Cryptocurrencies have been gaining popularity in the past few years with their unique concept, technology and qualities. Even though Bitcoin is the pioneer paving ways for newly developed cryptocurrencies, it is still far from perfect. Not that investors and crypto enthusiasts are looking for perfect digital currencies, they are keen to try out some of the best ones out there.
As cryptocurrencies are currently ruling the world resulting in a billion-dollar industry due to which many investors are waiting for some amazing qualities that should make cryptocurrencies unbeatable. A few good qualities that we as crypto fans are watching out for are the speed and cost of transactions, ease of usage and use cases in day-to-day lives, utmost security and most importantly eco-friendliness.
Eco-friendly quality of cryptocurrencies has started becoming a major priority for many businesses and one such great example is Tesla. Elon Musk stated that Tesla will not be accepting Bitcoin as a mode of payment due to its harmful effects on the environment by extensive usage of fuel during the Bitcoin mining process.
Let’s dive right into some of the best eco-friendly cryptocurrencies that are emerging today and that show promising results for the future.
Nano is a revolutionizing cryptocurrency as it does not require mining or gallons of fossil fuels like many other cryptocurrencies do. Nano adopts directed acyclic graph (DAG) technology rather than basing on blockchain technology to eliminate e-waste in the environment. As it does not require mining, it also does not have transaction fees.
Cardano’s transactional competency sets it apart from other cryptocurrencies as it can handle thousands of transactions in a single second. It is a third-generation cryptocurrency that is serving to improve the first two generations.
XRP is another eco-friendly cryptocurrency that takes only 3-5 seconds to complete thousands of transactions. This means that it only uses 0.00063 gallons of gas per transaction helping the environment preserve itself for longer time. Not only that, due to its minimal usage of fuel, XRP has close to zero transaction fees for cross-border money transfers.
EOS uses a consensus mechanism called Delegated Proof of Stake (DPoS) that helps the users of the cryptocurrency coins to go through a voting process by voting for delegates or witnesses. These delegates are responsible for validating the blocks and the transactions. This system makes this particular cryptocurrency more energy efficient and eco-friendly.
Algorand helps the owners to save thousands of dollars on transactions, especially the cross-borders ones. Marshall Islands is the first country that has adopted a digital currency as their national currency. Due to their higher amounts of cross-borders trading, they rely on using the power of Algorand to save higher transaction costs with near instant completion of transactions, utmost security and compliance.
More companies are opting for sustainable cryptocurrencies that can save energy and the environment and crypto market understands that urgency. We are expected to witness more eco-friendly cryptocurrencies that will garner positive attention due to their energy efficiency and qualities that can help us safeguard our world.