The large energy consumption by the process of mining and blockchain in general is one trending topic among many others. Many blockchain technologies aim to be more environmentally friendly. Moreover, the tendency to move from a system of Proof-of-Work to a system of Proof-of-Stake is also a revolutionary development in this field. Concordium wants to bring a sustainable solution to the blockchain world.
Why do we need a more sustainable blockchain?
Before delving into this, one fact should be pointed out. Consuming a large amount of energy is not intrinsic to the blockchain. It just depends on its consensus mechanism, which is how participants agree on what data will be added to the network’s ledger. However, it is possible to avoid excessive energy consumption during these operations.
The recent passage of Proof-of-Work (PoW), which is the traditional system, at Proof-of-Stake (PoS), a more efficient system, is obvious. PoW requires an immense amount of energy due to many mathematical problems to solve. Validators are rewarded with monetary incentives. They compete for these incentives by constantly increasing their computing power using ever more power-hungry hardware. PoS, on the other hand, works on a lottery system, based on an amount of cryptocurrency they have, called the stake. The greater the number of tokens deposited in escrow, the better the miner’s chances of being selected. There is also the Delegated Proof-of-Stake (DpoS), a variant of PoS that is considered more environmentally friendly.
The programming language on which the blockchain was developed is also an important criterion in terms of sustainability. Compiled languages, which require less interpretation, like RustC and C++, consume less energy.
Concordium, the sustainability paradigm
Concordium is built taking into account all the issues encountered in traditional blockchains. It was designed with sustainability in mind. Concordium has one of the lowest carbon footprints in the entire system. This makes it very reliable. In addition, its transaction fees are very low, among the lowest in the entire ecosystem.
Let’s see how else Concordium plays the role of protector of the environment? First of all, it uses the Rust language which is very efficient. Second, it uses the PoS system which is more gas efficient. Moreover, it will soon upgrade to DpoS option which will further reduce the power consumption. The Finality Layer of this blockchain allows for fast block confirmation. This leads to a reduction in chain interactions. Finally, smart contracts use a compiled language, which minimizes electricity consumption.
The need for energy is inevitable. It is therefore important that each blockchain takes the necessary measures so that it can function in the longer term. Even the biggest ones, like Ethereum, are moving from PoW to PoS. Ultimately, it is up to users to make the decision to help protect the environment by choosing the right type of blockchain. The big changes concerning the environment are not far from us.
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Concordium (CCD), a Sustainable Approach to the Blockchain Network
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