OXEN about Clean Crypto
OXEN released article Clean crypto: Creating a sustainable future for blockchain.
The environmental impact of crypto — like Bitcoin — is the worst kept secret in the crypto industry. Everyone in the crypto community knows the harsh reality: blockchain technology (specifically, Proof of Work) uses an enormous amount of energy. Of course, this is by design — computational power is how traditional blockchains are secured.
Bitcoin uses more power than 5 million people in Finland. More than 17 million people in the Netherlands. More than 200 million people in Pakistan. It’s 115TWh a year. That’s enough energy to power a 100W light bulb for 131,278,538 years. But if we want to keep the lights on long term, we’re going to need to reduce the amount of energy we are using to secure blockchains.
Ethereum is also proof of work (for now), and faces similar energy consumption problems to Bitcoin. But Ethereum has seen the light — and it’s heading towards Proof of Stake. Proof of Stake is a much more environmentally sustainable way of securing blockchains, and it is hoped Ethereum’s transition will cut its energy consumption by 99 per cent. Instead of demanding more and more computational power (and thus, energy), the blockchain is secured economically.
At Oxen, they’ve already rolled out Proof of Stake implementation, Pulse. Thanks to the full removal of Proof of Work, Oxen is more efficient and eco-friendly than ever. With the technical requirements and specifications for a service node, and assuming it is running 24/7, a service node can be expected to chew up about 1,400 KWh per year. With 1,700 service nodes, the network would consume 2,380,000 KWh in a year.
What is OXEN?
Oxen is many things. A private cryptocurrency. A secure messaging platform. A network anonymity layer. Tools to build a more private future for the Internet.
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