A professor at the University of Waterloo, Anwar Hasan, in partnership with Ripple blockchain research institute and Research Associate Crystal Roma, has confirmed in a research that the XRP blockchain network will boom among businesses than Bitcoin.
While analyzing the impact of blockchain technology and cryptocurrency on the planet, Professor Hasan said Ripple has the tendency of getting more usage among businesses around the world than Bitcoin owing to its sustainability.
Hasan said “Bitcoin has an energy footprint equivalent to a country the size of Austria.”
He said the 1993 designed Bitcoins’ proof-of-work algorithm validates contracts and prevents service attacks within its blockchain. However, over time, the algorithm, requiring competition from miners to unriddle complex computational puzzle, became multifaceted, resulting to drain on energy sources.
The professor at the Department of Electrical Engineering and Computer Science explained that Bitcoin has a huge negative effect on the environment, and that Bitcoin produces about 22 megatons of carbon dioxide a year. This is similar to the carbon footprint produced by the city of Las Vegas.
The research focus is to enable an eco-friendly environment for cryptocurrency to flourish. While relating that blockchain needs a more sustainable scheme to benefit the planet, Hasan mentioned XRP as a good example of an eco-friendly cryptocurrency.
In another research, the team evaluated the amount required to an XRP validator node, submitting that about $62.84 is needed per year. Whereas a report in 2018 confirmed that the cost of mining a single bitcoin ranges from $531 to $26,170, depending on the province.
The professor was positive that the outcome of the research will encourage the active participation of more businesses on XRP. The research also identified the economic advantage of operating the XRP validator over Bitcoin.
“Energy consumption is a big issue for blockchain, and we must identify better alternatives that can replace Proof-of-work algorithms,” Professor Hasan noted.
Earlier, NewsLogical reported that Standford & Stockholm University, in an extensive scientific study, affirmed that XRP is the most eco-friendly and sustainable cryptocurrency in the blockchain industry.