Free TON - Green or Hot?
Cryptocurrency is now increasingly criticized by the environmental impact on the environment. Let's try to learn more about this, including the impact of the Free TON network in the eco.
Elon Musk, General Tesla director, stopped selling electric cars for Bitcoin. Purchases using Bitcoin turned out to be harmful to the environment, since cryptocurrency mining reserves a large carbon footprint.
And the artist Janie Lemercier canceled the sale of his work on NiftyGateway (NFT marketplace). His early work was successfully sold on this site, literally in seconds. Later, the artist learned that when selling his arts, as much energy was consumed as Lemercier's studio consumes in two years. After the resale of his work, the amount of energy consumed for this increased by about 50%. So Jeanie Lemercier realized - while he and other artists become millionaires at NFT sites, sales have a devastating effect on the environment and this fault falls on their shoulders.
The platform for demonstrating the portfolio of artists of any direction of the ArtStation refused to host NFT after criticizing the users of the service themselves, as they announced that they would leave it due to the non-ecological use of NFT.
The creator of the C++ language also said that he regrets that the Bitcoin blockchain is written in his language, including due to the high consumption of electricity and the negative impact on the environment of the planet.
The main problem within all these statements and actions lies in the fact that the Bitcoin blockchain uses the Proof-of-Work (PoW) mechanism - this means that miners use a very large amount of electricity to check the accuracy of recording, making calculations. Read more about this here.
The Ethereum network is currently using the PoW protection mechanism, but this year Ethereum co-founder Vitalik Buterin announced the upgrade of the blockchain to version 2.o with the transition to Proof-of-Stakes (PoS). To mitigate many PoW problems, the idea of Proof-of-stake was created (in 2011). This is the algorithm (Proof-of-Stakes) used in Free TON. More information about this can be found in our article "Algorithm Proof-of-Stakes in Free TON".
So, is Free TON eco-friendly? To participate in the verification process, the Free TON network does not use physical computing equipment (high-performance video cards) and spends little more electricity than if the computer was simply turned on. Of course, it is impossible to know the exact amount of energy consumed by Free TON validators at the moment.
The Free TON blockchain of course uses cryptography, like other projects, but the power consumption is much lower than that of PoW blockchains, because there is no mining process in the classical sense in the Free TON network, and the required processing power is much lower. Free TON uses staking to provide work. As a TON Crystal holder on the Free TON network, each participant can delegate their coins to the validator instead of running their own computing servers.
Can Free TON solve all the problems of greening the crypto market? Share your opinion in the comments. And you can find out what Mitya Goroshevsky and Ben Sunderland think about this topic in the podcast "Free TON podcast No. 2. Make crypto green again!".
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