“Blockchain is the only one that can achieve success.”

Cryptocurrency It has a reputation for being a huge power hog, but a new platform is trying to flip the script.

In a press release he shared CointelegraphAlephium explained how it was chosen as the primary blockchain in partnership with Gigatons, a platform dedicated to dramatically reducing carbon dioxide pollution.

Alephium is a proof-of-work blockchain, which means it helps process peer-to-peer cryptocurrency transactions without the need for a third party, except that the organization duplicates its own verification. technology “Proof of Less Work (PoLW) consensus” aims to “dramatically reduce energy consumption while maintaining the highest standards of security and decentralization.”

Traditionally, proof-of-work consensus is more energy-intensive than proof-of-stake, which the Ethereum platform moved to in 2022. I mentioned recently Which helped it reduce associated carbon pollution by 99.95%.

According to Alephium, its “work-less” consensus is “uniquely scalable and energy-efficient, making it the ideal solution for high-impact projects like Gigatons that require scalability, security, and environmental responsibility.” The release didn’t provide extensive details about how much power it could save or its methods for doing so, but Qing Wang, inventor of the “less proof of work” concept and founder of Alpheum, discussed the principles in 2022 medium company participation.

Gigatons hopes to use cryptocurrencies “to bridge the gap between traditional finance (TradFi), decentralized finance (DeFi) and renewable finance (ReFi) to verify the carbon impact.” This means that investors can tokenize their investment dollars and track how the projects they invest in can reduce carbon pollution.

Until now, Gigatons – a branch from the United Kingdom Electric vehicle shipping a job gridserve – He has two net zero projects. One is to collaborate with Flow Power to bring an electric vehicle charging network to Australia, and the other is to launch a bitcoin mining project with Hearst that uses solar energy.

According to A United Nations studyBetween 2020 and 2021, Bitcoin mining activity consumed 173.42 terawatt-hours of electricity. Despite the emergence of renewable energy sources, the electricity grid still relies mostly on them Dirty, polluted fuel.

The United Nations said that the polluting effect of Bitcoin is equivalent to burning 84 billion pounds of coal, and to compensate for the harmful effects Environmental damage– 3.9 billion trees must be planted.

Furthermore, Bitcoin also used enough water to fill more than 660,000 Olympic-sized swimming pools during this period, while mining activity also requires land 1.4 times the size of Los Angeles, according to the UN report.

If the Gigatons platform achieves its goals, it could help alleviate some of these issues. However, it remains to be seen whether such a partnership with Alpheum will be successful in achieving its goals of mobilizing $100 billion in green investment.

“After evaluating all options, Alephium emerged as the only decentralized blockchain capable of providing the scalability, security, programmability, and sustainability we need,” Gigatons co-CEO and Gigatech CEO Heston Harper said in the statement.

“This partnership provides us with the latest technology technology “It is needed to protect and mobilize the $100 billion we aim to tokenize over the next decade, leading our ambitious mission in the net zero era.”

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