Cryptocurrencies, NFTs, Web 3.0: what impact on the planet?

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  • Cryptocurrencies and non-fungible tokens (NFTs) are growing at a rapid pace, but research on their environmental impact is still scarce. The study found that bitcoin mining consumes more energy than entire countries such as Austria or Denmark. The results indicate that further research is needed to determine the amount of carbon emissions that can be caused by cryptocurrency mining as well as other blockchain technologies.

    These technologies are not as green as you think

    Blockchain has many problems. It is indeed a huge consumer of energy and one of the main contributors to climate change. Cryptocurrencies are not as green as they claim: Bitcoin consumes as much energy per transaction as Ireland in 2017, or 2.15 houses per year (for comparison).

    But there is a way to make blockchains and cryptocurrencies greener while still tracking the price of bitcoin in real time! We can use renewable energy sources such as solar and wind energy or geothermal heat pumps that use the earth’s temperature around the world. Also, we can use green computing methods like cloud computing (which reduces the need for heavy hardware) and make sure you have enough hard drive space before loading anything on top of it).

    It also seems that NFTs pose serious problems because they require very powerful computers/devices just to be able to play online games: this means that players around the world consume more electricity! It also means higher electricity bills for the users themselves. Once again, we are seeing that these technologies are not really helping us save money or help reduce carbon dioxide levels in our atmosphere.

    Bitcoin: an energy-intensive currency

    The term “cryptocurrency” may be familiar to you, but do you know what it means? Cryptocurrencies are digital assets that can be transferred between people and used to exchange goods and services. They use cryptography (the process of using mathematical algorithms to encrypt information) as a security measure.

    The Bitcoin network consumes more electricity than 159 countries, including Ireland! It also consumes more electricity than 12 US states such as Vermont, New Hampshire and Oregon. The amount of energy required to create bitcoins will likely be too expensive for them to become a mainstream currency in the future.

    Ethereum: green energy… in the future?

    Ethereum is a public blockchain that uses the Proof of Stake (PoS) protocol for mining. PoS is more energy efficient than PoW and has been used in other applications for a long time. Ethereum also uses sharding, which allows the network to expand.

    Sharding divides the blockchain into smaller chunks so that only a small part of it exists on each node in the network, making it easier to quickly process transactions. This technology is still being developed and tested, but if things go well with sharding, they could easily switch to using PoS instead of PoW as their main mining protocol. This will allow Ethereum to take a step closer to using green energy!

    NFT is back in vogue with the advent of meme tokens

    You may have noticed that with the advent of meme tokens, a new wave of cryptography is coming. These are NFTs or non-fungible tokens. And they are back in vogue after being overshadowed by bitcoin and other cryptocurrencies for years.

    The main difference between interchangeable and non-interchangeable is that one can be replaced by another without loss of value, while the other cannot. While it is true that all digital assets are technically unique, not all of them are considered non-fungible because they have no real value outside of their original use case, such as an Ethereum address or a Bitcoin cryptocurrency wallet address.

    On the other hand, a meme token will always only exist in its original form (and therefore can never be duplicated). Meme currencies were created as currencies for jokes, but they were quickly adopted by cryptocurrency enthusiasts who love to collect rare items and show off on social networks like Reddit and Discord, and now even Instagram! The creators of these memes want people to share them freely so that they become popular enough to be a legitimate form of payment and not just jokes; In addition, it allows them to earn real money by selling their goods all over the city!

    Web 3.0, the next frontier of the decentralized web?

    Web 3.0 is a new stage in the development of the Internet, which promises to radically change our life and society as we know it, by decentralizing web services and placing them in the hands of users. It is an open source model that allows anyone to contribute to decentralized applications (DApps) without having to go through centralized authorities like Google or Facebook. DApps can be built using peer-to-peer protocols like Bit Torrent for file sharing or Ethereum for money transfer, and more sophisticated features like voting or social media platforms like Reddit since their inception (although they are not fully decentralized) .

    Blockchain is a technology that promises to change the way we live, work and interact with each other. This is an incredible innovation that has the potential to change society in ways we can’t even imagine today. However, it also has its limitations as a system, and there are many different ways it can go wrong if we’re not careful.

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