Here we have continuing education on cryptocurrencies used in the Blockchain.  Be sure to check out our other pages HERE.  Did you know that 2018 will usher in the green cryptocurrency revolution?  Yes, it is!  So, we are offering Bitcoin Green Cryptocurrency Basics here. Yes, the Environmental Cryptocurrency has arrived!

An Environmental Cryptocurrency

The Global Blockchain Solution for Sustainable Cryptocurrency

Bitcoin Green Cryptocurrency

Bitcoin Green  (BITG) is a proof-of-stake, transactional currency designed to provide a scalable and sustainable alternative to Bitcoin.

So, they are aiming to be the cryptocurrency that we use to make daily transactions. Such as, buying a cup of coffee.  And yes, there are a lof of crypto’s out there aiming to do this.

More Scalable, More Volume, More Sustainable, Faster

But, what differentiates Bitcoin Green from other crytpcurrencies? Well, they’re so much more scalable (meaning they can handle more transactions and volume per second), and they are more sustainable.  They can process more transactions and volume per second, using less energy. That means they are far better for the environment.

So, let’s explain this a little better.  You need to know two things about Bitcoin Green Basics:

First

• First and foremost, they are a campaign to raise awareness for sustainability issues arising from the “Proof-of-Work” consensus commonly used in public blockchain networks. And like we said, Bitcoin Green Cryptocurrency is a “Proof-of-Stake” coin.  It is important to understand that Proof-of-Work is much worse for the environment.

Second

• And, secondly, they are cryptocurrency that is dramatically faster, cheaper, and more scalable than Bitcoin in its current form. We still have the original Bitcoin limitations and problems like:
  • High Network Fees
  • Slow Transaction Times
  • Massive Energy Consumption
  • Frequent Hard-Forks that Destroy Network Effects

These all stem from the network’s outdated SHA-256 Proof-of-Work consensus algorithm.

What is SHA-256

SHA-256 was developed by the National Security Agency (NSA). It is a cryptographic hash function, which is an algorithm that takes data of any length, and produces a data output of a fixed length. It has been used to protect sensitive information, such as passwords on databases. SHA-256 is well known for collision resistance, meaning that it is unlikely that two different inputs produce the same output.

For a hash function to work, it has to be easy and quick to verify. This means that the if the output data is re-entered into the hash function, it will produce the initial data input every time instantly.

So, how fast are Bitcoin Green Cryptocurrency transactions? 

They can handle 154 transactions per second!  And, Bitcoin can only handle about 3 to 7 transactions per second. So yes, they are faster!

The Green Protocol

In terms of what differentiates Bitcoin Green Cryptocurrency, they use the “Green Protocol”, which combines Proof-of-Stake and Mastermind Mining.

Proof-of-Stake and Masternode-Only Mining

So, with Proof-of-Stake, you don’t necessarily have minors of coins.  However, the mining rewards are proportional to the number of coins you hold in your wallet. And, like always, with Proof-of-Stake, you can earn passive income if you hold the coins in your wallet.

This differs a lot from Bitcoin mining because regular mining uses a whole lot of computer power. Which, again, takes a toll on the environment.

A Solution for What?

Now, let’s get a little more specific on the problem. Because, the problem is unsustainable energy Consumption. Bitcoin consumes an astronomical amount of energy. Currently, the Bitcoin network uses more energy than 159 countries! Wow! There are only about 195 countries on earth. That means 82% of the world’s countries use less energy than Bitcoin. And, with more energy consumption, that means a greater toll on the environment. And, remember, there are other cryptocurrencies out there. The other coins consume billions more kilowatts per year. These Proof-of-Work coins consume a lot of energy!

So, Bitcoin Green Cryptocurrency wants to be the solution to this energy consumption problem.

Accordingly, the Bitcoin Green team has designed a revolutionary new consensus mechanism which is called the Green Protocol. The Green Protocol employs proof-of-stake and mastermind-only mining in combination with fixed block rewards in order to create a fair distribution of coins.

If you want to participate in receiving passive income, see the block reward chart below. At this writing, you could earn 10 Bitcoin Green as a block reward.

Their wallet is also very easy to download.

The Bitcoin Green Foundation

The team’s objectives extend beyond a sustainable, energy efficient, and secure cryptocurrency. They also will be opening a non-profit legal entity called the Bitcoin Green Foundation. It was created to bring awareness to Bitcoin’s sustainability issues.

So, you might want to check them out if you’re a fan of the environment. They believe in a future without proof-of-work cryptocurrencies. The Green Team would be all for it if Bitcoin would convert to a proof-of-stake currency. They’re only against cryptocurrencies that are destroying the environment.

The Bitcoin Green Roadmap

They have already created their main network and wallet releases for Windows, mac, linux.

Before the end of 2018, be looking for:

• Payment integration partnerships to get more people using the coins.
• iOS/Android mobile wallets

In Summary

Bitcoin Green is fairly new, only a couple of months old. For those who want to get involved, they are on Cryptopia and a couple of other exchanges.

Be watching for more Bitcoin Green info coming soon to these pages.

The above information can be found in Altcoin Daily’s YouTube Video below:

 

 

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