Polkadot (DOT) clearly knows one or two things about the future of blockchain. In a world when a huge energy crisis is terrifyingly the governments, it’s time to put catalytic convertors on mining rigs. Arguably, a storm of regulatory actions is about to hit gas guzzling cryptocurrencies like Bitcoin. With that, the leading altcoin by market cap is moving on to Proof of Stake mostly out of necessity. Considering the scale of Ethereum and its energy consumption, they simply can’t risk getting hurt by any new laws that will potentially limit their activities. Now, While Vitalik and his team are days away from the Ethereum merge, they will have to pull a miracle to stay relevant. In the meantime, Polkadot (DOT) has remained the most energy efficient blockchain. Once again, proving that blockchain does not necessarily need to brutally consume our electricity to make the whales rich!
Get Ready for Winter
But Satoshi isn’t ready for winter. In fact, the best part about Nakamoto is all the conspiracy theories about him. With him gone, Bitcoin is left in the hands of modern day philosophers like Michael Saylor who pathetically lost $1 billion and respectfully lost his CEO position in MicroStrategy. Another Bitcoin proponent is Jack Dorsey who is busy with Elon’s lawsuit and the great disaster of Twitter bots. To be honest, Bitcoin maximalists have no charismatic leader and of course no tendency to show flexibility. And perhaps, flexibility is all that gets crypto through these times of crisis.
Speaking of crisis, there’s a big one on the horizon as the European union is bracing for a heck ton of cold showers. Once laughing out loud at warnings of their overdependence to Russian gas, EU leaders are now facing the biggest energy shortage in the history of modern Europe. Talk about shooting yourself in the foot! With extreme measures to cut energy consumption, it’s hard to imagine EU letting BTC miners operate. But, the energy shortage and drought is happening all over the world. While this may be speculation, there is overwhelming amount of evidence signaling rocky roads ahead. A winter, to be exact. And in this period where politicians are promising swift action, he who is efficient, shall be pumping and smiling.
Once again, Polkadot (DOT) network has come out on top as the greenest blockchain. This will surely please her majesty Greta Thunberg who knows everything about everything. Sarcasm aside, Polkadot has done an impressive job staying ahead of the curve.
According to new research by Polkadot Insider, the DOT network consumes only 0.1 GWH. To put that in perspective, this is roughly about six US households on average. Impressively, this low fuel consumption is also accompanied by great scalability. In fact, the Tezos network consumes the same amount of energy but lags behind in scalability.
As for other networks, Algorand takes the third spot with 0.5 GWH while Cardano and Avalanche are next. At the moment, Bitcoin still remains as the tree killing, bird murdering diesel sipping king of all pollution with 89000 GWH consumption. And Ethereum, is supposed to reinvent itself by the end of September. We will keep you updated on how that goes.
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog