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#Thai citizen #PrinyaJaravijit, who allegedly defrauded a #Finnish investor of $24 Million worth of #Bitcoin (BTC), has recently been

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#Binance Opens Its First #Fiat – #Crypto #Exchange in #Uganda Read more: Uganda's access to #financial services has been growing well

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The problem with Bitcoin: how Bitcoin is contributing to global warming

The problem with Bitcoin: how Bitcoin is contributing to global warming

While crypto enthusiasts are celebrating the potential of Bitcoin to revolutionise the way we make payments others are looking to a fundamental flaw in its design that makes the digital currency a surprisingly big polluter
The problem with Bitcoin is that one transaction creates roughly the same amount of carbon dioxide emissions as a return flight from London to Moscow.
While eight hours on a plane burns 420kg of CO2, making a payment with the world’s most popular cryptocurrency isn’t far behind at 396.5kg.
Each year, it consumes the same amount of electricity as the entire country of Austria – the equivalent of powering 6,770,506 US households.
In summary, Bitcoin uses a lot of power.
It’s one of the more recent and lesser-known contributors to climate change and accounts for 0.33% of the world’s electricity consumption, according to the Bitcoin Energy Consumption Index .
A report, recently published in the peer-reviewed journal Nature Climate Change , claimed that if the adoption of Bitcoin continues at a similar rate to other technologies, it alone could push global temperatures up by 2C by 2033 – a level which the UN Intergovernmental Panel on Climate Change considers “dangerous”.
The research paper points to Bitcoin as a major contributor to climate change and argues it should be considered just as damaging to the environment as the pollution from transport, housing and food. Bitcoin electricity consumption per year compared to different countries (Credit: Bitcoin Energy Consumption Index)
Alex De Vries, a cryptocurrency specialist at PWC and creator of the Bitcoin Energy Index, says: “I personally only looked at energy consumption and never really looked deeply into the carbon emissions.
“What we find is a pretty shocking conclusion.”
The problem with Bitcoin: Why is Bitcoin such a big polluter?
The main cause of Bitcoin’s huge power consumption stems from the mining process.
The cryptocurrency works by recording a list of every transaction ever made.
This ledger of transactions, known as a blockchain , is designed to stop people spending Bitcoin they do not own, making copies or cancelling transactions.
However, in order to update the blockchain and verify a transaction, a “proof of work” is needed, which essentially amounts to solving an extremely complex algorithm that demands a lot of computational power, and takes roughly ten minutes to perform. An Icarus Bitcoin mining rig – an example of the energy demanding computer systems designed specifically to “mine” for Bitcoin (Credit: Wikimedia Commons)
The people solving these algorithms are known as “miners” and are rewarded with Bitcoin for the massive amounts of energy and computer power needed to keep the Bitcoin network running.
But as this network grows alongside the rapid uptake of Bitcoin, the amount of computer power needed grows – and so do the emission levels.
The problem with Bitcoin: How can we calculate Bitcoin’s energy use?
Mr De Vries uses two different methods to calculate the energy usage of Bitcoin for his index.
The minimum is calculated by taking the total computational power of the network, finding the most efficient machine on the market, and then dividing the total computational power by the computational power of that machine.
Mr De Vries says: “Since we know how much energy that machine uses, you can get a rough estimate on the total energy consumption.
“But it’s a flawed number as it doesn’t take into account things like cooling and the less efficient machines that the network will be working on.” Alex De Vries, creator of the Bitcoin Energy Consumption Index (Credit Youtube)
Mr De Vries’ own financial-based method works on basic economic principles he explained.
“It should cost a Bitcoin to create a Bitcoin for the simple reason that, while its profitable, miners will continue to add more machines and if it’s not profitable they will stop mining.
“We know how much they are earning because of the price of Bitcoin.
“I am looking at what part of that is going towards electricity and, based on that, I come to an energy consumption estimate.”
These two lines, currently operating at about 55 terawatt hours (TWh) of energy and 70TWh per year, are getting closer to one another as Bitcoin miners begin using more efficient machines.
Mr De Vries adds: “The index has shown a flat line for the past month and the room for economic growth has been exhausted.
“If there isn’t any growth, there won’t be an increase in carbon emissions, and that’s something to keep in mind.”
The problem with Bitcoin: What are the greenest cryptocurrencies?
There are many cryptocurrencies that are already running in a much more energy-efficient manner than Bitcoin.
Because the energy consumption is a result of the proof of work algorithm, those that use different methods, such as a consensus algorithm or proof of stake, are much less damaging to the environment, explains Mr De Vries.
“You certainly don’t need the heavy machine power that is making the energy use of Bitcoin so high,” he says.
Traditional payment methods should also not be overlooked, as he adds: “If you look at payment systems like Visa, it publishes its environmental report every year, and based on that, we know that a Visa transaction requires one to two watt hours per transaction.
“This is nothing when compared to Bitcoin, which averages out at 800 to 900kWh– the equivalent of 30 days power for a US household.”
Although there may be a temptation to switch to these more eco-friendly alternatives given the environmental problem with Bitcoin, there is a risk.
“We know Bitcoin and the proof of work algorithm is secure and it has been running since 2009,” says Mr De Vries.
“If you use a different consensus algorithm, you could make it greener but, depending on how you set it up, it could come at the cost of security.
“Right now, these proof of stake algorithms haven’t fully proven themselves and there is a little bit of a risk there so I would be careful about simply switching to a greener alternative.
“Yes, it’s better for the environment, but I couldn’t recommend something that is less secure either.” Timeline

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Why Neo Can Do What No Other Cryptocurrency Can Do

Why Neo Can Do What No Other Cryptocurrency Can Do

Why Neo Can Do What No Other Cryptocurrency Can Do By Shobhit Seth | Updated November 3, 2018 — 7:44 PM EDT
Given recent bans imposed by China, Neo has the potential to emerge as the cryptocurrency of choice in the heavily regulated nation, and perhaps across the globe. (For more, see China Intensifies Crackdown On Bitcoin Mining .)
Since its inception, Neo’s Onchain technology was designed to be regulator-friendly with a centralized approach that is quite different from that of most cryptocurrencies. What Is Neo?
Neo was founded as AntShares by Da Hongfei and Erik Zhan in China in 2014, and was rebranded “Neo” in June 2017. It is a blockchain-based platform that supports its own cryptocurrency and enables development of digital assets and smart contracts.
Neo aims to automate the management of digital assets through the use of smart contracts , with an eventual aim of building a distributed network-based smart economy system. (For more, see Are Smart Contracts the Best of Blockchain? ) How Does Neo Work?
Neo theoretically describes its Smart Economy System as (Digital Assets + Digital Identity + Smart Contract = Smart Economy)
Assets can be easily digitized on the Neo blockchain in an open, decentralized, trustworthy, traceable and transparent manner that is free of intermediaries and their associated costs.
Users are able to record, buy, sell, exchange or circulate various kinds of assets, as Neo provides the necessary platform for linking the physical asset with an equivalent and unique digital avatar on its network. Neo also supports the protection of assets, as assets registered on its platform through a validated digital identity are protected by law.
Digital identity enables verifiable key information about participating individuals, organizations and other entities that exist in digital context.
Smart contracts enable the execution of transactions and agreements among different parties without governance by any legal system or central mechanism. The execution of such contracts is based on the programming code of the network, and it allows traceability, transparency and irreversibility of transactions.
Neo supports two cryptocoins, NEO and GAS. It supports programming in all mainstream languages including C#, Java, Go, Python and Kotlin, which enables a large community of developers to easily contribute to its platform. Focus on Regulatory Compliance
Neo maintains a clear distinction from other standard blockchain platforms, as it is focused on being regulatory-compliant. While digitized assets and smart contracts are popular on other blockchain platforms like Ethereum, the third key feature of what it calls its “digital identity” separates Neo from the rest.
Every individual, business or any other entity operating on the Neo platform is expected to have a unique digital identity that can be verified. People, businesses and projects have the option to transact among themselves only if the other party has the required identity, which makes the Neo network regulatory-compliant.
Even the various nodes on the Neo network may need to have identification before they can contribute to the transaction verification and other activities like accounting and bookkeeping. Enter Onchain
While working on Neo, the cryptocurrency’s founders, Da Hongfei and Erik Zhan, won the interest of various enterprises looking for private blockchain solutions. Thus emerged Onchain in 2014, an independent technology company that works with the necessary financial and legal frameworks and provides blockchain solutions to various enterprises.
While Neo works like bitcoin and ethereum, Onchain focuses on the creation of private and consortium blockchains to meet the specific needs of the industry.
Onchain’s major product, Distributed Networks Architecture (DNA), uses digital asset applications to help businesses by creating private and public blockchains. DNA is believed to be the blockchain platform that can be customized to address all sorts of different problems in the private and public sectors. How They Differ
Neo and Onchain are separate entities that exist independently, and neither owns the other. Neo targets the B2C segment, where C can refer to a customer or even community, while Onchain focuses on B2B enterprise services.
Both are separately funded. Neo is funded by a public community, while Onchain is backed by China’s largest private conglomerate, called Fosun.
When asked why he chose Fosun as an investment partner, founder Da Hongfei said : “The three major arms of their portfolio include finance, medical science, entertainment and lifestyle, which has good synergy with blockchain tech. This is why we chose Fosun Group as an investment partner, because we highly value the Enterprise resource that Fosun provide, a platform for Onchain to display blockchain technology.” Their Promise
The common founders of Neo and Onchain envision that they will be able to achieve cross-chain interoperability in the future. That is, a mechanism will be developed to connect and share information between the various blockchains whether they are public like Neo or private such as those operated by businesses.
As the number of blockchain-based systems continues to grow in both the public and private domains, there will eventually be a need to have interoperability among various blockchains. The teams at Neo and Onchain hope to fill this gap through their ongoing work.
However, to enable such interoperability, trust and identity become important. That gap will be filled by the intrinsic “Digital Identity” feature which is an integral part of the Neo blockchain platform.
Essentially, Neo and Onchain may pave the much-needed middle path between the completely decentralized, unregulated and anonymous blockchain system like bitcoin and the conventional KYC -compliant economy that is the present-day system of bank accounts and credit cards.
By taking an all-inclusive approach that attempts to involve and serve the needs of all parties – individual users, network contributors like miners, transacting participants, private businesses and even regulators – Neo and Onchain may be best placed to provide a holistic solution to the ongoing rift between closed-economy regulators and the open-system cryptocurrency enthusiasts. A Solution for China?
The Neo platform acts as the foundation of Onchain’s DNA concept. Neo provides decentralized, public blockchains while OnChain’s DNA fills the need for private blockchains. Linking both these systems may enable the best of both worlds.
Onchain has already received an endorsement for DNA from the government of Guiyang, the capital of Guizhou province of Southwest China. Both parties jointly released smart contract 2.0 and other Chinese blockchain technology in early 2017. In mid-2017, Onchain was among the first batch of companies that successfully passed the Chinese blockchain test, which was followed by an investment partnership with the Fosun Group.
Despite China recent tightening of its grip on cryptocurrencies, the acceptance of blockchain technology is a clear possibility. (For more, see Is Bitcoin Banned in China? )
In mid-2017, the Chinese government was reported to be experimenting and creating its own national cryptocurrency. (For more, see Chinese Government is Developing its Own Cryptocurrency .)
Despite its hard stance on the various decentralized cryptocurrencies and ICOs , rumors are swirling that the government may be looking for an alternate solution and it remains open to working with companies that are willing to play by its rules. Being local Chinese ventures, Neo and Onchain are the top contenders if this is true.
If the promising Onchain technology can be accepted and integrated with the Chinese government and businesses enabling an all-inclusive solution, then it will greatly increase the widespread adoption of Neo. The Bottom Line
The technical robustness of the Neo-Onchain concept and its centralized approach looks promising, making it an attractive option not just for Chinese authorities, but for other foreign governments that are wary of the anonymous and decentralized virtual currency market. (For more, see Bitcoin Price Crashes On Fear Of South Korea Cryptocurrency Ban .)
Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies. Trading Center
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