Decentralization is Now Getting Eco-Friendly: Efficiency Without the Harm
Blockchain technology is based on the concept of decentralizing financial transactions validated by completely anonymous and independent computers. Back in 2009, when Bitcoin was created by Satoshi Nakamoto, nobody ever thought that one day, it will challenge the hegemony of the US dollar. But today, Bitcoin is considered the gold standard of cryptocurrencies, a legal tender in some countries, and a legalized currency in many. However, when it comes to power consumed in validation cryptocurrency transactions, Bitcoin tops the chart. With time, cryptocurrencies started consuming a sizeable amount of power and developers started working on more eco-friendly ones. Today, most blockchain networks are built on energy-efficient block-validating mechanisms and consume extremely low power even while transacting sizable value.