2017 has been a record-breaking, awe-inspiring rollercoaster ride for cryptocurrency valuations increasing by more than 2000% in some cases.
With all the hype and global attention on Bitcoin and other cryptocurrencies, ICOs (Initial Coin Offerings) were attempting to tokenize just about everything in 2017. However, in this culture of tokenization, what everybody has failed to observe is that with price spikes in crypto valuations comes energy spikes in transactions processing. Consider the following:
In September 30, 2017, 1 Bitcoin transaction could power 7.5 homes in the US for a day;
By of December 31, 2017, 1 Bitcoin transaction could power 10.5 homes in the US for a day.
This trend should cause severe alarm and provide us all with reason for concern. Furthermore, with a tidal wave of ICOs forthcoming this year, all intending to take advantage of the hype and frenzy that is frothing within the crypto community, the consumption of electricity to process all these transactions is only expected to rise exponentially.
A Proof-of-Work (POW) system (or protocol, or function) is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.
On the contrary, …
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