There is no denying the fact that mining cryptocurrencies and processing decentralized transactions demand large amounts of energy. As per the Bitcoin Energy Consumption Index, the total energy consumption of the Bitcoin network tops 131.12 TWh – that’s almost equal to the total power consumption of Argentina.
Experts claim that the energy consumption and electronic waste generated through mining Bitcoins is primarily due to its Proof-of-Work (PoW) consensus algorithm. Elon Musk also reversed his decision of accepting Bitcoin as payment, citing the environmental impact of cryptocurrencies as the primary reason.
Thanks to the pressure created by NGOs and regulatory authorities, industrialists and entrepreneurs, and the crypto community in general, new and upcoming crypto projects are aiming for the same green cause.
To further the green crypto initiative, a Swiss blockchain firm, Jelurida, offers an energy-efficient and reliable ecosystem for dApps that can support a wide range of real-world use cases. Unlike the PoW mechanism that consumes a lot of power, Jelurida-managed blockchain networks rely on a 100% Proof-of-Stake (PoS) consensus protocol that needs minimal hardware, leading to lower energy consumption and lower electronic wastage.
Jelurida develops and maintains the Ardor, Ignis, and Nxt blockchains, thus offering a complete ecosystem to build and implement custom decentralized applications. Ardor is a multichain platform with a unique parent-child architecture that ensures full interoperability and flexibility to support various use cases.
Ignis is the fully featured, low-fee child chain of Ardor, supporting advanced privacy mechanisms. Nxt is the universal framework for the ongoing distributed ledger technology transformation. Launched in 2013, Nxt is the first blockchain to implement a 100% PoS consensus protocol, making it highly reliable and energy-efficient.
With environmental-friendly technology being one of the core concerns for the crypto industry, Jelurida and its sustainable ecosystem have demonstrated several real-world use cases using its interoperable platforms and PoS protocol. Jelurida’s involvement in some of the leading Austrian-government-funded projects, including HotCity, Cycle4Value, and TreeCycle, has opened the doors towards mainstream adoption of digital currencies.
These projects rely on the Ardor, Ignis, and Nxt blockchains and unique PoS protocols explicitly built for the project’s cause. For instance, the Ardor-based project, Cycle4Value, uses the PoS protocol to reward users for cycling. Another Ardor-based project, HotCity, enables Austrian citizens to earn digital coins for submitting sources of used resources that can be recycled for heat. Similarly, an Ignis-based project, TreeCycle, uses PoS to power their cause of planting forests in Paraguay while rewarding users with 40% profits for their investments.
With more innovative decentralized projects opting for renewable and energy-efficient mining alternatives, Ardor, Ignis, and Nxt’s real-world use cases help position Jelurida as the novel solution for the sustainability problems surrounding legacy blockchains.