Climate change threatens both water and food scarcity, with the risk of extreme heat, increased flooding, economic loss, and disease. The greatest threat to health is climate change in the 21st century according to The World Health Organisation.
So, what are cryptocurrencies doing to tackle their carbon footprint? This article will examine Proprivex (PPX), Ethereum (ETH), and Bitcoin (BTC) to see their contribution to reducing carbon emissions.
Proprivex’s (PPX) Carbon Neutrality
Proprivex (PPX) is a portfolio management and trading platform seeking to help users manage their diverse portfolios from a single platform. The goal is to provide a trustworthy, interactive, simple, secure, intuitive, and community-driven ecosystem that delivers the best stake returns. Find out more here.
Proprivex is built on the Avalanche (AVAX) blockchain. Avalanche is a Proof-of-Stake (PoS) platform that prides itself on being carbon neutral. Because of this, Proprivex users don’t have to worry about the environmental implications of their actions on and with Proprivex.
If you’re eco-friendly, you might think it compromises security. Well, Proprivex will have a DeFi yield aggregator built on a rock-solid framework with bug-proof healthy coding, and bots to monitor liquidation.
The Ethereum (ETH) Merge Drastically Reduces Its Carbon Footprint
Ethereum (ETH) has been condemned for its carbon footprint in the past. The Proof-of-Work (PoW) platform currently uses the same amount of energy annually as The Netherlands. However, this will soon change due to the upgrades from Ethereum 2.0.
Ethereum 2.0 will change Ethereum from PoW to PoS. The upgrade will lower Ethereum’s carbon footprint by 99.95%. The news has been well received by both Ethereum users and the 3000 decentralised applications that run on it. Reducing Ethereum’s carbon footprint will have a knock-on effect that might influence other PoW platforms to make the change.
Not only will the carbon footprint be drastically reduced, but Ethereum will also be in a better position to scale in the future. Having a PoS platform means it can reach a consensus before blocks are even formed.
The King Of Crypto – Bitcoin (BTC)
Bitcoin (BTC) is a decentralised and transferable coin. Like Ethereum (ETH), Bitcoin has been condemned for its large carbon footprint as it uses the same electricity annually as Argentina!
You might be wondering, why doesn’t Bitcoin switch to PoS like Ethereum? It’s because it will ruin the value of Bitcoin due to Bitcoin being reliant on work being spent to increase or maintain value.
Bitcoin has recorded positive numbers in the last 24 hours, according to CoinMarketCap. The crypto giant has risen by 3.73% at the time of writing. Bitcoin is currently recovering from the crash in June and is expected to rise to $37,000 per coin in December, according to price predictions.
When examining the environmental impact of cryptocurrencies, it is clear to see that PoS platforms have a drastically lower carbon footprint than PoW platforms. It seems that this is the way forward for cryptocurrencies if they want to be environmentally conscious.
Ethereum and Bitcoin currently have a high carbon footprint but the Ethereum 2.0 merge will reduce Ethereum’s carbon emissions. Proprivex is built on the Avalanche blockchain which is well-known for being carbon neutral. As the threat of climate change grows, will more people switch to PoS platforms?
For more information on Proprivex (PPX), please visit the following article: Can Proprivex Outshine Cryptocurrencies like Litecoin in 2022 ? – Crypto News Flash
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