2021 is the year Cryptocurrency went mainstream. Tesla invested 1.5 Billion dollars in Bitcoin, government-backed digital currencies are in development, and even Kevin O’-Leary invested in Cryptocurrency. There seems always to be a hot new financial product in the cryptosphere with terms you’ve never heard of, like NFT’s or Decentralized Finance. What a wild year to be alive.
Bitcoin is changing the world ladies and gentlemen. The ability to take control of your own wealth and hedge against inflation is a unicorn event. One that I’m amazed is happening in my lifetime. The unstoppable force of Cryptocurrency and the world of blockchain has the ability to create solutions-based systems that will benefit humanity. It can do much more than making people wealthy.
With that being said, I am absolutely pro-Bitcoin. However, as the digital world’s exponential growth encompasses the earth and humanity, the amount of energy being sapped from the planet is accelerating at an alarming speed. It is estimated that the energy demand will increase by as much as 79% by the year 2050, while the global population increases by less than 30%. I believe these numbers are very conservative.
Recently stories have emerged about bitcoins massive carbon footprint. It’s true, Bitcoin does use a lot of energy. So does the video game industry, the automobile industry and everything else that allows us the daily comforts of modern life. Blockchain can change this imbalance.
Bitcoin is a Proof of work blockchain. What this means is that all of the computers that are attached to the network process the transactions. The computers that process the transactions first get a distributed reward paid in Bitcoin. What causes the massive carbon footprint is the energy consumption of those computers.
The Gaia Coin Foundation has developed a different approach. We are focused on using blockchain to combat environmental degradation and pollution. As our blockchain grows, more carbon is collected and a cleaner environment is established. How do we do this? We call it “Proof of Principle.”
Its participants will also be rewarded through our application for reducing their carbon footprint and completing environmentally friendly tasks.