Place/Date: - May 25th, 2022 at 1:46 pm UTC · 3 min read
The crypto world is often scrutinised in the context of its carbon emissions and the impact it has on the internet. One tweet from Elon Musk about Bitcoin’s unfavourable sustainability practices spelled disaster for the cryptocurrency. In the said tweet, Musk announced that Tesla would stop accepting payments in Bitcoin which was strong advocacy for sustainable practices within the fintech sphere.
Almost like a positive afterthought, several crypto tokens have taken active steps to reduce their carbon footprint and perpetuate practices that are more sustainable in the longer run. Here are a few examples of such cryptocurrencies.
Firepin (FRPN) is available as a multi-chain swappable token on five major blockchain networks that are Ethereum, Polygon, Avalanche, Solana and Binance Smart Chain. The platform seeks to address a significant difficulty in the crypto-sphere by merging the five major networks. This allows investors to use the most efficient blockchain at the most convenient speed. Additionally, transactions will be completed faster and with cheaper fees this way. Reduced gas fees imply lesser blockchain activity which is an essential step in reducing the carbon footprint of the crypto token.
Firepin (FRPN) is currently in the third stage of its presale phase after two successful phases. This could be an ideal time to invest in a rather promising and futuristic token at a lowered price.
Harmony (ONE) is a cross-chain application platform built on the Ethereum blockchain. The Harmony platform, in particular, provides a link between creator and customer as well as an open-market mainnet application for NFT sales.
The Harmony platform has a level of efficiency that the larger crypto tokens cannot match. It has excellent scalability, with contracts being finalised every two seconds. In comparison to the other major cryptocurrencies, it has very cheap gas fees. It also uses a more energy-efficient Proof-of-Stake (PoS) algorithm instead of a Proof-of-Work (PoW) mechanism which makes it significantly less energy-intensive.
Moreover, Harmony has a Vision 2026 roadmap that has strong positive changes planned in the field of education and sustainability. Apart from being a long-term green coin, Harmony (ONE) is committing to funding nearly a million scholars who will further the idea of sustainability in fintech by the year 2026.
For the first time, Arweave (AR) is a special type of digital storage that backs data with sustainable and permanent endowments, allowing users and developers to genuinely retain data forever. Arweave (AR) allows investors to recall and store vital information, apps, and history indefinitely as a jointly owned hard drive that never loses data.
The storage protocol network is based on ‘blockweave,’ a derivative of blockchain technology that employs a Proof-of-Access (PoA) consensus method. As an active alternative to the Proof-of-Work (PoW) mechanism, Arweave reduces its carbon footprint by an amusingly tremendous amount. Moreover, Arweave presents a patented consensus technique that substitutes the power-heavy systems with more efficient alternatives whilst keeping sustainability under keen consideration.
As of Monday, Arweave (AR) has a market capitalisation of $536.63 million and has seen an immediate hike of 4% in its value which places the token at $16.
After sufficient research and portfolio analysis, one can take the benevolent step of investing in a token that is not just profitable but also sustainable for our collective future!