cryptocurrency

Lately, there have been a lot of shocking revelations about the environmental impact of cryptocurrencies. Cryptocurrency might become the future of global finance and the economy. But considering the environmental impact of cryptocurrencies, several investors are hesitating to invest in the crypto market.  Reports state that the entire Bitcoin mining industry leaves a carbon footprint.  Massive energy consumption and electronic waste form a part of the effect of cryptocurrency on the environment. But not every cryptocurrency uses the same resource model. Nowadays, investors are moving towards more sustainable forms of transactions.

So, here is a list of the top 10 environment-friendly cryptocurrencies to invest in 2021:

  1. Nano (NANO): Nano is not only affordable but also fast and eco-friendly. It uses less energy compared to Bitcoin and other cryptocurrencies. It has a ‘no mining, printing, or minting’ policy and uses a lightweight resource model which, is also easier to process. With no mining rigs and its reliance on the proof of work algorithm, Nano is considered one of the eco-friendly
  2. BitGreen (BITG): In 2017, BitGreen was launched as a reply to the environmental impact of Bitcoin. It is a community-driven initiative, and similar to Nano, it functions based on the proof of work model. It is a sustainable alternative to other resource models and is currently used by many cryptocurrencies.
  3. SolarCoin (SLR): SolarCoin is a global, decentralized, and non-governmental cryptocurrency coin that encourages environmental progress through the installation of solar panels. It uses an algorithm that helps to record transactions that consume only a fraction of energy compared to Bitcoin.
  4. Tron (TRX): Tron is a non-profit organization and public blockchain that supports almost every programming language. Its peer-to-peer platform allows users to share applications directly on the blockchain, making cryptocurrency transactions more efficient and swift.
  5. Polkadot (DOT): Polkadot is a multi-chain network that helps bridge the gap between different blockchains and functions based on the proof of stake model that helps in holding coins within the network and prevents intensive cryptocurrency mining, saving tons of energy.
  6. Stellar (XLM): Similar to Polkadot, Stellar focuses on bridging the gap between digital currencies. It is one of the longest established cryptocurrencies and has widely profited from the 2021's gains, with its value nearly rising to 300% since the beginning of the year. Stellar uses the consensus protocol for its transactions. The SCP is an open-source model and promotes energy efficiency through a set of trustworthy nodes and saves massive amounts of energy.
  7. Burstcoin (BURST): This cryptocurrency coin is designed to be more energy-efficient and is also a model for green mining. Burstcoin's blockchain functions on the proof of space model which uses the mining application's available disk space rather than intensive and energy-consuming mining procedures.
  8. Cardano (ADA): Cardano was created by Charles Hoskinson, the co-founder of Ethereum. It is more energy-efficient since it uses the proof of stake consensus where the investors have to buy tokens to join the network. This procedure saves an astonishing amount of energy and uses 6GWh of energy, yearly.
  9. Ripple (XRP): Ripple is not a currency, instead, it is a pre-mined token that helps bridge asset transfers. It uses the Ripple Protocol Consensus Algorithm (RCPA), which allows 80% of the network's global validators to approve a transaction before they are added to the Ripple ledger. It is a secure and efficient network that is swift and also costs less.
  10. Eosio (EOS): Eosio is a public blockchain that is simple to use and processes several programming languages on its platform. It uses the proof of stake algorithm that enables pre-mined EOS tokens that can also be used to trade in the standard cryptocurrency exchanges.