Depending on who you ask, Bitcoin is either a wretched abomination of worthless pseudo-money designed to help criminals and shape-shifting reptilian aliens trade tourists for guns and drugs in pizza shop basements or a perfect, idealistic cure-all for the evils that money and banking have wrought upon the world.
BTC’s energy use is so bad that Elon Musk felt like he had to step backward from Tesla’s $1.5 billion commitment to the digital coin.
Indeed, ALGO provides almost all of the benefits of Bitcoin — benefits like immutability, transparency, and decentralization — while adding smart contract functionality to its blockchain.
Because its consensus is not based on energy-intensive proof-of-work and requires minimal computational power or electricity … the energy required to run a node in the network is negligible, and can be done on a device as simple as a Raspberry Pi.
In addition to ClimateTrade, Algorand is also working with organizations like GaiaChain, PlanetWatch, and Global Carbon Holding by offering grant support and a technical platform for them to build their technology on.
The smart people are already imagining how a smart contract could revolutionize the mortgage and loan industries, but I need a simpler explanation.
At the time, much was made of Algorand’s environmental advantages over Bitcoin.
The real question is, will that matter? Will enough companies and individuals adopt Algorand — or any other cryptocurrency — to significantly disrupt “traditional money” in the US? Or in Canada? As I type this, ALGO has a market cap of about $13 billion.
I’ve been involved in motorsports and tuning since 1997, and have been a part of the Important Media Network since 2008.
Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.