Can a Qitcoin help solve cryptocurrencies’ sustainability problem?
Yes, but let us first discuss the problems and then conclude the solution. The electricity consumes by note-making and ATMs contributes significantly to global warming. European countries agreed to use 34% more sustainable cotton in banknote production by 2020 and to recycle coin metal; on the other hand, The American Council of Science and Health claims that the production and transportation of coins have resulted in the release of over 48,000 tons of carbon dioxide. Just in 2015, the Dutch cash payment’s Global Warming Potential (GWP) was 17 million kg of CO2 equivalents. To address this issue, many countries began using polymer notes rather than paper notes; going cashless is the only way to ensure a sustainable future. Cash will most likely vanish in the future as many countries, including Sweden, China, and the United Kingdom, are already moving toward a cashless society, and people are increasingly opting for alternative solutions. Cryptocurrencies are gaining popularity and contribute to a more sustainable future; they appear to be a long-term alternative to cash.
Though it consumes less than 40% of traditional banking but, the mining process of many cryptocurrencies like Bitcoin consumes more energy. This mining process also necessitates a significant amount of maintenance, and because it follows the POW process, a massive amount of computational energy is required. Another issue is that it is a slow process that requires about 10 minutes for generating one block; only seven transactions per second can be managed. Also, it has a restricted number of coins and its mining will not be commercial due to the use of costly hardware. Mining equipment is the primary source of e-waste; miners create cryptocurrency by using specialized hardware that consumes enormous amounts of energy to generate hashes; hashes are 64-digit hexadecimal numbers that miners try to generate by converting mathematical inputs. Moreover, the transaction fees would not be enough to maintain the network; though it has promised to develop peer-to-peer networking with a decentralized economic system, it fails to provide a wealthy lifestyle. The fluctuation within the prices of this software has made it hard to earn a handsome amount; in fact, its transaction has fallen dramatically at present.
QTC is a Distributed Search Engine that has adapted a PoC mechanism that helps everyone to participate in mining. It helps miners to participate with ease as it only requires a hard disk which can be available easily from the market. Thus, it has made a mining system simple and reachable that will generate a secure well-run product. PoC mechanism is eco-friendly where it provides the constant and automatic expansion of Qitcoin; low power consumption also helps to predict the income. Moreover, unlike Bitcoin it requires only three minutes to create one block and 70 transactions per second can be managed that boasts a total of 3000P network capacity. It builds a friendly and systematic market between service providers, producers, and consumers to reduce market friction, price differences and gives full focus on the required potential to the market. The eco-friendly nature of it will upgrade it to the future ‘Blockchain Google’. In 2018, the output rate of CDN and cloud storage surpassed US$12 billion and US$46 billion respectively; the future demand of QTC will be the same.
Alex de Vries believes that replacing the cryptocurrency mining mechanism could be a long-term solution; once hashes have been computed by miners, they must be verified. This system necessitates powerful computers that consume an enormous amount of energy in order to simultaneously compute a limited number of mathematical equations. Instead, miners should use Proof of Work, which is more sustainable; this is what Qitchain has adapted and made it capable enough to solve the above-mentioned sustainability problems. Energy consumption and e-waste are primary issues for cryptocurrencies that could reduce their energy consumption by 99.99 percent by changing their mining process, making them an appealing payment option for those who want to avoid using cash. Types of equipment used in the mining process of other cryptocurrencies are not easily available in the retailing sector. The increasing demand for cryptocurrencies has forced developers to put efforts in order to develop an ecologically sustainable cryptocurrency which Qitcoin has promised to provide.