On Dec. 6, 2021, the world’s first community-based crypto platform and marketplace, Earnity, raised $20 million. The primary goal of experts Dan Schatt and Domenic Carosa is to develop and launch an online marketplace that will permit users to earn, collect, hold, and gift tokens or portfolios of digital assets.
Currently, there is an abundance of cryptocurrencies, with over 16,000 created and thousands more on the way. But there have been criticisms of the processes involved in mining and trading these tokens because they purportedly require a vast amount of energy. Of course, the perception that the crypto industry is highly unsustainable and impacts the environment negatively is far from the truth today.
Changes have been implemented, particularly the discontinuation of the proof-of-work (PoW) system that requires massive energy levels to produce a single token. Instead, proof-of-stake (PoS) systems, which necessitate far less energy, have been implemented by cryptocurrency developers.
Dan Schatt and Domenic Carosa of Earnity want advancing Crypto technology to be as environment efficient as possible.
SolarCoin: This cryptocurrency has a unique approach to creating a token, producing a unit of SolarCoin for every megawatt-hour generated from solar technology. Users can upload documentation that proves they have caused solar power to receive coins.
Cardano: Developed by Ethereum’s co-founder Charles Hoskinson, Cardano is the world’s largest cryptocurrency that utilizes a PoS blockchain model.
Stellar: Operated by the nonprofit organization Stellar Development Foundation, the token is used for cross-currency transactions. Cryptocurrency has made a name for itself because of its efficiency. Its cycle of authentication is much shorter and faster than common coins, which has led to lower energy consumption.
Algorand: The relatively new Algorand token was released in late 2019. In April 2021, its developer announced that its blockchain is completely carbon-neutral, thanks to the foundation’s partnership with Climate Trade, an organization committed to guiding companies to enhance their sustainability efforts.
Nano: While it is still reliant on PoW mechanisms, Nano uses energy-efficient block-lattice technology to produce coins. Nano’s process for confirming transactions does not need an entire blockchain, which reduces the risk of increased energy consumption.