Cryptocurrency is the most popular word today. At present, there are more than 8000 cryptocurrencies in the market. This article features the top seven best environment-friendly cryptocurrencies in 2022.
SolarCoin is a decentralized and global cryptocurrency. But it is unlike any other cryptos. SolarCoin has made an enormous difference by being one of the best and trusted cryptocurrencies which is also sustainable. This cryptocurrency aims to create 1 SolarCoin for every Megawatt hour generated from solar technology.
BitGreen was created as a response to Bitcoin, considering the environmental impact it has. It is a 100% community-run project and uses an energy-efficient proof-of-work algorithm. The company was founded in 2017 and has created a non-profit organization to oversee and handle the BitGreen project.
Stellar is overseen by Stellar Development Foundation and the network was released in 2014. It enables a faster and cost-effective mode of transaction and is considered a strong alternative for transaction applications like PayPal. Stellar is environment-friendly and uses a consensus protocol, which is even better than the proof-of-stake algorithm.
The TRON currency, Tronix, is pre-mined and can be traded on Binance and other exchanges, with big plans afoot for TRON's future, including using it to create decentralized gaming platforms. TRON operates using decentralized governance based on a two-tier model of Super Representatives (SR) and Super Representative Partners, with every accountable to become an SR and able to vote for SRs.
Cardano is inherently more energy-efficient than Bitcoin as it uses a consensus mechanism where those participating in the currency buy tokens to join the network. This helps save a staggering amount of energy, with the founder of Cardano claiming that the cryptocurrency network consumes only 6 GWh of power.
Nano uses block-lattice technology, which is energy efficient. It is still reliant on a Proof of Work mechanism, but the block-lattice goes beyond blockchain to create an account chain for each user on the network. The Nano platform uses a system called Open Representative Voting (ORV), where account holders vote for their chosen representative, who then works to securely confirm blocks of transactions.
According to DEVVIO founders, the DEVVIO network uses one-millionth of the energy usage of Bitcoin and generates far less in terms of greenhouse gases. It was designed specifically to reduce energy expenditure and be a 'greener' cryptocurrency. This is clear from the founders' commitment to creating DEVITO as a blockchain ecosystem that can support multi-party collaboration and trust across stakeholders working in the field of environment and sustainability.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.