There is a way for decentralized finance to become more sustainable. These are the brands leading the way.
Cryptocurrencies have been hailed as the future of finance, decentralizing the world’s wealth and providing greater transparency and security. However, there is an inconvenient truth that faces the industry: its environmental impact.
Bitcoin is estimated to use 136.38 terawatt-hours of electricity annually, more than Argentina or the United Arab Emirates, with each transaction using as much power as an average American household over 73.52 days. And Ethereum consumes more power than the Philippines or Belgium.
At a time when the climate crisis dominates the world’s consciousness, many people find it hard to reconcile investing in an industry that is contributing to the planet’s problems.
Several cryptocurrencies have reacted to the environmental threat being posed by their industry and formed their version of the Paris Accord, the Crypto Climate Accord. By 2025 they aim to use fully renewable energy and, by 2030, to have net-zero emissions. Wax, a certified carbon-neutral blockchain, and newly launched Mushe are taking their commitment to sustainability seriously too, leading the industry when it comes to environmental responsibility.
Mushe, the eco-friendly cryptocurrency
Launching in July and with the pre-sale starting in April, the new Mushe token (XMU) is predicted to make waves with its lower entry costs, focus on crypto-education and general ease of use. The creators of XMU have focused not only on accessibility and the user experience, they have also already made an important environmental commitment.
Leaving high-power consumption proof of work mining behind, the new XMU will consume far less energy than tokens like Bitcoin and will also incentivize the development of eco-friendly technologies.
Mushe focuses on wellbeing and will encourage Environmental, Social, and Governance (ESG) initiatives, through a reward system.
One per cent of Mushe’s total assets has already been allocated to charitable causes with eco-friendly agendas, such as preventing world hunger, whilst Constellation, its blockchain provider, also has a long-term commitment to using 100% renewable energy.
Wax, the carbon-neutral blockchain
Wax has taken centre-stage with its alternative to the Ethereum-based NFT marketplaces. It is estimated that selling NFTs on Wax rather than Ethereum has already saved four million tons of carbon dioxide from being released into the atmosphere. This would take 88.9 million tree seedlings ten years to counter.
At a time when blockchains seem to be sending us back to the coal age, Wax is a breath of fresh air. Just like Mushe, it refuses to work with proof of work mining, where powerful computers fight to solve complex equations and be rewarded with tokens. Instead, it focuses on a proof of stake system.
With this system, users offer coins as collateral so their machines can verify blocks. “Validators” are then randomly selected to mine. This eliminates the competition and significantly reduces the environmental cost.
While there are concerns over the future role of cryptocurrencies, given the environmental impact many have, there are ambitious companies looking to pave the way to a more responsible form of crypto.
Decentralized finance is the future, and with the Crypto Climate Accord and groundbreaking companies such as Mushe and Wax, there is hope that the future can be more sustainable too.
Learn more about Mushe (XMU)
Official Website: https://www.mushe.world/
Presale Registration : https://portal.mushe.world/sign-up
Telegram: https://t.me/MusheWorldXMU
Twitter: https://twitter.com/Mushe_World
Instagram: https://www.instagram.com/mushe_world/
Source: Plato Data Intelligence: PlatoData.io
