In a world where sustainability and environmental awareness are becoming increasingly important, it is essential to know which cryptocurrencies are embracing this green revolution. For today, we have compiled a top 10 list for you in which we present some of the most
eco-friendly and innovative cryptocurrencies of this year.
Now, do you want to know more about sustainable and eco-friendly cryptocurrencies? Then quickly read the Top 10 Eco-Friendly Coins 2023 and discover the best green crypto projects.
1. Cardano (ADA)
is a platform that aims to provide a balanced ecosystem. This ecosystem combines the advantages of Bitcoin (secure storage and value), Litecoin (low transaction costs) and Ethereum (smart contracts). Cardano is focused on improving efficiency, security and decentralization of smart contracts.
Cardano has been in existence since 2017 and in a short period of time has excited many investors about the cryptocurrency. The Cardano network uses a Proof-of-Stake mechanism making the project environmentally friendly. Cardano's Proof-of-Stake mechanism makes the platform more sustainable and scalable than other cryptocurrencies.
2. Ethereum (ETH)
is a decentralized blockchain platform that in addition to peer-to-peer transactions is also a platform for application development. The idea for Ethereum came from Bitcoin's white paper. With Ethereum, there is no central authority that stores and processes data; the blockchain uses the collective power of thousands of computers scattered around the world. One of Ethereum's key features is that it allows the creation of decentralized, independent applications on its blockchain.
In 2022, Ethereum announced its move to a more economical system that eliminates power-hungry mining via countless computers.
By moving from Proof-of-Work to Proof-of-Stake, Ethereum has become a sustainable cryptocurrency.
3. Near Protocol (NEAR)
Near Protocol (NEAR
) is a decentralized development platform designed to provide the ideal environment for decentralized applications (dApps). NEAR Protocol does this by overcoming limitations of competing systems, such as low throughput, slow speeds and poor cross-compatibility. NEAR Protocol runs on a Proof-of-Stake mechanism, this allows for increased scalability and reduced costs for developers and end users.
NEAR Protocol's Proof-of-Stake blockchain is certified carbon neutral. The network does use power, but the use of energy is mandatorily offset. Offsetting is done by planting trees, this is tracked by an independent organization.
4. XRP (XRP)
is one of the largest cryptocurrencies by market value. XRP was started in 2012 as Ripple and has seen a rapid increase in popularity since then. One of the main functions of XRP is to bridge different currencies.
XRP itself does not use a Proof-of-Work algorithm to reach consensus. XRP uses its own method and consensus protocol to achieve this goal. This approach takes much less energy than a Proof-of-Work protocol. This allows XRP to call itself an environmentally friendly cryptocurrency.
5. Power Ledger (POWR)
Power Ledger (POWR)
is a decentralized energy platform running on Ethereum. Through this platform, Power Ledger wants to make it possible to buy and sell green energy internationally. With this specially designed platform, Power Ledger aims to replace the intervention of third parties, such as energy suppliers, through smart contracts.
6. Nano (XNO)
), formerly known as Railblocks, is an open-source digital payment system designed to enable fast and scalable transactions. Nano uses a proprietary technology called the Block Lattice protocol. One of the key features of Nano is its ability to perform transactions for free. To do this, Nano uses an innovative variant of the Delegated Proof of Stake mechanism called Open Representative Voting. This allows transactions to be processed almost instantly without any fees.
Nano is designed to work efficiently without the need for mining. The Open Representative Voting mechanism eliminates the need for mining. Because of this mechanism, Nano consumes less energy than other digital currencies. Therefore, Nano is an environmentally friendly cryptocurrency committed to a greener future.
7. Algorand (ALGO)
is a public blockchain that supports smart contracts. This means that anyone can join the blockchain's network, or use the features the network has to offer. Algorand also uses a self-designed consensus mechanism and a self-maintained smart contract. One of the most unique features of Algorand is that owners of the ALGO token are rewarded with each block production.
Algorand's blockchain is committed to being environmentally friendly. They achieve this because the network runs on a self-designed Pure Proof of Stake (PPoS) consensus mechanism. This unique mechanism requires minimal energy to compute, but still maintains high speed. Algorand also uses a "self-sustaining smart contract. This contract automatically ensures that a portion of network fees are allocated to offset carbon emissions.
8. Stellar (XLM)
is a cryptocurrency and payment protocol. Stellar was conceived with the goal of making international money transfers easier, faster and most importantly cheaper. The platform uses a unique consensus mechanism, this mechanism is called the Stellar Consensus Protocol (SCP).
The Stellar project is focused on sustainability. For example, a node running on Stellar's network consumes only 261,435 kWh of electricity per year, which is about the same as 22 U.S. households. Also, Stellar has pledged to offset the carbon footprint it has accumulated.
9. Hedera (HBAR)
is a decentralized ledger platform that runs on blockchain. Hedera is used to store and manage data and transactions. The platform uses a unique technology called Hashgraph, which can process transactions very quickly and securely.
Sustainability is one of the core values at Hedera, so the project purchases quarterly carbon offsets to offset carbon emissions. This keeps the project C02 neutral and keeps it an environmentally friendly crypto.
10. Holo (HOT)
is a platform that allows developers to run decentralized applications (dApps) on it. Holo allows developers to develop dApps fairly easily. The most important thing about Holo is that the network does not rely on cryptominers or a global ledger for validation. Unlike blockchain, transactions are logged on individual user nodes, making transactions faster and the network more scalable. The dApps powered by Holochain do not require an intermediary, such as a social media network or other service, this ensures that users have complete control over their own data.