It is indeed without a doubt that technology has revolutionized our planet by affecting the way in which we do business and live.
The growth in technology has also resulted in the birth of life-enhancing inventions and technology such as smartphones, Internet of Things and most recently the blockchain technology.
The invention of the blockchain technology has resulted in the creation of a whole new industry and market known as cryptocurrencies.
The cryptocurrency revolution started with the launch of the first cryptocurrency, Bitcoin, which was unassumingly launched on the 3rd of January in the year 2009. Ever since then, the world has now woken up to the reality of the blockchain technology and its resulting cryptocurrency mining activities.
In the early days, only a small number of people who were cryptocurrency enthusiasts committed their extra computer capacity to mining cryptocurrencies. But today, the story is different.
The exponential growth which we have seen with blockchain and cryptocurrencies have made it possible for us to see a rise in cryptocurrency mining which has resulted in the creation of specialized chips only designed for mining cryptocurrencies. This situation has also created a shortage of production of Graphics Processing Unit hardware.
From 2009, the year in which Bitcoin was created till now a staggering number of cryptocurrencies have been created.
This, however, has created a problem (yes, a problem). This situation has created the problem of an unquenchable and insatiable thirst for more and more electrical power required to mine cryptocurrencies in order to complete the Proof of Work (PoW) cryptographic calculations which are needed for the purpose of securing these networks.
Now, that cryptocurrency mining activities have created a problem of an unquenchable thirst for electrical power is only a part of the problem. The bigger part of the problem is that a very large percentage of that power is produced by environment polluting and non-renewable power sources.
The situation is really getting worse. Another challenge is that we are fast losing one of the core essences of the blockchain technology which is decentralization.
At the current rate, blockchain and cryptocurrency mining are now gradually moving from being a decentralized network to being a centralized system because the capacity required to mine cryptocurrencies is so huge that it is creating a barrier to entry for the small time miners making cryptocurrency mining only a play reserved for the big corporations.
Another challenge is that of funds as regulators say that they don’t get funds when it comes to green energy. To deal with this, companies must come forward now to invest in the XDC coin as a green initiative.
There is the need to create a cryptocurrency mining power that is environmentally friendly and that is built on green and renewable energy. This is where the XinFin (XDC) coin comes in.
Threats to Our Environment from Energy Consumption
Like we have mentioned earlier, our world is facing a threat from the high energy consumption of cryptocurrency mining activities which are not environmental-friendly. For instance, as at 2017, Bitcoin mining activities alone consume as much energy as the entire nation of Denmark. This energy consumption is expected to grow by the year 2020 and is certainly going to cause great damage to our environment.
The current annual estimated energy consumption of Bitcoin mining activities is 71.12 (TWh) while that of Ethereum is 20.61 (TWh).
Our environment is also under the threat of Carbon dioxide (CO2) greenhouse gas emissions. This is mainly as a result of human activities from the combustion of fossil fuels such as natural gas, oil, and coal for transportation and energy.
XinFin (XDC) Coin Steps In To Save Our Environment
To save our environment from the damages being caused by cryptocurrency mining activities XinFin has a green coin (XDC).
XinFin through the XDC coin is working with a vision to create a truly green coin following the growing concern by governments and environmentalists about the impact of high energy consumption on our environment.
XDC would be making use of its green energy farms for the generation of XDC coins which would be making use of renewable and alternative energy sources such as solar panels, wind turbines, bio-energy, and tidal. This will provide a constant supply of low-cost green energy to their data centers and facilities.
In a bid to remain absolutely green energy, the funds received from the cryptocurrency generation activities would be used to invest in green energy and green crypto mining farms.
The efforts of the XinFin project with XDC have also received accolades and commendations including the feature of the project on Entrepreneur Global as a green initiative.
XinFin is designing a platform that will accelerate the long-awaited green solution to the blockchain technology and cryptocurrency mining industry and thereby attracting investors from different sectors.
XDC as a Green Coin
The XDC coin stands out as a green coin with the following features and benefits:
As a green coin, XDC coin saves energy and do not consume a lot of energy like Bitcoin and other high energy consuming cryptocurrencies.
No Proof of Work
The XDC coin does not make use of the Blockchain Proof of Work system like Bitcoin but instead cleans out the system using PoW to save energy.
Does Not Require Intensive Mining
Like most other cryptocurrencies out there, the XDC coin is mining free and does not require intensive mining.
XDC coin as a green has the long-term feasibility of an energy saving alternative,unlike other cryptocurrencies that are feasible for the long term because of their high energy consumption.
XDC also produces its work at a faster time and requiring a small amount of energy better than the other coins. This will help businesses and participants to perform optimally.
Under the XinFin platform. The XDC which is a fork of quorum is swappable with XDCE that is an ethereum based token. The token has a maximum total token supply of 100 billion XDC tokens.
With the growing popularity of cryptocurrencies and the attendant high cost of energy required to mine them, there is no better time than now to start seeking out alternative energy sources for cryptocurrency sphere.
Green coins are now a valid alternative to the high energy consuming coins and XinFin through its platform have developed a viable alternative by creating the XDC coin as a green coin to be mined through completely renewable energy sources, a paradigm shift from the high energy consuming coins such as Bitcoin are prominent now.
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