Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using bitcoin,” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.” The price of Bitcoin dropped as low as 4.92% nearly 45 minutes after Musks' announcement and called public attention to Bitcoin and blockchain’s long-term sustainability problem.
Energy efficiency is the key to unleash the power of blockchain for a wide range of business purposes and the future development of bitcoin. But are there ways to change that？
The original blockchain runs on an algorithm that could consume more energy than Argentina this year, Morgan Stanley estimates.
As more computers mine bitcoin, the math problems get harder to crack and require even more processing power. This forced the industry to search for solutions for overcoming the scalability problem. One of them is GateCain, a decentralization PoS energy-saving public chain, focused on on-chain asset safety and decentralized trading.
A little overview about the company, with Gate token, the native currency of Gate.io, has increased by more than 1500% since the beginning of the year. Gate.io, the 8-year-old exchange has successfully listed as the second-largest cryptocurrency exchange in the world, in terms of volume of spot trade and traffic. The company is widely known within the crypto community for having a variety of features and decentralized technologies of different kinds.
GateChain seeks to address this issue by proof of stake (PoS) mining, attributing mining power to the proportion of coins held by a miner. This way, instead of utilizing energy to answer PoW puzzles, a PoS miner is limited to mining a percentage of transactions that is reflective of their ownership stake.
Decentralized trading and cross-chain transfers will also be supported, alongside other core features. That means processing significantly more transactions per second at minimal cost while accommodating an ever-expanding user base.
With a uniquely designed Vault Account, primed for handling abnormal transactions, GateChain presents an extraordinary clearing mechanism, tackling the challenges of asset theft and private key loss.
Low transaction costs;
Low transaction delay;
High transaction concurrency;
Cross-chain asset transfers;
Safe and flexible storage digital asset
Get funding ranging from tens of thousands to millions of dollars from GateChain labs incubator program；
High-quality projects can be deployed on GateChain's ecosystem;
Smart contract support feature reduces development costs;
The platform will also conveniently enhance DeFi with strong infrastructure support and resourceful partners, more interesting features like benchmarking other decentralized exchanges, as well as the decentralized lending platforms, will be able to provide users with an innovative DeFi ecosystem.
With the widespread use and application of blockchain technology, new technologies in the industry should be designed in an environmentally friendly manner. This change is necessary to ensure sustainability. After all, no one wants to see a disruptive, promising technology stand in the way of global efforts to reduce carbon emissions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.