In recent weeks, Elon Musk has been highlighting the environmental impact of cryptocurrencies. He recently said that Tesla “will continue to allow BTC transactions once clean energy usage of around 50% is confirmed by miners.” New initiatives such as the increased use of renewable energy and carbon offsets promise to accelerate the transition to a more sustainable crypto space. Musk said Tesla is “looking at other altcoin projects that use <1% of Bitcoin energy/transaction.” Based on this criterion, market expert Tezcan Gecgil shared 7 cryptocurrencies that might catch Musk’s attention.
Here are 7 altcoins that Elon Musk can examine
According to Geçgil, the first altcoin that might catch Musk’s attention is Algorand. In the Algorand network, there is no mining. The platform seeks to lead the sustainability of blockchain by creating a carbon-negative network. In April, Algorand announced that the network is completely carbon neutral, thanks to its partnership with ClimateTrade, “a blockchain marketplace for CO2 carbon offsets.”
Chia Network (XCH)
In Chia, users do not need high-power GPUs to participate in the mining process. Users can “farming” money from unused storage areas of their laptop or desktop computers in exchange for XCH-USD rewards. A recent report by the network claims that crypto uses almost 10,000 times less energy than is required for mining Bitcoin.
Cryptocoin. com, Dogecoin, which Musk flew with his tweets, uses the Scrypt algorithm, which represents a less energy-intensive approach to mining. According to the expert, Musk may therefore continue to tweet about Dogecoin in the future.
The Eosio blockchain uses the Delegated Proof of Stake model, a faster and more efficient consensus model that allows delegates to validate blocks on behalf of all nodes in the network. As a result, it attracts the attention of dApp developers because it is extremely user-friendly, according to Geçgil.
Hedera Hashgraph (HBAR)
HBAR is a proof-of-stake token. HBAR has a fixed supply of 50 billion and is currently used to facilitate sustainability projects. Digital energy platform Power Transition estimates that the Hedera Hashgraph platform is 250,000 times more energy efficient than Bitcoin.
The nano network does not rely on mining, minting or mining. Altcoin, on the other hand, has the lowest energy footprint in the market. It uses a lightweight proof-of-work model and creates a chain of accounts for each user.
Ripple’s token XRP, which is in lawsuit with the US SEC, does not require any additional energy to produce. Ripple is also one of the least energy-consuming altcoins in the crypto space.
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