Anyone experiences with energy efficient cryptocurrencies?

Answer 1

I think that's exactly why some cryptocurrencies have switched to proof of stake. Ethereum is the best example of this.

So if you are looking for a more energy-efficient alternative to BTC, then you need to look for a cryptocurrency that uses proof of stake.

It would be even better if you use a cryptocurrency that uses proof of personhood. I think there would only be one cryptocurrency that uses this protocol: Idena.

It also has to be said that many cryptocurrencies and the miners are already trying to become more sustainable. Then renewable energy is used. Of course, the big farms in the world where this is not the case are better remembered, but you have to keep in mind that the high energy consumption is a big target for cryptocurrencies. It should therefore be a goal to become sustainable.

Answer 2

But those are two different things. Proof of stake/proof of work doesn't mean it can't be democratic. Then you have to look at the concepts. Proof of personhood doesn't necessarily mean it's democratic either. The concept behind the coin is responsible for this. Of course, proof of personhood makes it easier for most of the people. however, this protocol could also be used differently. I can only describe it to you from Idean, this is the only proof of personhood coin I know. The procedure is fairer because each participant in the validation has to fulfill the same task and then receives the same bonus. If you pass the validation. If you fail you get nothing. I've already taken part in a few validations. It's like you solve picture puzzles. There are two 4-picture stories and you have to tell which story makes sense. After that you have to rate some picture puzzles. The last task is to create 3 new picture puzzles. There are also instruction videos either at Idena itself or on YouTube. It's not difficult and you can solve it.

Answer 3

Thanks for your input. Yes I also read about Ehtereum switching to proof-of-stake but I reckon this type of blockchain has it’s own problems. It might be more energy efficient and therefore environment friendly, but at the same time it doesn’t seem very democratic to favor users with a large amount of coins, thereby putting newer users at a disadvantage.

Proof of personhood does sound interesting though, I just looked it up on Wikipedia. If you don’t mind my asking: do you have personal experience with Idena? And if yes, could you share your experience? Would be much appreciated!