Physics-based cryptocurrency transmits energy (not just information) through blockchain
Jun 2022, phys.org
In their new paper, Lawrence Livermore researchers Maxwell Murialdo and Jon Belof have detailed how this connection between energy and information allows for the creation of a cryptocurrency token that is directly backed by and convertible into one kilowatt-hour of electricity. While it requires the input of one kilowatt-hour of electricity to mint an E-Stablecoin token, that digital token can later be destroyed to extract back out one kilowatt-hour of usable electricity. Thus, the price of one E-Stablecoin token is pegged to the price of one kilowatt-hour of electricity in a manner that is robust, stable and trustless (a system that does not depend on an institution or third party for a network or payment system to function).
via Lawrence Livermore National Laboratory: Maxwell Murialdo et al, Can a Stablecoin Be Collateralized by a Fully Decentralized, Physical Asset?, Cryptoeconomic Systems (2022). DOI: 10.21428/58320208.adf5637a
Image credit: AI Art - Anubis Surrounded by Cryptocurrency - 2024
Unused renewable energy an option for powering NFT trade, finds new research
Jul 2023, phys.org
The increased NFT processing activity could be powered, in part, from un- or underutilized existing power sources. Fifty megawatts of potential hydropower from existing U.S. dams that are not currently used to generate power, or a 15% utilization of wind and solar energy that can't currently be used or stored from sources in Texas, could be used to power an exponential increase in NFT transactions.Blockchain technologies, including NFT transactions, offer a high level of security in a variety of applications, but the energy required to process each transaction is problematic in a warming world.
via Cornell: Apoorv Lal et al, Climate concerns and the future of nonfungible tokens: Leveraging environmental benefits of the Ethereum Merge, Proceedings of the National Academy of Sciences (2023). DOI: 10.1073/pnas.2303109120
Study reveals the hidden environmental impacts of bitcoin: Carbon is not the only harmful byproduct
Oct 2023, phys.org
via the United Nations University: Chamanara, S et al, The environmental footprint of Bitcoin mining across the globe: Call for urgent action. Earth's Future (2023). DOI: 10.1029/2023EF003871
Read the full report: The Hidden Environmental Cost of Cryptocurrency: How Bitcoin Mining Impacts Climate, Water and Land, United Nations University Institute for Water, Environment and Health (UNU-INWEH), Hamilton, Ontario, Canada, https://inweh.unu.edu/.
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