Sustainability has become an increasingly important focus of many crypto projects. These cryptos use eco-friendly technologies to reduce their energy requirements and seek to reduce their carbon footprints. With the world on alert due to global climate change, it is possible for these altcoins to reap big gains in the future. This article includes 9 altcoins that one analyst predicts will rise in this context. Among them is AVAX.
“AVAX and these 9 altcoins have a bright future”
Many of the most energy-efficient altcoin projects put sustainability first. Thus, they are trying to appeal to a wider audience of potential investors, and it is possible. According to the analyst’s list, the future of these 9 altcoin projects, including AVAX, is bright. These are the most energy efficient altcoins with an emphasis on sustainability. As Kriptokoin.com, we have compiled the analyst’s list for you.
Ethereum (ETH)
The network has become the center of attention in the last few years because of its smart contract functionality. Therefore, Ethereum needs no introduction. This functionality has made the Ethereum network the only place for decentralized application (dApp) developers. Meanwhile, Ether has also fueled the development of Metaverse, NFT, and decentralized finance (DeFi). With the Merge upgrade on September 15, the altcoin switched to the PoS mechanism. Now the network will consume 99.95% less energy. This is expected to reduce all electricity consumption in the world by 0.02%.
Tezos (XTZ)
Those looking for an alternative to Ethereum may turn to the highly sustainable Tezos (XTZ). Like Ethereum, Tezos is an open-source Blockchain network with smart contract capabilities. However, Tezos uses a ‘liquid PoS’ protocol designed to be as energy efficient as possible. According to Tezos’ website, the network has an average carbon footprint of just 17 world citizens. Also, many reports state that the network is the most energy efficient altcoin in the Blockchain industry.
Polygon (MATIC)
Polygon acts as a layer-2 scaling solution for Ethereum. It emerged as one of the most sought after crypto projects following the Merge upgrade. While Ethereum was in the process of developing scalability, there were concerns that the Polygon network would no longer be needed. But Merge, Polygon has established a unique position in the market and has helped increase its longevity. Polygon is as energy efficient as its competitors. Accordingly, it has a lower carbon footprint than Microsoft and Deloitte.
Avalanche (AVAX)
AVAX has long been touted as one of the altcoins with the most potential due to its innovative multi-chain approach. Avalanche does not use a chain like Ethereum and Solana do. Instead, it has three chains. Thus, it allows the network to assign specific tasks to specific chains. Meanwhile, AVAX uses a PoS model called “Avalanche Consensus” to be a highly sustainable network. With this model, the network manages to reduce its carbon footprint while operating extremely quickly.
Algorand (ALGO)
Algorand is a Blockchain founded by prominent cryptographer Silvio Micali, who won the prestigious Turing Award in 2012. Many are betting that Algorand is one of the best long-term crypto projects due to Micali’s management. This network is able to process transactions faster than Ethereum while keeping its accessibility high. The altcoin meanwhile, through the ‘Pure Proof-of-Stake’ consensus protocol, the network is now carbon neutral. So it is extremely sustainable and investment.
Ripple (XRP)
Ripple differs from many other projects on our list as it focuses solely on revolutionizing the payments industry. Using Blockchain technology, the network processes digital transactions much faster and cheaper than traditional payment systems such as SWIFT. Accordingly, it takes only 5 seconds to execute transactions on Ripple. Also, the XRP Carbon Calculator shows that every transaction on the Ripple network consumes only 0.0079 kWh of electricity. This means less energy requirement than producing paper money.
TRON (TRX)
TRON emerged as one of the most trending cryptos in the market in mid-2021, when the price of the token increased by over 660%. Investors found TRON attractive for its purpose of decentralizing the internet, with a particular focus on the entertainment industry. It supports smart contracts like Ethereum and token generation on this network. In terms of sustainability, the TRON network only consumes as much electricity as 15 US households per year. Therefore, he is likely to make big gains in the future.
Stellar (XLM)
Stellar is an environmentally sustainable cryptocurrency operating in the payments industry. Like Ripple, Stellar aims to make cross-border payments faster and cheaper than it currently is. It makes this possible with a unique consensus mechanism. According to Stellar, a node running Stellar’s software consumes only 261,435 kWh of electricity per year. That’s about the same as 22 US households. In addition, the project continues to work to increase energy efficiency.
Cardano (ADA)
Cardano is in the last place on the analyst’s list, which includes popular ones such as AVAX, XRP. Cardano is often recognized as one of the best altcoins on the market due to its peer-reviewed approach, with the leadership of Ethereum co-founder Charles Hoskinson. Like Ethereum, Cardano has become a hub for dApp developers operating in various industries. This Blockchain, which uses the PoS mechanism, also aims at sustainability. It publishes a report on its carbon footprint every year and targets net zero emissions.
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