Blockchain is a digital ledger of transactions maintained by a community of users. It’s called a blockchain because new transactions are bundled into “blocks” of data and written onto the end of a “chain” of existing blocks that describe all prior transactions. The idea is to prevent any entity from controlling the blockchain. Blockchain has long been associated with cryptocurrency as it was originally created as the ultra-transparent ledger system for Bitcoin to operate on, but the technology’s transparency and security have seen growing adoption in many other areas.
Blockchain as technology relies on a vast decentralized network of computers and, as such, has a resource-intensive design in terms of energy consumption. Recently, the challenge of how to promote the environmentally sustainable development of the applications of blockchain without damaging this valuable sector has arisen.
The consensus is that cryptocurrency mining is one of a very energy-intensive blockchain application. So-called “miner” enables new coins to be created while, at the same time, independently verify and record every transaction made in the currency. As cryptocurrency gets more valuable, the computing effort expended on creating and maintaining it – and therefore the energy consumed – inevitably increases. More revenues earned leads to more powerful machines introduced to guess a random number, and in the end, more increase in energy consumed.
As we are very “religious” about blockchain technology, we will not argue and elaborate here whether the power consumption used for mining is justifiable or not. What makes a concern is a fact that the electricity miner use overwhelmingly comes from polluting sources (some surveys conclude that two-thirds of it is from fossil fuels).
CUPRUM Coin – the cryptocurrency of the future
As already elaborated, CUPRUM Coin cryptocurrency, unlike other asset-backed products, relies on the asset which is highly demanded by the growing sectors, like space industry. As such it is also less exposed to the market volatility risk and inflation as well. On the other hand, we want to position ourselves as environmentally friendly as possible. Having said that, our idea is to promote, as the number of blockchain application grows, rethinking about current blockchain operations, and move them towards using more sustainable, renewable energy sources. In the end, as part of the company’s responsibility to the environment, we decided to allocate the portion of profit to the programs and initiatives dealing with nature sustainability, environment safeguarding, and conserving biodiversity.
By Darko Parun