Green Blockchain
Last updated
Last updated
Initially, one of the ideas that got Circularity going was the urgent need for a green revolution in blockchain. The fact is that blockchain technology continues to have a negative reception from the public because of environmental questions says a lot about where it currently is as a solution.
With Bitcoin and Ethereum simultaneously representing the biggest blockchains by market share and adoption but also the largest polluters of the space, many see crypto as nothing more than a source of CO2 emissions.
We initially had plans to go about creating our own Proof of Stake (PoS) blockchain, centered mostly on industrial applications and using transaction fees as a form of investment into the carbon and hydrogen technologies of the future, but these plans have been replaced by support of existing blockchains with net-zero missions.
We feel this pivot can help us focus on our main goal and allow existing blockchains in the space to focus on theirs, while collaborating together as one.
Among the green or greener blockchains worth mentioning are:
Algorand: Our personal favorite, a blockchain built on the proprietary PPoS (Pure Proof of Stake) consensus mechanism, Algorand has allied with a number of climate organizations to ensure their green impact does not remain on the blockchain alone, but also finds its way to the real world, where the true climate challenge awaits. Its native coin is ALGO.
Cardano: A blockchain with just 0.01% of Bitcoin's energy use, Cardano is one of the top blockchains by market cap (bigger than Algorand and several other green blockchains); it also has a great community of developers and many projects are being built on the chain. It uses ADA as its native coin.
Ethereum 2.0: A possibly controversial addition, the highly polluting Ethereum blockchain is soon (2022) to perform "The Merge", which will take the traditionally Proof of Work chain to a Proof of Stake consensus mechanism, allowing it to reduce energy consumption by an incredible 99.95% and introduce scalability. The second largest blockchain by market cap (and projected to become the first, thanks to its development capabilities), Ethereum 2.0 may just be the solution to blockchain as a "climate problem". Ethereum 2.0 will continue using ETH or ether as its native coin.
Polygon: Not an actual blockchain but actually a Layer-2 or sidechain scaling solution, Polygon is famous for allowing greener products to be deployed on Ethereum through bridging. Polygon began as a low energy-intensive solution to Ethereum, but has grown to make its own name in the space. It uses MATIC as its native token.
Powerledger: Not the most well-known of the greener blockchains, we have included Powerledger in this list as it has a close link with clean energy, as we do. Built by an experienced scientist, Dr. Jemma Green, Powerledger makes use of the POWR coin on their blockchain.
Solana: An extremely popular and rapidly-growing blockchain, Solana claims to be the fastest blockchain in the world. Their most attractive features are having among the lowest fees in the industry, amazing development potential and significant adoption by users. Some believe it could be Ethereum's largest competitor, but time will tell. It uses the SOL coin.
WAX: An interesting option for NFT minting, their certified carbon neutral blockchain allows users and collectors to mint NFTs at a tiny use of energy, while also keeping any minting or trading free of gas fees. WAX uses the WAXP token, although its value has dropped greatly over the past year.
