12 Dec 2019
The blockchain technology has found its way to the most important, yet often neglected, industry of environmental protection. The reason behind the relative unpopularity of eco-projects might lie in the fact that they are not designed for profiteering but for benefiting the planet. That is probably why all of the coins present on our list of 5 most eco-friendly cryptocurrencies are not even in the Coinmarketcap’s Top 100.
The Burst platform has been designed as a payment vehicle that offers the infinitely scalable remittance channels and costless transactions, achieved through the merger of blockchain and tangle technologies. But the thing that makes this coin eco-friendly is its energy efficiency. For example, if the amount of electricity consumed by Bitcoin to perform a transaction can reach 1000 kWh, the transaction in the Burst network requires only 0.0024 kWh. This incredibly low consumption rate is achieved through the utilization of the Proof-of-Capacity consensus algorithm that allows for the HDD mining, which means that the miners are required to provide the hard disk space, thus making the process of mining far less electricity-demanding.
As you could probably tell from its name, SolarCoin is centered around the concept of solar energy production. The idea is quite simple: the network participants are rewarded with SLR for every megawatt of electricity produced through the means of solar plants. The reward is not very hefty, though, since it is calculated at the 1:1 ratio, while the current price of SolarCoin is $0,014. Nevertheless, the participation in the SolarCoin initiative could potentially turn into a steady passive income, whereas the coin itself has decent upside potential.
EverGreenCoin emerged in 2014 as the offspring of PeerCoin, the first-ever digital currency that was based on the use of the Proof-of-Stake algorithm. Right now, the network runs on a hybrid of PoS and X15 PoW algorithms. The project also allows participating in the Proof of Environment program and achieve rewards in EGC for successfully completing different eco-related tasks. Those who are willing to offer a stake to secure the network can count on a 7% annual reward. Although EGC is currently ranked as low as 1266th, it has a solid all-time ROI of 184,38%, which means that the project is moving in the right direction.
ENRG is another eco-conscious project that built its network around the PoS algorithm. It was founded in 2014 as a means for developing sustainable environmental solutions on the foundation of blockchain. The system is run by the EnergyCoin Foundation, the NGO that gets the necessary funding through community donations. The project has created an interesting blockchain infrastructure that includes the cryptocurrency exchange, where ENRG can be traded against other cryptocurrencies, and EnergyParty, an application layer, where developers can create their own eco-friendly solutions.
WePower is a trading platform that brings together the producers of green energy and the buyers who are looking to purchase electricity using WPR coins at a more competitive rate, which is usually below the market one. The exchange also offers a set of tools for monitoring of energy consumption patterns, choosing the most appropriate provider, and hedging electricity prices by virtue of the Power Purchase Agreement (PPA).
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