Time and again, Elon Musk throws out a divisive hot take that rocks the cryptocurrency market. In a recent statement, he backtracked on accepting bitcoin for Tesla car sales and instead, stated that his company was “looking at other cryptocurrencies that use <1% of Bitcoin’s energy per transaction.”
Ethereum’s move to Proof-of-Stake (PoS) Model
Sustainability has indeed been a hot topic in the cryptocurrency world, and environment-conscious traders have been searching for platforms and crypto coins that can address the burning issue of climate change.
For one, Ethereum is moving from a proof-of-work to a proof-of-stake model. This begs the question: What’s so wrong with the proof-of-work model?
Opponents claim that it is an unfair system in which the most powerful devices have the highest likelihood of obtaining mining rewards. Second, the proof-of-work model results in massive energy consumption.
In 2017, researchers highlighted this issue with an astonishing fact, revealing that if Bitcoin were considered a country, it would rank 61st worldwide in terms of annual energy consumption.
Enjin – Building sustainability in Crypto Sphere
Enjin, which is built on the Ethereum blockchain, powers over 2 million non-fungible tokens (NFTs), many of which relate to online games. Sales of NFTs surpassed $500 million in the first quarter of 2021, and Enjin foresees billions of dollars of sales before the year is out. At its core, Enjin is a product ecosystem fueled by Enjin Coin (ENJ).
While this ecosystem is multifunctional and secure, some NFT traders and crypto gamers have begun to wonder what the folks at Enjin are doing to secure the Earth’s ecosystem.
For their part, Enjin have promised to work toward sustainability. For example, they previously outlined a plan for carbon neutrality by 2030, and their newest release indicates a very real intent to take the road towards its fulfillment.
JumpNet – Trade, Mint, Send NFT for free
On June 2, 2021, Enjin released JumpNet to the general public. Through a democratic model that is typical of the Enjin approach, Enjin Coin “gas fees” have been removed for everyone. Anyone who uses JumpNet can now trade, mint, and send NFTs—for free.
Enjin have also gone to great lengths to point out that on top of free transactions, JumpNet uses 99.99% less energy than Ethereum. Devotees will note that this trajectory of sustainability consciousness was not unexpected.
Previously, Enjin launched the ERC-1155 standard, which reduced gas costs for NFTs by approximately 80%.
The release of Efinity, which is timed to closely follow that of JumpNet, will further boost Enjin’s eco-credentials. Efinity allows NFT owners to securely transfer their tokens to JumpNet, which promises to operate with the power of a gas guzzler but without the toxic fumes.
NFT owners and traders can now make token transfers from other platforms to JumpNet – safe in the knowledge that they are, at least in a small way, alleviating crypto’s impact on the earth’s resources.
From Enjin’s perspective, they are planting virtual trees in the hope of sequestering the carbon choking the crypto sphere and the wider world, and we eagerly await their next move.