Cryptocurrency has faced a lot of criticism for its dependence on dirty energy and the toll that transactions take on the environment. A new project is trying to change that perception with the public.
Lightchain AI is a newly launched cryptocurrency that combines artificial intelligence with blockchain. It had a successful presale and raised more than $7 million from early investors, according to Analytics Insight.
One of Lightchain AI's biggest selling points is its commitment to green crypto, which means it prioritizes things like sustainability, efficiency, and renewable energy. Some ways to achieve green crypto include the adoption of solar or wind power, purchasing carbon credits, and investing in green initiatives.
There's a huge need for innovative and sustainable cryptocurrency solutions because it utilizes so much energy and water to operate. It relies heavily on dirty energy and its use is only increasing over time.
Bitcoin consumes as much electricity every year as a small country, according to a report from United Nations University. That carbon impact is equivalent to burning 84 billion pounds of coal or running 190 power plants using natural gas.
Experts have debated whether Bitcoin can survive long-term without a major change. Some countries have even proposed taxes on crypto mining to curb its energy drain.
"Our findings should not discourage the use of digital currencies. Instead, they should encourage us to invest in regulatory interventions and technological advancements that improve the efficiency of the global financial system without harming the environment," said Kaveh Madani, the director of the United Nations University Institute for Water, Environment and Health.
Lightchain AI's use of artificial intelligence does a lot of heavy lifting on the computations needed for transactions, leading to a significant reduction in energy consumption.
"With a focus on sustainability and efficiency, Lightchain AI mends environmental issues with running blockchain applications, leading the field in sustainable crypto solutions," Analytics Insight said.
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Absolutely 👍 "Lately, its focus on carbon footprint reduction and technological innovation has positioned Lightchain AI as a likely candidate for the green cryptocurrency of the future."
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