“Sustainability, is the ability of systems to meet the needs of current society without affecting the ability of future generations to meet their needs. In line with this definition, sustainable energy is the energy that powers the needs of the current generations but maintains the ability to meet those of future generations.” – National Cleantech Conference and Exhibition.
Recently, the crypto mining industry has come under scrutiny for their “rising” use of energy. This has led to a new group being created, known as the Crypto Climate Accord, which aims to make the cryptocurrency industry’s energy consumption 100% renewable by 2030.
However, there are more exciting new developments going on behind the scenes, which are ensuring that the crypto space is utilising sustainable energy and drastically reducing their carbon emissions.
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally,” – Square CEO and co-founder Jack Dorsey.
New consensus mechanisms known as Proof of Stake (PoS) are being implemented to eliminate the need for mining, drastically reducing their energy consumption.
Ethereum, one of the primary platforms for DeFi and the world’s second largest cryptocurrency has recently made the switch to the PoS System, drastically reducing the network’s energy demand by around 99%.
“Proof-of-stake upgrade will slash the Ethereum Blockchain’s energy use by 99.95 percent.” – Ethereum Foundation
Australia has great potential as a clean energy hub, and many Australian companies are already developing and utilising new technologies in order to reduce their carbon footprint and make use of sustainable energy.
NGS Crypto, after trialling through 2019, has found that Proof Of Stake is more efficient and profitable in the long term due to drastically minimising the high-energy intensive computing power.
There are currently over 1,000 individual tokens or coins that can be mined using either PoW or PoS. One of the most exciting improvements NGS Crypto has found with PoS compared to PoW, is that PoS gives us the ability to switch staking between these different digital assets.
NGS Crypto is at the forefront of bringing Blockchain technology and DeFi options to the Australian people.
The CEO of NGS Crypto, Mark Ten Caten believes;
“Moving towards a 0 emission carbon economy environment will be a serious game changer for DeFi.
Firstly, the current commercial banking systems and Gold industry consumes over 50% more power per year than Bitcoin mining, based on current research released by Galaxy Digital.
DeFi projects such as Zilliqa deploy an algorithm called Proof of Stake (PoS), doing away with the use of fiscal machines.
The Zilliqa network uses online nodes which drive down energy consumption to almost 0 emissions, and can process thousands of transactions per second using a new technology; Sharding.
We believe based on current commercial business banking models the ability for banks to drive their emissions to 0 will be impossible, and therefor, we will see more and more people move toward a decentralised finance system like Zilliqa, as the need to reduce emissions becomes more and more important over the coming years.”