While blockchain and cryptocurrencies sound very promising for the creation of a great modern and efficient world system, creating previously unimaginable opportunities and greatly influencing almost every sector of life, the damage caused by it when it comes to energy consumption is also massive. Many climate activists have debated the very creation of blockchain for this particular reason and have greatly opposed it on international forums for the damage it is predicted to cause.

Not only this, many people even refer to cryptocurrencies like bitcoin as “energy guzzlers” as it is estimated that the total annual electricity consumption of the Bitcoin computer network is at 163 TWh which is more than what many countries use for a whole year (Compare with Switzerland in 2020, 55,7 TWh)

“Threat to world energy resources” is one of the famous labels attached to the blockchain with millions expressing growing concerns over this energy issue and pointing out that blockchain may cause a global energy crisis. Even Microsoft founder Bill Gates has commented, “Bitcoin uses more electricity per transaction than any other method known to mankind”.

But pointing out all of these negative aspects when it comes to energy consumption is not the main purpose of this post. The main purpose of this post is to deliver nothing less than a piece of good news for those who want to invest in blockchain but still wish to be socially responsible.

Yes, you read that correctly! In the online Market there are many options available such as the edeXa Blockchain who have very little energy consumption and pose little to no dangers to the sustainability of our environment.

What is the difference?

The difference between these two is the design of these blockchains. The earlier ones that have been made several years ago work on the proof-of-work consensus mechanism, which require a lot of energy-intensive “mining” of cryptographic puzzles, whereas the modern ones like edeXa Blockchain have been created keeping in mind the concept of using energy sustainably.

The edeXa Blockchain works under the “Hyperledger Fabric” category which is the modern one, is fast and energy-efficient as it does not work on the proof-of-work system.

What is Hyperledger fabric?

Hyperledger Fabric is a next-generation architecture that has low electricity costs and a controlled carbon footprint. Hyperledger Fabric is also renowned for centralizing block creation into a single resource pool and just generally has a lighter energy use. It was specifically designed to replace blockchains that have insanely high levels of energy requirements.

Conclusion:

Conclusively it can be said that to lead this comparison in terms of energy usage between the edeXa Blockchain and other Blockchains (e.g. the Bitcoin Blockchain) to a final verdict would be to declare that edeXa’s energy usage is indeed much more sustainable than others. So if you have been wanting to invest in blockchain but have been hesitant to do so because you do not want to contribute in worsening the already damaged energy reserves, edeXa is for you!

Please feel free to contact us at invest@edexa.io

Written by:
Christian Bredemeier & Shubham Koli

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