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Is green blockchain technology a way to go today ?

is According to the most recent estimates, the network consumes as much energy in a year as in Argentina. China, which generates the majority of its energy from coal, is home to 65 percent of crypto diggers. Some proponents claim that up to 74 percent of energy needs are met by sustainable sources, while these estimates are debatable. Every year, the network generates 11.5 kilotons of electronic waste. Not all cryptographic types of money have significant environmental consequences. A significant majority of them do not use mining in any way.

. A significant majority of them do not use mining in any way. Some people do require this cosmic energy, which is expensive due to the cutthroat premise of proof-of-work blockchains. Cryptographic money exchanges are documented by a conveyed group of excavators, who are aided by block rewards, rather than being saved in a central data store. These specific computers are competing in a computational competition to create new squares by solving cryptographic puzzles.

Cryptographic money proponents agree that this framework has several advantages over other monetary systems since it does not rely on a trusted intermediary or weak link. Regardless, the mining puzzles necessitate multiple energy-intensive calculations. Coal and other petroleum products are currently a substantial source of electricity in many parts of the world, both for cryptographic currency mining and other companies. In any case, because of the carbon dioxide produced by the interaction, coal consumption is a significant supporter of environmental change. According to a CNBC study, digging releases roughly 35.95 million tonnes of carbon dioxide each year.

MODERN EVOLUTION OF CRYPTO MINING

Supporters have downplayed the energy consumption of cryptocurrencies, claiming that mining operations tend to concentrate around areas with surplus renewable energy like solar energy. Sun-based – a regular fuel source – could supply just 40% of framework power before utilities would confront the need to support critical speculations with higher power costs. With mining incorporated into a close planetary system notwithstanding, energy suppliers – regardless of whether utilities or autonomous elements – would play the exchange between power costs and mining costs, just as conceivably sell the “excess” sunlight based and supply practically all matrix power requests without bringing down productivity. This deployment, along with energy storage, not only facilitates the transition to a cleaner and more resilient electricity grid but is also cost-effective. In conjunction with renewable energy and storage – is especially well suited to accelerate the energy transition. This work is merely the beginning of a fruitful exploration of solutions that help usher in an abundant, clean energy future. Solar is now the least expensive energy source in the world, but are hitting deployment bottlenecks primarily because of their intermittent power supply and grid congestion. It is a flexible loan option that could potentially help solve much of these intermittency and congestion problems, allowing grids to deploy substantially more renewable energy. By deploying more solar these generation technologies will likely fall even further down their respective cost

Businesses and world leaders have been striving for ways to go green for more than a decade. As technology continues to advance, the possibilities for eco-friendly movements expand. Now, one of today’s most promising technologies, the blockchain, could offer an innovative solution to addressing climate issues.

Blockchains are decentralized digital ledgers most often seen in the financial industry. These technologies are the foundation of cryptocurrencies like Bitcoin, but that’s not their only use. In early September, the Global Manufacturing and Industrialization Summit (GMIS) revealed a new blockchain application — green energy.

It aims to apply blockchain in several areas to foster the most growth. First, it will use blockchains to enable global crowdfunding for green energy projects. Blockchains have become popular among financial institutions for their ability to run fast, secure transactions. It will apply these same benefits to crowdfunding, helping fund renewable energy globally. Ideally, manufacturers could then use these new green technologies to produce more sustainable products.

Also read :What is TRON 4.0 and zk-SNARKs cryptographic technology ?

What is the concept security token offering in distributed ledger technology?

With the introduction of Bitcoin in 2009, Blockchain became widely accepted. While cryptos and other blockchain-related financing have a reputation for being unpredictable and speculative, the value of blockchain technology and other kinds of distributed ledger technology in finance is widely acknowledged. JP Morgan, Square, and Facebook, among other large banking and technology companies, have already entered the blockchain field. As blockchain continues to play a larger role in payments systems, such as CBDCs and stable coins, and in the context of liquidity, via asset tokenization through security token offerings, we’ll see more names. The term ‘tokens’ conjures up images of initial coin offerings (ICOs), a technique of obtaining funds for crypto ventures that became popular in 2017, and this is where we’ll start our adventure.

What exactly is a security token?

A security token is a one-of-a-kind token that represents a stake in an external asset or organisation and is issued on a permissioned or permission less blockchain. Security tokens can be issued by governments and enterprises to fulfil the same purpose as stocks, bonds, and other forms of equity. What may a security token be used for? A corporation can utilise a security token to distribute shares to investors that provides the same benefits as traditional securities such as shares, voting rights, and dividends. The benefits of security tokens are vast, as blockchain is the technology that underpins them. Transparency Everything on a blockchain network is auditable, including, in certain cases, participant identities. The ledger is open to the public and may be used to track the holdings and issuance of certain fungible and non-fungible tokens. Settlement in a flash Investors wishing to move assets are concerned about clearing and settlements. While trades are completed fast, transferring ownership can take many days.

The process is automated and speedy on a public ledger. Availability Existing financial marketplaces operate according to their own timetables, which are often only available during business hours and for a limited time. A marketplace powered by a blockchain network, on the other hand, is always open, regardless of the time. Divisibility From major hedge funds backed by Wall Street to everyday investors trading on Robin hood, asset tokenization opens up a wealth of investing opportunities for everyone. For example, a $10 million Picasso painting could be tokenized into 10,000 parts, each of which is worth $1,000. Tokenization will democratise asset access and provide greater granularity and accessibility.

To fully comprehend STOs and why we require them, we must first comprehend why ICOs were perceived as a stain on the blockchain industry’s entire reputation. From 2016 to 2018, ICOs were in high demand, and investors were willing to put their money into this innovative way of raising funds. Over $6.3 billion was invested in ICOs in the first quarter of 2018. These investments were expected to increase in value over time. The bubble, however, imploded in Q4 2018, when the “market cap” of all cryptos plunged by more than $750 billion. The Securities and Exchange Commission (SEC) of the United States has been slow to develop regulations around token offers.

How does TRON Virtual Machine (TVM) help in developing smart contracts?

The TRON Virtual Machine (TVM) was originally forked from the Ethereum Virtual Machine (EVM). TVM was specifically created to minimize resource use and ensure a robust system. This optimized virtual framework allows developers to easily access the TRON blockchain network at a low cost with its built-in energy mechanism — which accounts for transactions that do not charge TRX when executing operations. This systematic mechanism ensures several benefits: it helps prevent attacks on the platform, reduces the costs of application development, and lowers the resource costs of the platform itself.

The TVM is designed to be user-friendly and provide a convenient interface as a single point of focus for smart contract development and execution. On the Ethereum blockchain, each transaction costs a gas fee, and there is a maximum quota of gas that can be spent per block. If a new block on the chain exceeds this maximum threshold, it’s rejected. But, if an attacker somehow includes excess transactions into a newly forming block, they can effectively prevent a block from being added. In contrast, with TRON’s TVM, every transaction expends energy and bandwidth points. Instead of a globalized or cumulative threshold, each account is separately tabulated.

As a result, every account must purchase energy, and is allotted 5,000 bandwidth points per day. If an account exhausts these points, it must freeze its tokens for at least three days to generate more. It’s also possible for an account to hold insufficient bandwidth points or energy. When this happens, the system will consume the Tron coin in their account to make up for the discrepancy. By shifting transaction costs from a cumulative global model to an account-specific system, the TRON blockchain (unlike Ethereum) reduces the likelihood of attack via Denial-ofService (DoS) methods.

TRON gives its users three options for conducting shielded transactions with TRC-20 tokens. The first option allows participants to use a standard TRC-20 token and convert it to shielded form, which is called a “mint” transaction on the network. Second, users can leverage the shielded version of a token to transform it into standard form via the “burn” option. Lastly, users can move money between accounts via the “transfer” function. This option hides the identities of the buyer and seller, as well as the amount being transferred. Transactions on the TRON blockchain network have many advantages.

Third parties can verify transactions of any size, and transaction data is saved on the blockchain using advanced encryption techniques. TRON’s extensive shielded transaction features are a powerful set of tools, but on top of this, TRON is also focused on maintaining a globally adaptable blockchain paradigm. Therefore, the TRX token will not allow for anonymous or shielded transactions. A significant milestone for TRON 4.0 is the introduction of a new two-layer consensus mechanism that increases the power of the TRON blockchain exponentially. Specifically, it reduces block confirmation times from an average of 57 seconds down to just three seconds — making the TRON blockchain one of the fastest of the top 25 major cryptocurrency networks.

Which are the most widely influential Stablecoins in the market currently?

Stablecoins were created in an attempt to reduce the crypto sector’s brutal volatility.Tether (USDT), the first stablecoin, is indeed the highest and most influential in the category. It has the daily maximum trade volume of any digital asset. Today, USD Coin is the highest growing reserve, backed 1:1 by the US dollar. The New York State Department of Financial Services controls its USD-backed Paxos Standard (NYDFS).

Volatility has been almost consistent with cryptocurrencies. Stablecoins are a distinct type of cryptocurrency that tries to eliminate the uncertainty that has been heavily condemned in the sector. Stablecoins simply exist to get a non-volatile crypto substitute, thus the name.They deliver the right level of consistency for being backed by fiat currency or product they represent. Now that we’ve established what stablecoins are, let’s take a look at the most widely known stablecoins upon its market currently.

Binance USD (BUSD)

Binance, the biggest cryptocurrency exchange, introduced the BUSD to get a Binance-native solution to several other major stablecoins. Binance offers 2 fiat-backed stablecoins: BUSD, which is pegged to the Very same USD, and BGBP, which is pegged to the British pound. BUSD is the more extensively used of two and it can be used in a variety of DeFi protocols. It is the default main currency on Binance Smart Chain’s decentralized trading pools. It is not to be mistaken with Binance Coin (BNB), the native token that controls the Binance DEX (decentralized exchange).

Tether (USDT)

Tether, the first stablecoin, has been established in 2014 and it is still the highest in the sector. Tether has tried to maintain the position as one of the most powerful stablecoin on the market and take leverage of the first mover’s effect. Tether’s popularity is reflected in its daily trade volume, which places it first in the industry. In the last 24 hours, for example, more than $170 billion in USDT has been traded. Tether has a market cap it is at least twice larger than any other stablecoin.

Paxos Standard (PAX)

Since it is fully regulated by the New York State Department of Financial Services, Paxos Standard is among the most influential stablecoins (NYDFS). When Tether arrived under severe pressure during the early Bull Run, this same coin was introduced in 2018. PAX is an ERC-20 stablecoin that is pegged to the US dollar at a 1:1 ratio. PAX tokens are authorized using an audited smart contract to improve efficiency.

US Dollar Coin (USDC)

USD Coin (USDC), the most recent stablecoin, does have the quickest reserve, backed 1:1 by the US dollar. It’s not just that, but the funds are held in US-regulated financial institutions.USDC was founded in September of 2018. It is a BEP-20 token and a highly sought-after cost asset in BSC’s DeFi lending. These are some of the aspects that influence the prominence of the USD Coin. Among stablecoins, USD Coin effectively has the second-largest market cap. With a market capitalization of $11.1 billion, it is also the 16th-largest cryptocurrency

How is the tracking of origin and safety of food possible with blockchain?

Blockchain allows peer-to-peer transactions to take place fairly, without a mediator such as from a bank or even a middleman in the agricultural sector. By eliminating the need for a single organization, innovation alters the way trust is granted – but rather trusting an authority, credibility is placed in cryptography and peer-to-peer system. It relates to the redevelopment of integrity between producers and consumers, which can lower transaction fees in the agro-food market. The blockchain creates a trustworthy process of recording transactions between anonymous participants. As a consequence, forgery and malfunctions can be traditional low. Furthermore, by combining smart contracts, issues can be confirmed in real-time (Haveson et al., 2017; Sylvester, 2019). Given the complex nature of the agro-food system, it aims to alleviate the challenge of the data generation process throughout the large supply chain. Thus, technology provides solutions to consumers, government, or other stakeholders’ worries about food quality and safety. Blockchain promotes transparency among all involved parties and makes it far easier to collect accurate data. Blockchain can record every step in an item’s value chain, from the establishment to extinction. Reliable data from the farming process is extremely valuable for producing data-driven facilities and payment solutions that will make farming smarter and less susceptible. This whitepaper analyzes blockchain technology applications in agriculture and food

Tracking the origin and safety of food Can users confidently say that an apple or a chicken bought from a retailer is safe? Despite the reality, those store representatives should have all necessary documentation and certificates, users cannot see how it was previously stored or whether it contains any harmful bacteria. As a consequence, blockchain can enable customers in mastering all they need to know about others. Because it is unrealistic for store leaders to take a single infected product, they must examine the product’s history of origin. All data will be kept by blockchain-based software, started with where and when this apple or meat was born, how it was fed, where it had been sent after, and so on. As a result, both customers and suppliers will know everything there is to understand regarding food, which will boost their trust and help to know precisely what they will be consuming. A relevant example is Walmart’s collaboration with IBM to build a blockchain agriculture supply chain. Each commodity in a store could be scanned by an expert to obtain detailed info about it. All are open and public to all parties.

Everyone is knowledgeable about Bitcoin cryptocurrency. It is already one of the world’s most successful cryptocurrencies. Even so, some other cryptocurrencies like- Agrolot, CarbonCoin, PavoCoin were made solely for the agricultural sector. It is used directly by farmers and has a lot of potentials.

Also read: Is green blockchain technology a way to go today?

Is MG Astor SUV the first car in India to have a blockchain-powered passport?

Car manufacturer MG, owned by Chinese auto company SAIC, will use blockchain to record driving data in a digital passport for its new SUV car model, MG Astor. The car will be commercialized in India and MG has partnered with Indian blockchain firm Koinearth for the project,

In the automotive industry, insurance rates and resale value can be impacted by driving data. In a world without asymmetric information, insurance companies could calculate an individual’s likelihood of getting into an accident based on their driving history. Similarly, people looking to purchase a used car would be able to accurately compare the quality of cars and rely on the stated mileage.

Unfortunately, we don’t live in a world where information is fully shared, which results in higher insurance rates for good drivers and the classical lemons and plums problem in the used cars market.

Blockchain can resolve these issues because drivers could choose to share their driving data with insurers, which can be used to calculate fair insurance rates. For car sellers, sharing the data with potential purchasers about the car’s driving history and mileage will yield a more accurate price, and if drivers are unwilling to share the data, it might be a sign that the car should have a lower value.

MG’s partnership with Koinearth will record data in a digital passport, which drivers can access through MG’s app. Despite being operated by MG, users can choose with whom to share the data, and explicit consent is required before sending any information to other parties.

The digital passport gives cars a digital identity. Driving data such as gas consumption and speed are automatically recorded and stored on the passport. Other aspects that can influence the car’s “identity,” like maintenance services can be added to the app by the user. For the customer, the digital passport is simply an interface on the app, which shows the data the car has recorded. However, Praphul Chandra, chief executive officer of Koinearth, explained that it is at the center of a blockchain-based platform that connects various parties. In this case, the passport is created by MG Motors, but the data in it is owned by the user, meaning they will have to explicitly provide consent before someone else can access this data.

MG Astor will be the first car to be commercialized in India with a digital passport. Meanwhile, other initiatives are working on similar solutions. Leading names in the automotive industry, including Renault, Ford, GM, Honda, and BMW participate in a consortium, MOBI, that has been working on a Vehicle Identity Standard since 2019. The consortium conducted a proof of concept and the second version was released at the beginning of this year. In addition, Daimler developed a car wallet solution.

Also read: Is green blockchain technology a way to go today ?