GIFA Token (GIFX) aims to reconnect the economy and our ecology in a harmonious union. When you cut a tree and sell the wood, you will earn money. But, when you plant a tree, you are creating value, but you won’t get paid. Our ecology and economy should be in utmost equilibrium.
Thus in this respect, GIFX exchange along with the Ethereum organization and other fintech businesses have already begun designing and implementing a digital currency that could complement both economical value and environmentally friendly. The whole core is to create a global cryptocurrency to decentralize the world economy and while its utility is eco-efficiency.
What makes energy go to waste?
- Convention of digital unto utility and vice versa (transactions)
- Crypto Mining
- Crypto trading
We must put in mind that moving money or conducting transactions carries a cost — and utilize energy just like the bank transferring the money into your account which is the same process that consumes some amount of power to finalize your payment. Simply, every transaction consumes energy, and therefore, emits pollutants into the environment.
The impact of this is startling when you look at the total transactions across an entire year — for anyone form of cryptocurrency, take Bitcoin for example…..Here l am giving you a task to find out more about the environmental cost of some of the world’s most popular currencies, and start making more educated choices about how you transact.
The breaking down of common transactions
- Bitcoin = 57.09 Billion kWh
- Ethereum = 2.57 Billion kWh
- XRP = 474,000 kWh
- GIFA Token = ( less minus 1000 kWh)
Looking at individual transactions especially GIFA Token in that equation above and compare how a single transaction across each network or node equates to kWh, and contributing to CO2 emissions.
The cryptocurrency world has been highly turbulent following Tesla’s chief executive Elon Musk announced Bitcoin payments were being stopped because of carbon dioxide footprint and other pollutants it creates unto the environment. Bitcoin instantaneously fell in value by almost 30%.
Environmental concern is always haunting bitcoin mining, and such activities intimidate Elon Musk, who is a green-energy champion himself. Tesla electrical cars are energy eco-efficiency and the company concept is fundamental rooted in environmentally friendly doctrines. It should be understood well that all people want a system that consumes significantly less energy!
What Type of Network produce more CO2 footprint?
The network’s “proof of works is the first of its kind. It makes it easier for the average person to take part in the process without requiring massive investments, however, this may come on the expenses of the ecological damage. The idea is to reduce electricity consumption as much as possible and to lower inequality in mining that use coal and release environmental pollutants.
Like other cryptocurrencies, GIFA Token has gained a lot of attention, and many have turned to it as a stable form of investment. While Bitcoin and other altcoins fuelled intense demand for central processing units (CPUs) and graphics processing units (GPUs) that release some unwanted by-products into the environment, GIFX exchange trying to bring the carbon footprint of cryptocurrency transactions much lower.
“Bitcoin mining is a dirty business, and if you are a company selling electric vehicles, it is weird to enable a currency with a substantial carbon footprint,” Elon Musk told Cointelegraph. Mr. Musk signaled that other cryptocurrencies are less energy-intensive and could be accepted by Tesla company as payment in the future. A new player, like GIFA Token that was launched a year ago, could fit the bill.
One reason for this is its underlying technology, which relies on a proof-of-stake, and not proof-of-work like Bitcoin. This means it does not depend on electricity-guzzling computers in order to process transactions and generate new units of the token. In short GIFA Token is unminable!
GIFX exchange describes its token as “the most environmentally sustainable cryptocurrency”, thanks to its innovative proof-of-stake blockchain protocol that recently updated and the values the non-fungible token holds rather than the processing power it possesses. Theoretically, the proof-of-stake system could achieve more than four million times the energy efficiency than a proof-of-work system, using by bitcoins and other cryptos.
How green GIFA Token is?
According to GIFX exchange white paper, it says that: The deployment of the GIFA ecosystem based in a systematic and efficient manner means less energy input in executing the transactions on its platform. The difference between Bitcoin and GIFA Token is that BTC uses computer processors, while GIFX only leans on hard drives and the internet cloud.
Delving deeper, Bitcoin is mined using a concept called proof of work, churning away at solving complex equations to unlock new tokens, but also resulting in machines devouring electricity to create them. This energy is primarily sourced from fossil fuels, like coal-based power, as the majority of bitcoin is mined in China and elsewhere. The process of mining requires both rigs — made up of specialist computer processors — and access to large amounts of energy. Bitcoin’s surge in popularity has meant that home miners have been unable to match the output of large-scale mining operations, particularly when it comes to prohibitive energy bills.
In comparison, GIFA Token uses a concept of proof of stake, which requires users to use empty hard drives to house the token digitally based on how much space is available.” Only a few terabytes of hard disc space needed to store the token, which is the equivalent of storing 3 billion movies. It should be controversial to state all since investors deserve protection through public disclosure and certainly, the public shouldn’t feed everything although legally it required for the purpose of transparency.
In China, where the majority of the world’s Bitcoin mines are located, the process will create as many carbon emissions in a year as Italy or Saudi Arabia by 2024, as well as reports last month of localized power outages.
Ethereum has been praised for potentially opening up a new cost-effective avenue for blockchain users as well as providing a more environmentally sound alternative to energy-intensive Bitcoin. On the face of it at least, Ethereum is living up to its green credentials in that it doesn’t need to use up high volumes of electricity.