In January this year, a question was posted on a Quora forum which asked for information on the most eco-friendly cryptocurrency. Now we know that many cryptocurrencies require high energy and a lot of power to process transactions, mine tokens etc. The entire industry has been referred to as damaging because many tokens do have a large carbon footprint. Therefore, it’s key to know which tokens have less of an impact on the planet, especially if you’re conscious about your own energy use, as if you are, you’re going to want to avoid buying Bitcoin.
The answer proposed in the forum – NANO, the most eco-friendly cryptocurrency.
Though this was first proposed in January, the forum was updated with some further justifications as to why NANO is the greenest cryptocurrency around 2 months ago. Therefore, it seems that the theory of NANO being the cleanest crypto could still stand true. For the purposes of this then, we want to discount Bitcoin Green, Bitcoin Clean and all the other eco-conscious altcoins and focus on the top 50 cryptos. When we do this, the NANO project does stand out as one of the more earth conscious projects.
What does the Quora post conclude?
A user by the name of Nathan-Daniel Baird says:
“NANO is the most eco-friendly cryptocurrency as far as I know. This is a quote I have taken from the site isnanogreenyet: A redditor, /u/CanadianVelociraptor’s, excellently explained that, The entire Nano network is so efficient that, operating at 7000tps, it can be powered by a single wind turbine. Further if you visit the site isnanogreenyet, you can see that the community is donating to plant a forest that will offset the entire carbon footprint of the NANO network. The forest only needs to be 14 squared kilometers!!! That’s how little energy it takes.”
“Nano uses 0.000112 kwh hours per transaction compared to Bitcoin’s 950 KWH. At these rates it’s basically energy less, and the community is funding to ensure that it is carbon negative, not just neutral. What bonuses does this mean for the currency, well it means that it is also the only fee-less currency on the market, as well as having the fastest transaction speeds (this has been confirmed by the largest exchange in the world binance).”
As Baird suggests, let’s visit isnanogreenyet
As the website suggests and as Baird rightly mentions, the NANO community are big on ensuring they are helping to renew forests to ensure the emissions of NANO are eventually offset. Of course, it’s going to take quite a while before a forest is mature enough to totally offset NANOs emissions, but, when it does, there will be no going back and the process of NANO’s trees actually giving back to the planet will always outweigh the emissions produced by the NANO project.
How does this work?
The forest project, is in partnership with Reforestum, according to isnanogreenyet:
“Reforestum is a startup that was funded by Kickstarter and Indegogo. With their app you can purchase an area of land that they will reforest. Reforesting is the perfect way to offset the Nano network’s emissions, because as the network grows its rate of CO2 emissions will increase, and as the forest becomes more established its rate of CO2 capture will also increase.”
We must point out at this stage that though this is helping NANO to become the most eco-friendly cryptocurrency, this is not a project run directly by the NANO team, instead, it’s actually a community of fans and supporters that are making NANO eco-friendly.
Davey, the person behind isnanogreenyet has said:
“Hi, if you made it this far, thanks for reading about the project, hopefully you’ll be inspired to get involved. I’m excited about the potential of Nano and I hope you are too! If you’re not sure why you should trust a random internet guy to buy a forest with your Nano, that’s understandable. Feel free to get in touch with me on Reddit (u/davey1211) or Nano Discord (davey#9988) and I’ll try and answer any questions you might have. Let’s make this happen! Let’s strive for more, this project shouldn’t be an open and closed case. As a community, we can surpass this project’s target of a carbon neutral Nano network and hit carbon negative status. That means we’ll have an overall positive impact on the planet. So, if you have a Nano sized initiative in mind, I urge you to make it a reality!”
So, is NANO really the most eco-friendly cryptocurrency?
Well, the NANO Whitepaper does discuss how NANO was designed with efficiency in mind:
“In this paper we presented the framework for a trustless, feeless, low-latency cryptocurrency that utilizes a novel block lattice structure and delegated Proof of Stake voting. The network requires minimal resources, no high-power mining hardware, and can process high transaction throughput. All of this is achieved by having individual blockchains for each account, eliminating access issues and inefficiencies of a global data-structure.”
It would be hard to argue for NANO being the most eco-friendly cryptocurrency if its green drive was only led by its community, but, it does seem that from the start, NANO was created with an eco-friendly edge in mind, therefore, combined, the work of NANO and the work of the community who use it, NANO could very well be considered the most eco-friendly cryptocurrency.