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Blog URL: https://xrpcommunity.blog/we-must-lead-crypto-out-of-the-dark-ages/ The cryptomarket must leave environmentally-destructive tech behind to grasp its future; this and all the latest market news about XRP in today's blog! 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐂𝐫𝐲𝐩𝐭𝐨 𝐍𝐞𝐰𝐬: Will the government shutdown delay the introduction of the Token Taxonomy Act in the U.S.? One source says Valentines Day might hold the answer. 𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: Brad Garlinghouse participates in a memorable panel discussion at the Davos World Economic Forum; Tsinghua University Institute for Fintech Research is added to the list of UBRI participants; and Ripple publishes the 2018 Quarter 4 XRP Markets Report; 𝐂𝐨𝐢𝐥 𝐍𝐞𝐰𝐬: Sabine Bertram from Coil creates an application that rewards survey participants with XRP. 𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: R3 establishes the Corda Network for governance functions, and lands a major win with ING; BTCExa announces a new pairing for XRP; and Freewallet indicates its plans to offer XRP support. I hope you enjoy the read: Please feel free to share my blog with a friend or share it on any other platform - and thanks for doing so! My blog announcement links on other platforms: Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
Currently awaiting my resurrection, and wanted to contribute with my first post I recently came across a detailed and analysed article into the energy consumption requirements of Bitcoin (first part of the article, the seconds trails off into specifically bitcoin mining) https://oilprice.com/Energy/Crude-Oil/How-Many-Barrels-Of-Oil-Are-Needed-To-Mine-One-Bitcoin.html One table which stuck out was the below. From my understanding of XRP for power consumption it would be similar if we substituted visa for XRP Now a question - as bitcoin (appears) to factor in the cost of consumption of energy (and speculation), does XRP relative ease of creation limits its inherent value? I view bitcoin currently as a product - something which has been made at a cost of a commodity. Beyond the creation of Ripple as a company and associated running costs, XRP has no real production cost and theoretically another 100,000,000,000 could be created at marginal cost (correct me if I'm wrong). Maybe a better question would be beyond Fiat, does anyone have another of an example asset that is not backed by a commodity or has a very low cost to produce on a quite frankly infinite scale that is widely used, and importantly has grown sustainably?. At the moment my biggest concern with XRP (I currently HODL) is the sole driver of price appears to be only speculation. Maybe a bit of a convoluted post - forgive me, just be interested to hear thoughts
Proof of Work consensus algorithms require the usage of massive amounts of electricity, for CPUs to mine for bitcoins and other alt coins. For bitcoin, it's coal-fueled mining facilities in China have become a subject of much attention and debate, as the miner's interests are only about generating bitcoins as a mining reward. They do not focus on other metrics, such as uptime and network stability, as Ripple does. Here are some pictures of one such mining operation: In contrast, other types of consensus algorithms do not require this energy, because consensus can be achieved in other ways. When it comes to blockchains, the most common alternative is a hybrid of a consensus approach known as "Proof of Stake," where the consensus is achieved by nodes that have the most "stake" or amount of coins. (source: https://en.wikipedia.org/wiki/Proof-of-stake ) This approach is still considered a bit of a novelty, and requires a hybrid approach to start off the blockchain at its beginning stages - essentially hard-coding in a starting distribution of the stake to initiate the protocol. The other consensus algorithm is one that has been proven stable over many years of use; the XRP consensus, which uses a byzantine consensus algorithm. It's not considered a proof of work or a proof of state, but instead is centered around a "voting" mechanism among trusted nodes on a network. This means that no "mining" is necessary on the RCL, and it is by far the most energy-efficient method of achieving transaction confirmations, even more so than a hybrid Proof of Stake. The enery consumption of those networks (such as ETH or BTC) is no small matter. Bitcoin currently is estimated to generate 2,000,000 metric tons of CO2 every year. I have seen no such estimate yet of Ethereum, but because it's a POW blockchain, it will require or imply electrical consumption to fuel its consensus algorithm, and to keep it's network secure (source: reddit.com/r/ethereum/comments/3mchof/question_why_switch_to_pos/ ) The general public has shown a tendency to opt for "green energy" solutions in almost every industry where they know about the choice, or it's clearly labeled. In the case of crypto-currency, Ripple has chosen not to trumpet the "green-ness" of their solution, instead focusing on its incredible efficiency, but for me, it's good to know that the environment is benefiting from my choice of investment as well! Stay Green! Buy XRP!