The founder of Cardano, Charles Hoskinson, has been known to be somewhat eccentric in the past. Challenging Youtubers to boxing matches, (allegedly) claiming to be Satoshi in the past, falling out with Vitalik and calling him a “communist”, and much more. However, many believe that Hoskinson, and his brainchild Cardano, ought to receive more credit for the furtherance of making cryptocurrencies more friendly, and the ADA price could benefit in the future thanks to their green credentials.
Researching and developing “Proof of Useful Work”
Charles Hoskinson has been congratulated by the Ripple co-founder Chris Larsen for the work that he has done thus far to help crypto and climate initiatives.
Separately, some may not be aware, but Charles has been instrumental in crypto + climate initiatives, specifically researching and developing code for Proof of Useful Work (a way for Bitcoin to become a carbon-negative chain). I appreciate you engaging on this important issue!
— Chris Larsen (@chrislarsensf) October 9, 2022
The idea behind “proof of useful work”, which is an entirely new blockchain consensus mechanism, is that instead of rewarding miners for the energy that they expend in Bitcoin mining, they are instead rewarded for performing computations that are useful, such as machine-learning to improve the efficiency of artificial intelligence.
Cardano could benefit from green credentials
As a blockchain that uses proof of stake, Cardano is already well-positioned to capitalise on environmental narratives, since it is widely accepted that proof of stake is a consensus mechanism that uses far less energy than proof of work, and is therefore less destructive to the environment and with a far smaller carbon footprint.
All of the same benefits that have been conferred to ETH as a part of the transition from proof of work to proof of stake mean have already existed in Cardano for years – all of this achieved without reputation-damaging forks such as ETHPoW and Ethereum Classic which continue to operate using proof of work.
Cardano could benefit from Ethereum’s shortcomings
The Cardano community has been virulently hostile towards the Ethereum community as of late, with many supporters of Cardano truly believing that the price of ETH will one day be eclipsed by ADA.
One of the main issues with Ethereum at the moment is that, although the transition from proof of work to proof of stake is now complete, the entire transition is not: all of the Ethereum that is staked in the deposit contract remains locked in there until the upcoming Shanghai hard fork, which is expected at some point in 2023.
The Cardano community has enjoyed mocking the fact that Ethereum’s price is floundering so heavily even before 14m ETH have had the opportunity to be circulating and sold into the market, with many treating Ethereum as “proof of locked ETH” rather than “proof of stake”.
The fact that so much ETH is locked isn’t just a problem for the Ethereum price going forward, which will surely face a huge deal of selling pressure when so much ETH comes back onto the market, but it is also a problem for ETH’s decentralisation.
Currently, the three largest entities that are staking ETH (Coinbase, Kraken, and Lido) are responsible for over 50% of Ethereum’s validators. This is a huge problem, and cannot be fairly compared to Bitcoin’s centralising of mining pools (five mining pools control over 50% of the hash rate) since miners can (and do) very easily change which pool they are mining in.
IMPT could also benefit from the green narrative
IMPT is another project that could benefit hugely from the green narrative over the coming months and years, andis vying the position of the “greenest” cryptocurrency in the entire space, given that the entire basis of the project is focused on incentivising individuals and companies to reduce their carbon emissions.
Thus far, IMPT has already managed to successfully raised $2.7m in the presale, and is attempting to become one of the greenest cryptocurrencies in the entire space.
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IMPT - New Eco Friendly Crypto
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