Over the past ten years, cryptocurrencies have transformed from obscure pocket change to enticing digital assets that are capable of upending the financial sector. The effects of cryptocurrencies on the environment are a growing source of concern for environmentalists. There are a number of “green” cryptocurrencies, though; buidlbee.com has listed them according to their financial and environmental impacts.
A green cryptocurrency: what is it?
A lot of electricity is needed for mining. The average amount of electricity used by the bitcoin network is comparable to what entire nations would require. According to the University of Cambridge, 97 terawatts are annual. Kazakhstan and the Netherlands use about the same amount of energy annually. For comparison, the figure barely topped 73 terawatts annually a year ago.
Although it is challenging for experts to calculate the carbon footprint of bitcoin mining, they all agree that cryptocurrency has a serious negative impact on the environment.
Energy prices are the other side of the coin. Many miners find that it is no longer profitable to mine bitcoin since the electricity expenses outweigh the profits.
Although the reason for migration is most often the concern for their own income, all this has led to the search for alternative ways to solve problems and the emergence of “green” or ecological mining.
At the moment, the only way to reduce the environmental damage from cryptocurrency mining is to use alternative electricity:
- Wind energy (windmills);
- Geothermal energy;
- Solar energy (solar panels);
- Hydropower (hydroelectric power plants).
Whenever possible, miners settle in regions where “green” methods of generating electricity are available. These are regions with potent rivers, sufficient sunlight for solar panels, and wind power.
The IOTA token has a low carbon footprint. Used to facilitate transactions between devices on the network. When creating, the Tangle consensus algorithm was used, which requires verification of two transactions to complete the transfer.
The cryptocurrency was created to support large programs. When creating, a new approach was used, providing for the delegation of proof of stakes. It is based on Graphene technology. The pre-extraction system saves energy, resulting in low consumption. In numerical terms, it is 66 thousand times less than what is required to mine Bitcoin. Almost 500 applications are powered by EOSIO, which indicates the prospects of a green cryptocurrency.
The second largest token in terms of capitalization is located immediately after Bitcoin. Initially, it worked on the PoW algorithm, but after updating to Ethereum 2.0, it completely switched to the environmentally friendly PoS cryptocurrency model.
PancakeSwap is one of the largest decentralized exchanges on the Binance blockchain.
Decentralized exchange (DEX) PancakeSwap ranks #3 in terms of trading volume according to CoinGecko. The exchange operates on the BSC network, the fees are lower than on the Ethereum network, and the speed is higher.
Let’s see why it is worth looking for green cryptocurrencies and investing in them on PancakeSwap.
The first feature of PancakeSwap we will call this: instead of dealing with a glass of orders and looking for someone else willing to trade the tokens you have for the ones you need, utilizing smart contracts, users provide a liquidity pool with their tokens. This allows:
- You to complete the desired transaction;
- In addition, individuals that keep their funds in the pool receive ongoing rewards.
Features available to everyone:
- DEX enables the placement of currency in reward-giving Syrup Pools;
- PancakeSwap offers gambling options including betting if the IOTA price will increase or decrease during a specific time frame;
- Additionally, it has a lottery feature where users can buy tickets in an effort to win a significant CAKE amount;
- Numerous collectible tokens (NFTs) with rabbit themes are available on the DEX. Initial Token Farm (IFO) offerings let you purchase brand-new coins from budding enterprises.
Another feature is low commissions compared to other sites.
Incentives from PancakeSwap encourage customers to cut out the middlemen that centralized exchanges have, which is a smart move. The benefits of doing so are substantial if you want to lend your tokens to a pool for a time, especially with some liquidity pools and staking possibilities.
The exchange has been audited by CertiK and is integrated with all of its security tools: Security Oracle, CertiKShield DeepSEA, and The CertiK Virtual Machine. The results of the CertiK audit can be viewed on this page. The site has also passed the Slowmist security audit. These checks make it clear that the service is not a scam and does not have obvious vulnerabilities.