Cryptowisser : Cryptocurrency Likely to Be More Environmentally Friendly Than Traditional Banks
PRESS RELEASE. Leading Crypto service comparison site – Cryptowisser deep dives into the environmental future of cryptocurrency. Despite major scrutiny from traditional media and press, cryptocurrency possibly remains more environmentally friendly than traditional banks, just no one is reporting it.
Crypto community anticipates a green future.
With the crypto world under constant scrutiny from a variety of sources, the last thing they need are accusations for ruining the earth. While mining bitcoin is very energy intensive, the crypto community are constantly working to improve their carbon footprint.
As far as environmental revelations are concerned, the future seems to lie in the use of Proof of Stakes systems Vs Proof of Work. Although several coins have already migrated over from Proof of Work systems, many still exist.
The Cryptowisser report details how Proof of Work systems and specifically their security measures require an astronomical amount of energy. The principles of a PoW system require individuals to manage the process of recording transactions and verifying data stored in the block chain, which in turn requires crypto mining and requires a lot of computing hardware.
Proof of Systems on the other hand maintain their transactions with multiple holders, which are called validators, and with this Proof of systems protocol, each user creates a node, and each node does not require additional energy to prove the credibility of the node, as opposed to Proof of Work systems.
The report also explains the lack of scrutiny in many “traditional” industries, including banks. While it is indeed true that the crypto industry needs to reassess their environmental impact, it could be argued that they are the only financial vertical to receive such speculation, while traditional banks, who consume an incredible amount of energy go unscathed.
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