James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then. An author with experience writing for tech, digital, and cryptocurrency blogs!
XRP Ledger’s sustainable nature is expected to propel XRP transactions to escalate by nearly 1,000% by 2025, according to independent researchers’ predictions.
A new report from independent researchers has come out to suggest that the “green architecture” that XRP Ledger operates on would make XRP transactions to surge almost 1,000% before 2025. XRP Ledger uses EW Zero (open-source tool) which, according to them, will step by step reduce its carbon consumption.
Sustainable nature of XRP Ledger
Climate change occurring now worldwide appears to be unstoppable. By 2030, it is estimated that almost $26 trillion could be saved from various sectors of the economy if sustainable measures to reduce CO2 emissions are adopted. For that reason, investors have constantly been searching for sustainable infrastructure for carrying out cross-border transactions.
Ripple is one of the efficient firms that has proven for a long time to be committed to providing such an infrastructure. It has a sustainable architecture known as the XRP Ledger, which researchers now predict could spur a substantial increase in XRP use. Ripple’s blog post claimed that XRP is inherently green as it was “designed with sustainability in mind”.
In comparison with other major cryptocurrencies, Ripple seems to be doing an excellent job as it pushes for the sustainable orientation of the XRP ledger. Unlike Bitcoin, which requires to be mined to the maximum, XRP needs no additional mining processes that consume energy as it all already in existence.
Ripple recently compared the energy consumption of XRP 1 million transactions with Bitcoin XRP 1 million transactions. It was found out that the one million transactions done with XRP could be able to supply electricity to 79,000 light bulbs on a yearly basis. But for BTC, one million transactions could otherwise be used to supply almost 4.51 billion light bulbs with electric power for one year. Meaning, XRP is 61,000 times more energy-efficient than BTC. Crypto News Flash had even earlier reported that BTC’s energy consumption was equated to Portugal’s energy annual consumption in 2019.
Low-carbon Initiatives to Spur XRP Transactions
By 2030, Ripple aims to achieve a net carbon zero target according to the company’s announcement in another report. To achieve this goal, Ripple is closely working with Energy Web, the Rocky Mountain and its own XRP Ledger Foundation.
The company has also joined the Rocky Mountain Institute’s Center for Climate Aligned Finance initiative. This initiative aims to bring some of the largest financial services providers in the globe together so as to frame a sustainable, low-carbon economy as well as society. In fulfilling its mandate, the conglomeration will rely on emerging financial technologies, like Blockchain, to make decisive actions that positively impact climate in the long-term. The leading asset manager BlackRock, also a part of the initiative is investing more in developing sustainable products.
XRP is a cryptocurrency, a payment protocol, a blockchain, and a company. Its ledger could disrupt traditional cross-border payments brands like MoneyGram and Western Union in the coming future.
XRP’s price, which is strongly linked to BTC, is about USD 0.233994 at the time of writing.