The much-needed eco-friendly revolution is happening in cryptocurrency. A sweeping tide of greener alternatives is cleaning up the crypto industry and Cardano (ADA), DogeMiyagi (MIYAGI) and Chimpzee (CHIMPZ) look set to be at the heart of what could be a new era of eco-friendly cryptocurrency.
There’s no disputing that cryptocurrency has revolutionised finance but a troubling aspect of its legacy has been the environmental costs of crypto mining. This process demands considerable computational power that results in relentlessly high consumption of electricity, which only continues to grow.
The scale of the energy consumption is astonishing. Some estimates have Bitcoin’s annual energy consumption as that of entire countries, with carbon emissions to match. Most of the mining operations depend on fossil fuel-powered electricity and this only exacerbates the threat of climate change.
And with cryptocurrency only growing in popularity, the volume of transactions continues surging, leading to further strains on the environment. Significantly, the industry is changing from within, and this article is here to look at how some of these cryptocurrencies are pursuing an eco-friendly route.
Cardano Is One Of The Greenest Giants In Crypto
Arguably one of the most high-profile eco-friendly cryptocurrencies is Cardano.
It is often praised as a blockchain of the third generation, with its foundation firmly rooted in sustainability. Unlike previous blockchains, Cardano utilises a consensus mechanism called Ouroboros, which is based on proof-of-stake (PoS). By employing this, Cardano significantly reduces the energy consumption necessary for validating transactions when compared to traditional proof-of-work systems.
The PoS mechanism employed by Cardano functions by selecting validators of blocks based on their stake in the network. This eliminates the requirement for energy-intensive mining rigs and reduces the platform’s carbon footprint. Additionally, Cardano's unique design permits continuous updates and enhancements without disrupting the underlying network, facilitating the seamless implementation of environmentally friendly features.
DogeMiyagi Goes Green With Ethereum Blockchain
DogeMiyagi is one of the more eco-friendly cryptos currently in its presales. It established this by operating on the Ethereum blockchain. Ethereum’s proof-of-stake consensus mechanism uses ETH instead of energy and requires low levels of energy consumption, making Ethereum’s blockchain the foundation of crypto greenery.
These may seem like small things but when searching for some optimism in cryptocurrency’s changing attitude to environmental responsibility, even the smallest puddle may appear like an oasis in a desert.
DogeMiyagi, a newcomer in the world of cryptocurrencies, takes inspiration from the highly acclaimed Karate Kid series as it aims to establish its dominance in the meme coin market. Central to its growth strategy is a diverse collection of non-fungible tokens (NFTs). By prioritising uniqueness, the NFT platform strives to provide users with an unparalleled experience, granting them exclusive access to an ever-growing range of benefits and features on the DogeMiyagi platform.
Chimpanzee - The Crypto Monkey Guarding Our Trees
Chimpzee is the crypto monkey swinging from vine to vine to keep our trees safe. Now, chimpanzees probably don’t do vine-swinging and there’s a chance I’m mixing it up with monkeys or Tarzan, but the point still stands. It cares about reversing deforestation which is critical to stopping climate change and protecting our planet.
The Chimpanzee ecosystem incorporates various elements, such as the Chimpzee Shop, the NFT Marketplace, and the Zero Tolerance Game, all of which are interconnected. Acting as the central hub for commerce within the ecosystem, the shop allows CHIMPZ tokens to be utilised for purchasing goods and commodities. By sharing a portion of the trading fee profits with active traders on the network, the NFT marketplace provides an opportunity for passive income generation.
A significant highlight of Chimpzee lies in its dedication to combating deforestation and climate change. Inspired by chimpanzees finding refuge in forests, Chimpzee recognises the importance of safeguarding the natural capital of our planet. As a result, it positions itself as the ideal cryptocurrency for environmentally conscious investors, seeking to make a positive impact through their financial choices.
For more about DogeMiyagi: