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Eco-friendliness and cost-effectiveness: Ripple vs. Bitcoin vs. Visa, XRP wins

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Ripple

Cryptocurrencies have changed the way we look at fiat currencies, and the way money gets transferred today. Additionally, these digital assets have proven to be a passive income (remember Ripple’s XRP was most profitable coin last year, so it changed many lives) for many due to the enormous profits they gained. Without no doubt, most of these cryptocurrencies have to be mined before they are attained.

When you hear of ‘Crypto-mining’, what comes to your mind will be high energy usage. Based on some factors including energy usage and how eco-friendly some might be, there is a big difference between Ripple, Bitcoin, and traditional technology Visa.

Ripple, Bitcoin, and Visa Energy Consumption Comparison

Not too long ago, a research was done by a team of cryptocurrency experts on how eco-friendly our money can be. The study centered on some cryptocurrencies and Visa. On electricity usage, lots of individuals plus the research concluded that the Ripple’s XRP token is eco-friendly, as it doesn’t make use of high energy compared to Bitcoin and Visa. It is important to know that the yearly energy consumption showcases that Bitcoin uses 26.05 TWh, and Visa uses 0.54 TWh.

However, XRP, which consumes little electricity makes uses of 0.000536112 TWh of electricity. For a better understanding on that, taking a look at the number of homes in the United States; the ranking remains that XRP has the capability to only power fifty houses, on the other hand, Bitcoin can power a little less than 3 million homes.

Additionally, according to the survey, it has been revealed that the total cost acquired in the energy used in (United States Dollars) per year marks a big difference between the three. XRP costs only 64,000 USD while Bitcoin costs 3 billion USD and Visa 64 million USD per year.

Other Comparisons

According to the research work, Bitcoin relies on the proof-of-work (PoW), which means that a lot of computational efforts are required. Furthermore, PoW usually involves lots of servers trying to solve highly-complex math equations to produce new blocks in the blockchain system for the production of new tokens (which is the reward for mining).

PoW requires high energy usage with a higher transaction fee and its systems are particularly connected with a high level of energy usage, electricity, Carbon dioxide emissions, and transfer fees.

On the other hand, Ripple makes use of Proof-of stake (Pos), which doesn’t make use of that much energy, electricity, transfer fees and so on. It is necessary to add that BTC emits 144 lbs of CO2 per transaction, Visa emits 0.00794 lbs of CO2 per transaction, whereas Ripple only emits 0.0000138 lbs of CO2 per transaction, according to the research.

Finally, the study also affirmed that it is good to a run a server on Ripple’s protocol because it doesn’t have high transaction fees and the cost of electricity is meager as it doesn’t use a high amount of energy. Ripple has a great utility which makes it a better choice for investors today.

Visa uses much energy than XRP – don’t be marveled, despite the praises about Visa’s network. Ripple is cost-effective, not only that, it is eco-friendly and efficient.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Moreharmony/PixaBay

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bridge Mutual Announces Partnership with Plasma.Finance to Strengthen DeFi Insurance

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Bridge Mutual, a decentralized insurance provider, has announced a collaborative partnership with DeFi aggregator PlasmaPay and Plasma Finance allowing users to directly fund or provide liquidity through the Bridge ecosystem and the Plasma Finance platform.

Bridge Mutual will also use some of its own liquidity to start a PlasmaPay insurance pool, integrating shield mining in order to give users the chance to earn PPAY tokens as a reward for providing coverage to PlasmaPay. The result is an increase in users on the decentralized insurance platform for Bridge Mutual, and another dimension of safety for PlasmaPay and Plasma Finance users.

“This partnership will give both organizations the ability to expand operations into the other’s platform, a net benefit for two strong projects looking to optimize the DeFi market as a whole,” notes Ilia Maksimenka, PlasmaPay’s CEO, “Ease of use and access to insurance ultimately benefits users. By working together, Bridge Mutual and Plasma Finance take DeFi a step forward towards more reliable financial services on the blockchain.” 

Bridge Mutual CEO Mike Miglio adds, “The main focus of our partnerships is to increase the overall safety of the DeFi space by encouraging users to protect each other. Partnering with PlasmaPay was strategic in that users will be able to easily purchase or provide insurance directly from the Plasma Finance app where they manage all…

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Dignitas Joins Zytara Lineup, a Step Towards Uniting Esports and Blockchain

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Esports icon Dignitas has come together with fintech company Zytara to tackle payments and value transfer within esports using the DigitalBits blockchain.  

Dignitas’ partnership with Zytara is the first major alliance between esports and blockchain, a combination set to overhaul the esports’ financial mechanisms.  Zytara, a fintech launching a digital banking platform and payment network for gamers and esports enthusiasts, will leverage the DigitalBits blockchain to power the use of stablecoins and other digital assets.  

Despite their global scope, esports organizations still struggle with traditional payment rails.  Notably, Epic Games experienced difficulties distributing some of their $100 million prize pool for Fornite tournaments.  With esports growing rapidly, this is something that must be addressed, and it appears that Dignitas and Zytara are coming together to lead the charge.   

Dignitas has championed many firsts for the industry, being the first ever esports team to be acquired by an ownership group of a North American sports franchise, Harris Blitzer Sports & Entertainment (HBSE).  Dignitas would later go on to sign a first-of-its-kind sponsorship deal with Susquehanna International Group, LLP (SIG), one of the world’s largest proprietary trading firms.    

Zytara will issue a series of Dignitas-branded debit cards and app skins, featuring the…

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