Anyone knows that cryptocurrency is the money of the future. However, this futuristic future could cause enormous damage to the environmental system. Cambridge University experts have concluded that mining is the biggest environmental problem.
Bitcoin is a good example. It uses more power per unit than Argentina's entire and it's unlikely that this number will decrease in the near term.
In 2024 the greenhouse effects of mining farms situated in China will be greater than the greenhouse effect of Phillipine. Bitcoin was the first cryptocurrency to utilize technology known as proof-of-work. But, as with any new technology, it's not a perfect solution. Today, more advanced blockchain platforms are utilizing proof-of- stake technology.
What is Proof of-Work and proof-of-Stake?
Proof of Work and Proof of Stake
These are the two most well-known technologies https://crypta.news/%d0%b6%d0%b5%d0%bd%d1%89%d0%b8%d0%bd%d1%8b_%d0%b2_%d0%ba%d1%80%d0%b8%d0%bf%d1%82%d0%be%d0%b2%d0%b0%d0%bb%d1%8e%d1%82%d0%b5/ used in cryptocurrency. These two technologies offer different proofs of work.
Proof of-of-Work technology, which secures the cryptocurrency network is based on the idea that its users can find solutions to their tasks.
Proof-of-Stakeis a crypto network security technology that protects cryptocurrency networks. It is the place where the block-forming participant is determined by his proportion of the total amount of coins.
Both systems have advantages and drawbacks. PoW technology is extremely intensive, energy-consuming, and resource-intensive. hence, modern blockchains prefer PoS.
Does Cardano use PoS technology?
For example, Cardano is a 3rd generation public blockchain. Cardano is a third generation public blockchain which solves issues such as (scalability huge energy consumption) Cardano uses Proof-of-Stake technology which consumes much less energy. It is crucial to note that the ADA Cardano cryptocurrency has not been mined. In simpler terms, it is not mined like Bitcoin.
Cardano is a http://www.thefreedictionary.com/crypto revolutionary technology cryptocurrency.
Cardano Charles Hoskinson
Together with the Cardano Foundation, the eco-project Cardano Forest has raised funds since 10 January 2022 in order to plant one million trees at Madagascar, Indonesia, Kenya and Nepal through the ADA cryptocurrency.
"Cardano Forest was fully funded. 1,000,000 trees will be registered on the Cardano Blockchain. Frederik Gregaard (CEO of the Cardano Foundation) wrote on Twitter that our achievement was proof of environmental restoration activities.
What is Veritree?
Veritree is a start-up that assists businesses, organizations as well as consumers to raise funds to restore the natural ecosystem on the planet. Veritree is a start-up working with organizations that are growing plants and standardizes the collection of data, management, loading confirmation delivery and verification of information.
How do they work?
It is very simple. Veritree, a cryptocurrency-based startup, and the Cardano Foundation plant a tree for every TREE token , which can be exchanged against an AD token. Each TREE token is one tree. The minimum amount for purchase is 15 ADA tokens. The TREE token can then be exchanged for non-interchangeable tokens as well as digital trees (NFT).
According to the most recent Veritree report the largest amount sold was $100,000 ADA (which equals around $111 thousand).