Top 3 green cryptocurrency projects to keep an eye on
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Though initially unthinkable due to high energy expenditure, cryptocurrencies are now trying to bridge the gap between climate and crypto. Climate optimists pulled together in an attempt to adapt new technologies to turn energy-sucking crypto into something more sustainable and green.
On the other hand, other projects are transitioning or have transitioned from a proof-of-work (PoW) into a proof-of-stake (PoS), which nets them the label of more sustainable crypto.
The following three could be deemed as the top 3 green crypto projects in the sea of various crypto projects.
1. Ethereum (ETH)
The smart contract behemoth, the second largest crypto, is well known for its decentralized application (dApp) development environment, on top of which numerous other projects were built. With the recent ‘Ethereum Merge,’ the project moved away from PoW into a PoS protocol, validating transactions by staking. The Merge reduced the entire network’s power draw by an amazing 99.95%, making the entire network low-carbon.
At press time, Ethereum was trading at $1,300.37, up by 1.32% on the day, but down by 3.32% across the previous week, as per CoinMarketCap data.
2. Chia (XCH)
The branding and marketing for this crypto project focus on positively impacting the environment by utilizing a proof-of-space-and-time protocol. In essence, the protocol plots unused hard drive space used to validate the network.
The project created a ‘green paper’ detailing their consensus protocol, highlighting that the network uses only 0.16% of Bitcoin’s (BTC) annual energy consumption. At press time, XCH was trading at $31.80, up by 0.94% on the day but down by 6.71% in the last seven days, as per CoinMarketCap data.
3. VeChain (VET)
VeChain is working on green initiatives to drive, among other things, more stakeholder involvement through projects like the one signed with the government of San Marino or delivering the future of safe and traceable food.
The current estimation models by the project see VeChain generating 4.58 metric tons of carbon emissions, equaling emissions generated for mining a single BTC.
At press time, VET was trading at $0.002289, up by 1.49% on the day but down by 2.95% in the last seven days, as per CoinMarketCap data.
In summary
Bridging the gap between green investments and crypto could be one of the avenues crypto investors take. The above three projects represent the ones that either reduce or will produce the least CO2 output and could provide a better future for crypto enthusiasts and the planet in general.
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