Even though the market capitalization of cryptocurrencies has grown manifold, the toll they are taking on the planet has garnered far more global attention. The crypto industry’s expanding carbon footprint is hard to ignore.
For instance, two-thirds of Bitcoin’s globally distributed network sources its energy from fossil fuels. Per researchers at the University of Cambridge, it is estimated that Bitcoin’s global network of computers consumes as much electricity as the entire country of Argentina, contributing to enormous amounts of greenhouse emissions. As a result, prominent industry leaders, such as Elon Musk, and a coalition of crypto firms and organizations are pushing for an industry-driven pact to eliminate greenhouse emissions from cryptocurrencies to the fullest.
As sustainability becomes a significant concern, governments are taking strict measures to assess the total environmental impact of cryptocurrencies. Amidst this hue and cry, Jelurida, a Swiss blockchain software development company with its Nxt and Ardor blockchain platforms, is poised to solve the critical challenges of legacy blockchains.
The Ardor blockchain, developed and maintained by Jelurida, includes a unique architecture of interoperable parent-child chains. Since its launch, Ardor has become a go-to platform for several projects. Compared to other Proof-of-Work (PoW) blockchains, Jelurida’s Nxt, the original PoS-based open-source blockchain, has passed the test of time, supporting several dApps since its launch in 2013. Not only is the Ardor blockchain highly scalable, but its 100% proof-of-stake (POS) consensus algorithm allows the platform to be extraordinarily energy-efficient and not dependent on expensive hardware.
Jelurida’s ecosystem offers public, private, and hybrid blockchain solutions designed to solve real-world problems. In 2020, Jelurida collaborated on HotCity, a project intended to recycle heat from waste energy sources using blockchain as a gamification tool. Jelurida, alongside the Austrian Institute of Technology, and several other crypto firms, developed a unique proof of concept that enabled residents to submit micro-sources of waste heat and earn tokens for their participation. The project received a €310,000 grant from the Austrian Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation, and Technology.
Cycle4Value, funded by the Federal Ministry for Climate Protection, is an Ardor blockchain-based gamification system that aims to use rewards to encourage people to cycle more. The project is an Austrian government initiative for reducing road traffic and boosting public health. Participants can earn tokens by riding their bikes.
Another unique eco-friendly project, TreeCycle, which seeks to implement sustainable and profitable reforestation in Paraguay, relies on the Ignis (child-chain) of the Proof-of-Stake (PoS) Ardor blockchain. The project is gradually transforming fallow lands into sustainable forests while incentivizing investors with up to 40% profits.
With Jelurida tapping unexplored potential in blockchain’s real-world solutions while ensuring scalability and preventing blockchain bloat, multiple enterprise projects are lining up on the platform. As more innovative projects join the network, the blockchain universe will likely undergo significant changes as sustainability comes into greater focus.
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