This article was first published on Insights – Ripple
Block Stars is a new podcast series from Ripple that shines a spotlight on blockchain’s most innovative and impactful thinkers. In each episode, a special guest joins Ripple CTO David Schwartz to explore a different impact of the technology and predict how it will grow and evolve.
Following on from the Block Stars opener with Ripple co-founder and Executive Chairman Chris Larsen, this episode features CEO and Co-founder of AIKON, Marc Blinder, who discusses the environmental impact of cryptocurrencies.
The proof-of-work consensus mechanism that underlies Bitcoin uses huge amounts of energy. A recent study found that the hundreds of thousands of computers working 24 hours a day to solve cryptographic puzzles and earn bitcoin produce more than 22 megatons of carbon emissions—the equivalent of Las Vegas or a country like Sri Lanka.
“The thing about proof of work is you’re basically turning electricity into money,” explains Marc. “The more Bitcoin is worth, the more electricity it requires to operate the system, because there’s a lot more competition. Environmental destruction is built into the system.”
Marc believes that unsustainable mining practices are a barrier for the more widespread adoption of digital assets. Fortunately, not all blockchains are as inefficient. XRP’s carbon footprint is almost 10 million times smaller than that of Bitcoin, while AIKON uses a more efficient proof-of-stake protocol. However, simply being sustainable is not enough. Reaching a new audience also requires a great user experience, as Tesla demonstrated with its high-quality electric vehicles.
“Tesla [has] a better car and it’s good for the environment,” Marc notes. “The problems with mass adoption are actually on the front-end user experience level. A quality experience for the average person will make the biggest impact. We need very efficient systems if we want to use blockchain for [a range of] different ...
To keep reading, please go to the original article at:
Insights – Ripple