Energy efficient cryptocurrencies – experiences?

[Zerbo]

The high energy consumption of cryptocurrencies is often criticized - has there been any further development in this area?
Are there already more energy-efficient cryptocurrencies?
The proof of personhood protocol consumes much less energy than proof of work or proof of stake - do some cryptocurrencies already use this protocol or which cryptocurrencies use this protocol?
I think if you don't minimize the high energy consumption, it becomes very easy to criticize the technology behind it. If you want cryptocurrencies to succeed, you will also need to pay attention to energy consumption.

[Qilin]

That is indeed an issue I’ve been talking about with friends as well. As with anything else, climate change and global warming should be a criteria for cryptocurrencies as well, in my opinion. There has been some development indeed, most notably I suppose the fact that Ethereum is switching to Proof of Stake in the course of this year. Which in terms of energy efficiency is a good step in the right direction, but personally, I do see other issues with proof of stake, mainly it being not the most democratic way, because it favors people who invest a lot.

And since you asked about existing altcoins who use the proof of personhood method for their blockchain, I only know about one at the moment, which is Idena. They do their validations by running a Turing test at the same time globally, every few weeks. Have you heard of it before? I started with it a few months ago, after a friend gave me the recommendation. It’s quite interesting to see how it develops.

[Zerbo]

People who care about climate change are probably not primarily the people who also invest in cryptocurrencies. At least not until now, but their share will probably continue to rise. Just as the number of people in society for whom climate protection is important will increase. So for me it's only a matter of time before you also pay attention to the sustainability of cryptocurrencies. There are already sustainable ETFs or green investments.

I also read about Ethereum, it's a pity that there aren't more that are going in the same direction.

No, I haven't heard about it. But I'll take a closer look. In any case, I am pleased that there is already the possibility of using more energy-saving alternatives.
Does that mean you've been familiar with the project for a few months?
What do you have to do for the test?

[Qilin]

I wouldn’t say that actually. In my experience, a lot of the Gen Z and Gen Y are interested and invest in cryptocurrencies and they are precisely the generation who are doing Fridays for Future etc. Of course, you can’t generalize either way, but I do believe there are many people who invest in altcoins and also care about climate change. That is also why I think a more energy efficient approach in the blockchain technology is due and that the currency which rises to that challenge, will be the next big thing in that field.

Yes, like I said a friend introduced me to it and also got me the invitation, which you need to do the tests, get verified and then be able to mine coins. Of course you can also skip all that and only invest, no need to do the validations if you would only like to buy some coins.
The test is split up in two parts plus one more task. For the short session you solve picture puzzles through logical thinking. So its 4 pictures and you have to bring them in the right order to make a story. You only have a few minutes to do it. Then there’s a long session where you do the same, but then also rate the puzzles on account of whether they have specific keywords in them and some other criteria. And then you also have to create a few new puzzles yourself, where you get random keywords assigned and have to make up a story using images from the web (or I think you might also use your own or draw something, not sure actually).

[Zerbo]

I can see the potential. If there are energy-saving alternatives, that will certainly appeal to some people. This topic is probably becoming more and more important and crucial. Up until now, people have tended to run after profits, but now they should also concentrate on good ideas.

For my part, I would rather try to participate.
How do you get an invite?
Can you make this test as many times as you want?
What is this test good for?

[Qilin]

Exactly. At least I hope that more and more people do realize that it’s actually more than high time to change their ways. Like I said, my hope is on the younger generation to get their priorities straight. But of course, it would be best if everyone did their share and tried to live as sustainable as possible.

On 5/24/2022 at 11:29 AM, Zerbo said:

How do you get an invite?

You can get an invite to Idena through the Telegram Group, there’s usually lots of people offering them if you ask. Most will probably ask for your training results though, so it’s best to first go to the Web App and do one or all three of the training sessions, so you have your certificate ready.

On 5/24/2022 at 11:29 AM, Zerbo said:

Can you make this test as many times as you want?

Yes and no. There is always a specific time (so far, it’s been every three weeks, on Saturdays) so everyone globally takes the test at the same time. And then once you’re validated you can, or actually have to, pass the test every time, can only miss one or two in a row depending on your “age”.

On 5/24/2022 at 11:29 AM, Zerbo said:

What is this test good for?

As to your last question: It’s to make sure that the network doesn’t have duplicate users, that one ID equals one human being. This is the democratic approach which makes sure that no one gains unfair advantage by running bots and such.

[Zerbo]

There are already sustainable offers for shares and ETFs. It was only a matter of time before this offer also came to cryptocurrencies.

Thank you. I grabbed an invite and will participate in a validation next week.

Roger. Then I will try my best to manage my time so that I can always participate in the validations.

Ok, I understand. That is of course important if it is to remain democratic. Without bots everyone has only one vote and can't get any advantages.

I will participate in the next validations and take a closer look. The ideas behind the project have the potential to become real gamechangers. Hopefully other cryptocurrencies will take a cue from it. sustainability could be the next big thing. At least something that attracts even more younger people.