominent block maker. The EOS neighborhood continues to work in partnership alongside climate and eco friendly development experts through ClimateCare to determine the CO2 emissions produced by the EOS public blockchain machines, and offset those emissions, with ClimateCare, via clean-energy and safe-water projects.
What is the result of this approach?
The result is that the network can now set claim to being the world’s first blockchain with carbon neutral servers. This was a huge community undertaking, which is operated independently of Block. one .
A ClimateCare spokesperson told Block. one: “We’re pleased that EOS Expert has recognized the climate impact from the technology sector and taken this beneficial step forward to compensate for emissions. We hope their actions can encourage others within the sector to follow their lead.”
The action used by the community epitomizes the ethos associated with social responsibility that underpins EOSIO, which is fundamental to Obstruct. one’s mission. It has manifested itself with the EOS community in many notable ways.
For example, on the Sydney leg from the recently concluded EOS Worldwide Hackathon series in August, the “challenge” laid down was to produce an app “that will empower the general public to play a role within sustaining natural conditions for the future.”
But who were the winners?
The winners of that challenge included Smartpress, the duo aiming to assist researchers in building intelligent contracts for supervising environmental variables without needing to code; Tokentree, a team building a gamified app in order to encourage individuals to take action against deforestation; plus True Origins, whose solution will allow customers to verify the provenance of goods.
In Shawl Town, in early December, these teams joined up with winners from other activities in the series for the Grand Finale, and one of the best features about the eighteen finalists was that a lot of their projects included an interpersonal impact dimension.
Vital Sounouvou, who along with his affiliates, is developing Ubuntu Energy Ledger. The Kenya-based platform plans to connect investors within the solar energy market with true solar plant companies and consumers. He informed Block. one he believes environmental and social sustainability are key to blockchain’s value proposition.
“As blockchain developers, we have a chance to create options that have a real impact,” he said.
Highlights from other EOS finalists:
Other EOS finalists focused on using tech for good, included:
- EOS EBT Food Stamps (created an app allowing people on food stamps in the US to use them to purchase from online retailers)
- Wise City Steroids (is aiming to generate transparency and liability in public tender techniques in India)
- GeneOS were the ultimate winners (encourage individuals to contribute genomics data in a secure, anonymized way to further research into disease)
Speaking in Shawl Town, Dr Anne Thomason, CEO associated with Blockchain Quantum Influence and an ally associated with Block. one for the advocacy of blockchain as an environmental plus socio-economic game-changer. She stated: “Blockchain originated as a social movement by people who were disappointed with governments and banks following the worldwide financial crisis.”
“Many programmers I meet and interact with want to replace the world with a better place. The technology enables all of us to connect the bottom billion dollars unbanked to the worldwide economy, to provide electronic identity to stateless people, to make tiny grid solar power all-pervasive, and through wise contracts, to bring immediate benefits to females and girls,” she added.
What about the next generation of sustainable developers?
In-keeping with this impetus, while in Shawl Town Block. one organized a tree-planting and knowledge exchange. Held at a local school, participants learnt about local conservation and resource management problems.
The college is one of fifteen in the area that works with Greenpop, a local environmental non-profit organization, with an urban greening and environmental education system called ‘Fynbos for the Future. ’
As well as giving an opportunity to take a rest from coding and engage with the local community, the visit strengthened the commitment to environmental sustainability. It is hoped this will reach promoters of the EOSIO blockchain and supporters from the DPoS consensus system.
So, what’s the conclusion? Is the future green for blockchain?
Since blockchain’s early adopters continue to push the boundaries of what they can deliver, it is clear the EOS community is thinking big. This applies to individuals and industry areas whilst also looking after nature’s own genius.
Ultimately, the EOSIO movement shows advancements in tech can help forge new criteria and norms. They can be sustainable, instead of contributing to climate change.
Click here to read about how EOSIO is Innovating In The Open.
Originally released at block. one .
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