BigONE Strategy: environmental friendly cryptocurrencies worth paying attention to in the near future

Recently, since Elon Musk suspended Tesla’s Bitcoin payment, the high carbon content of cryptocurrency mining has always dominated the news. Musk was concerned that mining popular digital currencies would take a lot of energy. Because of Bitcoin, Ethereum creates new currencies and validates transactions that consume as much energy as medium-sized countries each year.

Presently, both Bitcoin and Ethereum are mining using a model called “Proof of Work”, but unfortunately, the system's design is extremely inefficient, and it needs a lot of computing power. Therefore, the more valuable Bitcoin becomes, the more people are motivated to use more energy to mine it. Many newer digital currencies use the “Proof of Stake” model for mining. Because it limits the available computing power and only those who own stakes can participate, it can use more environmentally friendly methods to ensure transaction security.

BigONE has discovered even more environmentally friendly cryptocurrencies that are worth the attention of investors.

ADA

ADA is probably the most popular proof-of-stake cryptocurrency. The team behind this third-generation cryptocurrency has developed a new blockchain that is more sustainable and scalable than Bitcoin and Ethereum. ADA uses roughly the same energy as 600 American households each year and aims to provide a programmable ecosystem to solve real-world problems. All eyes are focused on plans to launch its smart contract feature later this year. These automatically executed contracts are a small piece of code that supports many programmable applications on the Ethereum network, and some people believe that ADA may eventually surpass Ethereum.

XRP

Ripple is a global payment system and currency exchange system designed to transfer funds faster and lower costs anywhere in the world. With no mining and proof of work, Ripple considers it to be one of the most environmentally friendly currencies on the market, and it also promises to be carbon neutral by 2030.

Ripple protects itself through a consensus model. That is, a group must approve every transaction of trusted verifiers. There is no need to mine new coins because Ripple launched 100 billion coins initially and will gradually be put on the market in the future. If you consider buying Ripple, BigONE reminds investors to be aware that it is in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC believes that Ripple is Security, not a cryptocurrency, and therefore should be subject to different regulations.

XTZ

Tezos uses a variant of the proof-of-stake model to protect its network. It is a programmable blockchain that can support applications and smart contracts. The currency encountered difficulties after issuing a large number of initial tokens in 2017, and internal management disputes delayed the platform's launch, which led to legal issues. As the Ethereum network is currently crowded, application developers are looking for alternatives, and many people think that Tezos may benefit from this. And it recently launched its own NFT platform. At the moment when NFT is hot, Tezos is indeed attractive enough.

NANO

Nano hopes to provide a free and sustainable digital currency system. Its original intention was to make the system using it easy and affordable. Unlike other cryptocurrencies, Nano does not maintain a chain that records every transaction. On the contrary, Nano accounts form a grid of connected blocks in which each user can control his own account. The energy required to run each transaction is minimal and can be powered by an ordinary computer. Nano’s streamlined and lightweight design makes it faster and more environmentally friendly. However, according to the information received by BigONE, it has recently been affected by a large number of spam attacks, which shows that there are still many aspects to be improved. Nevertheless, BigONE believes that Nano is still a promising payment system that deserves attention.

These are typical representatives of environmentally friendly cryptocurrencies that BigONE believes can be found in the market. In fact, any cryptocurrency that does not use the “Proof of Work” model is environmentally friendly. Because their energy consumption is minimal and their sustainable development momentum is good, BigONE believes it is meaningless to invest just because they are environmentally friendly. Safety, supervision, and management are also important factors that investors should consider. And BigONE recommends that it is only wise to invest in funds that you can afford to lose.

About BigONE

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.