One popular concern among many others is the significant energy use of the mining process and blockchain in general. The goal of many blockchain technology is to reduce their impact on the environment. A revolutionary development in this area is also the tendency to go from a Proof-of-Work system to a Proof-of-Stake system. The goal of Concordium is to offer the blockchain community a long-term answer.
Let's celebrate the #WorldEnvironmentDay discussing how can we create more #sustainable blockchains 🌱.
— Concordium (@ConcordiumNet) June 5, 2022
Read more on how #Concordium 🌱 boasts best-in-class electricity consumption and what other blockchains can do to be more sustainable here: https://t.co/q7dvthT66p
Why do we require a blockchain that is more sustainable?
One fact needs to be mentioned before we continue. It is not a requirement for the blockchain to use a lot of energy. Just how participants agree on what information will be entered into the network’s ledger depends on the consensus mechanism in place. However, excessive energy use while these operations can be avoided.
It is clear that the classic Proof-of-Work (PoW) system has recently given way to the more effective Proof-of-Stake (PoS) scheme. PoW uses a tremendous amount of energy because there are numerous mathematical puzzles to be solved. Financial incentives are given to validators as compensation. They fight for these rewards by progressively boosting their processing capability while utilizing hardware that consumes more and more power. PoS, on the other hand, operates on a lottery method depending on the stake, or the quantity of cryptocurrency they have. The chances of a miner being chosen increase with the amount of tokens placed in escrow. Delegated Proof-of-Stake (DpoS), a PoS variation that is thought to be more ecologically friendly, is another option.
Another crucial sustainability factor is the programming language used to create the blockchain. Rust, C, and C++ are examples of compiled languages that use less power since they don’t require as much interpretation.
Accordance is the model of long-term durability.
All of the problems with conventional blockchains are taken into account when building Concordium. With sustainability in mind, it was created. One of the system’s smallest carbon footprints belongs to Concordium. It is quite dependable as a result. Additionally, it has among of the lowest transaction fees in the ecosystem.
Let’s see how Concordium continues to fulfill the role of environmental defender. First of all, it employs the highly effective Rust programming language. Second, it makes use of the PoS mechanism, which utilizes less gas. It will also soon move to the DpoS option, which will use less power overall. This blockchain’s Finality Layer enables quick block confirmation. Chain interactions are reduced as a result. The compiled language used by smart contracts also reduces the amount of electricity used.
