Whilst Bitcoin aims to be the future for currency, many forget that actually, Bitcoin is a huge threat to the environment and the planet it wishes to support. What’s the point in creating a currency for the future, if there’s no future for the planet in the first place?
That’s what Bitcoin Green wants to change, via The Green Protocol, a stunning new concept that uses a super efficient proof-of-stake consensus, designed to repair Bitcoin’s environmentally devastating attitude. The technology behind Bitcoin Green reduces the need for supercomputers and thirsty mining equipment instead. Bitcoin Green can be mined on any computer or laptop, with ease, and with little impact on the planet, raising environmental awareness in the process.
Why Bitcoin Green? Well, according to the company website;
“The truth about Bitcoin is that it's environmentally unsustainable. If unsustainable mining continues as it's going, miners will double the energy consumption of the entire planet by 2020. This outrageous energy consumption is not necessary to secure a blockchain network and is the first and foremost problem Bitcoin Green is aiming to solve.”
“Bitcoin Green is a sustainable cryptocurrency modeled after Satoshi Nakamoto’s original vision for Bitcoin. It is a decentralized, peer-to-peer transactional currency designed to offer a solution to the problematic exponential increase in energy consumed by Bitcoin and other proof-of-work currencies.”
The Green Protocol is Bitcoin Greens smart solution, and operates via three clear and democratic processes.
First of all, proof-of-stake and masternode only mining, this means that mining is both energy efficient and profitable. Next, combination with fixed block reward. This means that the inflation of BITG, directly flows back into the value of BITG coin holders, in proportion with their current stake. This means token holders actually make the most from the currency, not third party miners as we see with Bitcoin. Finally, a fair distribution. This is a democratised and eco friendly process, that ensures all members of the community have incentives within improving the network via clean technology.
At present, with only approximately 4 million BITG mined out of a total 21 million, you could argue that mining BITG today, could be as profitable as mining Bitcoin in 2012, the big difference however is that you’re mining an Earth friendly coin and operating on a totally democratic network.
Importantly, who is behind this project? That would be, the Bitcoin Green Foundation;
“The Bitcoin Green Foundation is an organization created to bring awareness to Bitcoin’s sustainability issues. Furthermore, the Bitcoin Green Foundation will focus on education, teaching the public about cryptocurrencies and providing resources for investors and developers to learn about alternatives to proof-of-work. The Bitcoin Green Foundation believes in a future without proof-of-work cryptocurrencies. Our campaign to promote awareness will be an essential part to the success of Bitcoin Green.”