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Author Topic: Can blockchain ever be environmentally friendly  (Read 225 times)
PoseidonF
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July 11, 2018, 03:15:03 PM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
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July 11, 2018, 03:49:49 PM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
Stellar and Visa can save energy because they are centralized services, nowadays, we have a proof-of-stake solution to make Blockchain more environmentally friendly without the need to become centralized

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July 11, 2018, 03:54:08 PM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

The energy that mining consumes are not fuel energy.  They are mostly hydropower and hydropower is more environmental friendly.  On top of that proof-of-stake is obviously going to massively decrease the consumption. 
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July 11, 2018, 03:56:42 PM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true

blockchain and bitcoin are two different things. Bitcoin can hardly be environmentally friendly, but blockchain can be so very easily. Just see PoS concepts and coins, they don't require much additional energy to be wasted.

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July 11, 2018, 09:03:12 PM
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It depends on the situation now bitcoin is massively need a huge amount of energy for its mining for its transaction to be verified and processed now i think bitcoin is not helping the environment but in the future it will be a huge help because this is a paperless transaction that will save a lot of trees and is much better than fiat.

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July 11, 2018, 09:13:27 PM
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As it's known for many years, various exhaustible resources have been used to trade or to make transactions. This has not changed until today. As you know, Bitcoin and its mining requires tons of energy that can not even be counted. There is no doubt about it, however, for the use of ordinary currencies we need paper and metallic alloys which, as we know, are not infinite and may also end sometime. It is worth finding a golden mean in using all the resources of Mother Earth.

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July 12, 2018, 05:22:30 AM
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Of course, the main purpose of the blockchain is to protect and see all of the transactions happening on one's account of the market. If you mean that if it could affect the environment, definitely it would.
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July 12, 2018, 05:27:30 AM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
Stellar and Visa can save energy because they are centralized services, nowadays, we have a proof-of-stake solution to make Blockchain more environmentally friendly without the need to become centralized

Can you explain what is "proof-of-stake"?I`ve never understood those proof-of-work or proof-of-whatever type of terms,when it comes to blockchain technology.I`m not very tech savvy nad I don`t want to go further and understand how every blockchain works.
Why do people always focus on energy consumption?It`s not about the consumption.It`s about the method of producing electricity.We need more green energy technologies.

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July 12, 2018, 05:45:49 AM
 #9

"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
Blockchain technology is set to disrupt many industries in the future this technology can be used to solve the major environmental problems we are facing today on our planet. It can stop climate change If mass adoption occurs.
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July 12, 2018, 05:46:00 AM
 #10

How did VISA come up with that number? Did they only calculate the electricity that was used to process that transaction or did they add the "hidden" cost, associated with that transaction? How much energy is used in their massive office buildings?

https://en.wikipedia.org/wiki/Visa_Inc.  {Number of employees = 11,300} These people need office space and these offices use air-conditioning and heaters and lights and lifts.

Also, remember they are a multinational financial services corporation, with office buildings in all the mayor cities across the world.  Angry

PoseidonF
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July 12, 2018, 01:30:22 PM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
Stellar and Visa can save energy because they are centralized services, nowadays, we have a proof-of-stake solution to make Blockchain more environmentally friendly without the need to become centralized

Hello,

well Stellar is actually de-centrlised blockchain platform, unlike visa. In fact,  Stellar uses a custom federated Byzantine agreement called Stellar Consensus Protocol  which allows anyone to choose whom to trust, that means freedom and decentralisation. Stellar has fees very very cheap (almost no fees) but only to protect the network, those fees after used are given back to the community via pool inflation. So you may pay insane low fees but you receive them back, plus the Stellar Network requires the use of Lumens which means trust and value for the network, even to move other assets (because the network can have other assets even btc or xrp) you need to have Lumens.
BitGunner
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July 12, 2018, 01:33:58 PM
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Why not? Time passes and new technologies appear, several years ago people couldn't imagine even the possibility to trade virtual currency, remember time without internet at all? people are smarter and smarter every year and i am sure that in several years we will have better environment and blockchain won't interfere with this
nazaididuan1
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July 12, 2018, 01:38:46 PM
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What I can think of is that the blockchain can be used for environmental value monitoring and the authenticity of the workload of environmental companies.
Because the environmental protection industry has a characteristic that profits come from state subsidies and public welfare donations, how to ensure the positive correlation between workload and profit is a very difficult thing.

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July 12, 2018, 01:38:56 PM
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This article might not be 100% accurate but it does raise some interesting points about Bitcoin energy consumption vs the other way currencies are created - http://www.ccreview.com/news/waster-energy-promising-hope-efficiency/
PoseidonF
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July 12, 2018, 04:30:32 PM
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This article might not be 100% accurate but it does raise some interesting points about Bitcoin energy consumption vs the other way currencies are created - http://www.ccreview.com/news/waster-energy-promising-hope-efficiency/

Very interesting article!
PoseidonF
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July 12, 2018, 04:33:18 PM
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Why not? Time passes and new technologies appear, several years ago people couldn't imagine even the possibility to trade virtual currency, remember time without internet at all? people are smarter and smarter every year and i am sure that in several years we will have better environment and blockchain won't interfere with this

I agree, its important not to zoom in too much and mantain view of the big picture over time.
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July 12, 2018, 04:35:59 PM
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"I’m sure most of you have seen the news about Bitcoin’s energy consumption. For instance, in Iceland, more energy is used to mine Bitcoin than to power people’s homes and per day the global Bitcoin network now consumes more energy than Ireland. Hence, we chose to build on the Stellar network as it is the most environmentally friendly blockchain available. For comparison, a transaction on the Stellar network only uses 0.03 Wh whereas VISA uses 1.69 Wh per transaction. Clearly, the Stellar blockchain is the perfect technology partner for our platform."

Read morehttps://datafloq.com/read/amp/blockchain-can-save-climate-poseidon/5235?__twitter_impression=true
Stellar and Visa can save energy because they are centralized services, nowadays, we have a proof-of-stake solution to make Blockchain more environmentally friendly without the need to become centralized

Can you explain what is "proof-of-stake"?I`ve never understood those proof-of-work or proof-of-whatever type of terms,when it comes to blockchain technology.I`m not very tech savvy nad I don`t want to go further and understand how every blockchain works.
Why do people always focus on energy consumption?It`s not about the consumption.It`s about the method of producing electricity.We need more green energy technologies.

Definition: "Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has. The first cryptocurrency to adopt the PoS method was Peercoin."
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July 12, 2018, 07:14:39 PM
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"All blockchains are distributed ledger technology, but all distributed ledger may not be blockchain". So if the distributed ledger technology can be completed with low power consuming process, I think, blockchain can be environmently friendly only then.

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July 12, 2018, 10:27:11 PM
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Yes blockchain environmental friendly and we all know bitcoin and blockchain are two different things. Bitcoin is a digital coin and blockchain provides security of this market. That’s why blockchain technology needs more update.
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July 12, 2018, 10:33:40 PM
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yes I think it can but it mainly depend on the situation bitcoin mining demand lot of energy so as much mining you will need it will also contain that much energy.  Roll Eyes but I don't think there is reason to worry about if it envioment friendly or not cause it's main purpose is transaction so it will never effect on climate change until the massive use starts
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