Chia And Big Eyes Coin: Two Cryptocurrencies to Look Out For 2023
In this article, we will be looking at Chia (XCH), and Big Eyes Coin (BIG), two cryptocurrencies that are paving the way for an environmentally friendly future in crypto
Critics are slamming cryptocurrencies, especially Bitcoin (BTC) for hugely negative impacts on the environment, such as an immense amount of electricity use and carbon emissions in mining cryptocurrencies. Many people believe that all cryptocurrencies are energy-guzzling demons, and whilst this is true for proof of work (PoW) consensus mechanisms, there are many tokens that are much more energy efficient.
In this article, I will be looking at Chia (XCH), and Big Eyes Coin (BIG), two cryptocurrencies that are paving the way for an environmentally friendly future in crypto.
Chia: The Energy-Efficient Cryptocurrency
Chia (XCH) is a cryptocurrency that uses a different consensus mechanism called "Proof of Space and Time" (PoST) as opposed to Proof of Work (PoW) which is used by Bitcoin (BTC), and Proof of Stake (PoS) used by other cryptocurrencies like Ethereum (ETH).
In PoST, instead of solving complex mathematical problems or holding a certain amount of cryptocurrency to validate transactions and add new blocks to the blockchain, validators need to prove that they have a certain amount of disk space available to store a "plot" of the blockchain. These plots are essentially large files that are created using a process called "farming" which requires a lot of storage space, but relatively little computational power.
The idea behind PoST is to create a cryptocurrency that is more sustainable and environmentally friendly than those that use PoW, which are known to consume large amounts of energy. Since the mining process doesn't rely on computational power but on the storage space, it reduces the overall energy consumption.
Chia has been created by Bram Cohen the inventor of BitTorrent, and the company behind Chia has stated that it aims to make the farming process more decentralised and more accessible to people, by enabling anyone with a computer and a hard drive to farm Chia.
Big Eyes Coin: Saving Our Seas
Big Eyes Coin (BIG) is one of the few cryptocurrencies that is both a meme coin, and also trying to bring about social change to the world. One of Big Eyes Coin’s main purposes is to save our oceans. Overfishing, oil spills, and plastic pollution are having a huge effect on the oceans right now, and are endangering many species. Ocean sanctuaries are key in protecting these endangered species, and Big Eyes Coin looks to aid these sanctuaries by supporting them financially. The tokenomics of Big Eyes Coin aims to do this - 5% of all tokens are held in a visible charity wallet and these tokens will be donated to the aforementioned charities.
Additionally, Big Eyes Coin runs on the Ethereum network, which uses a proof of stake method for validating transactions. This is 99.9% more efficient than Bitcoin’s proof of work consensus mechanism, and so Big Eyes Coin’s carbon footprint is minuscule compared to coins that use proof of work.
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Big Eyes Coin (BIG) and Chia (XCH) are both fantastic cryptocurrencies that are environmentally friendly. It is also important to note that while cryptocurrency mining (especially Bitcoin) is a significant contributor to carbon emissions, it is not the only contributor. Many other industries, such as transportation and manufacturing, also produce significant amounts of carbon emissions. Additionally, cryptocurrencies could potentially have a positive impact on the environment by reducing the need for banks and other financial institutions, which have their own carbon footprint.
Big Eyes Coin (BIG)
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