Interview with Aggelos Kiayias: Is blockchain good for the environment?

We need to know whether or not blockchain technology is good for the environment. Networks of computers used to redundantly verify transactions for cryptocurrencies and nonfungible tokens (NFTs) will be extremely wasteful, according to what I’ve heard from others. Second, I get the idea that moving to cryptocurrencies would be less wasteful than continuing to use our current banking system. One of the specialists in the subject sat down with me and we discussed these fallacies on a more scientific level.

At the blockchain engineering firm Input Output, he is the chief scientist. As a third-generation cryptocurrency, it aims to improve on second-generation cryptocurrencies like Ethereum and first-generation cryptocurrencies like Bitcoin. Cardano is the driving force behind its blockchain.

A peer-to-peer shared ledger in a decentralised cryptocurrency keeps track of all transactions by all addresses. To provide massive transaction capacity, fast transaction times, and minimal transaction costs, Cardano uses a mechanism of proof-of-stake. Mining Cardano is impossible. Rather than being validated by anyone who does the proof-of-work, transactions are validated by consensus proof of stake. It’s also better for the environment because it doesn’t consume nearly as much electricity as other forms of cryptocurrency mining.

Using blockchain technology, Input Output produces products for governments, corporations, and academic institutions while also training individuals all around the world. The company is also committed to developing blockchains that are beneficial to the environment. Metaverse stories like Ready Player One and Snow Crash show us how important it will be to develop these skills as we advance toward a future of interconnected virtual realities. (Kyle Wiggers talked on the metaverse’s impact on the ecology in his article.)

Input Output has donated $500,000 to Stanford University’s Tse Lab in the Department of Electrical Engineering to enable blockchains to handle many transactions even when there is a lack of connection. The goal is to reduce the amount of electricity required in transactions by allowing even smartphones to handle blockchain transactions when offline.

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