Blockchains are a very useful technology.
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In our interconnected world that is more and more dependent on digital technology to function efficiently, it is great to have a more secure, resistant, decentralized way to store data - which is exactly what blockchain delivers. However, one of the biggest issues people have with blockchain - an issue with should not be ignored - is how the technology can negatively impact the environment.
For example, Bitcoin is the most popular cryptocurrency in the world right now and one of the most popular blockchains on Earth. This makes some degree of sense because Bitcoin was the first blockchain ever created and has a great first mover advantage. However, Bitcoin is also the perfect example on how blockchain can have a negative impact on the environment.
According to EOS.org, Bitcoin releases between twenty-two megatons and twenty-two point nine megatons of carbon dioxide per year. This is the same carbon footprint as the Kansas City metropolitan area. This is also more than the carbon output of the entire nation of Jordan which only puts out a carbon footprint of twenty-one megatons per year.
In fact, researchers like Christian Stoll, a doctoral candidate at the Massachusetts Institute of Technology Center for Energy and Environmental Policy, say cryptocurrencies have close to a total energy demand of around seventy terawatt hours.
All of this information seems to create a world where there are only two options: continue to use blockchains while hurting the environments or abandon this new technology entirely in order to protect the Earth. Fortunately, this is a false dichotomy. There is another option in a form of a different kind of blockchain that puts less of a strain on the environment while still delivering a good performance…
There are many cryptocurrencies that now have a low carbon footprint and one of them is the EOSIO. EOSIO is a distributed ledger with the EOS cryptocurrency being backed by it. It is a very quick blockchain that is capable of three thousand nine hundred ninety-six transactions per second.
EOS is over six thousand times more energy efficient than Bitcoin, making it far less stressful for the environment than the world’s most popular crypto. It is also over seventeen thousand times more energy efficient than Ethereum, making EOS the much greener option. The annual energy use of EOS is 0.0011 terawatts of energy per year and after buying carbon offsets, EOS developers had the ability to declare they created the first major carbon-neutral blockchain.
EOS is a blockchain with plenty of practical uses too. It is used by Everipedia: a for-profit wiki-based decentralized online encyclopedia that is supposed to be decentralized using blockchain technology so even people in restrictive countries that block Wikipedia & other encyclopedias (like Turkey and Iran) can still be able to access the encyclopedia and its information.
EOS also has a large ecosystem and plenty of people working to create decentralized apps with it - all while keeping the Earth from bursting into metaphorical flames! While blockchains are under the magnifying glass for their negative impact on the environment, EOSIO can hopefully lead the way in a new generation of blockchains that can balance environmental responsibility with technological advancement!