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Green accord: Are claims on Qtum being environment-friendly true?


www.thecoinrepublic.com 22 March 2022 14:36, UTC
Reading time: ~2 m

Qtum has taken a proactive approach to decarbonization and long-term growth as part of this strategy.

With all of the controversy surrounding Bitcoin’s supposed carbon footprint, crypto protocols must rise to the occasion and demonstrate that their operations are completely environmentally friendly. 

Qtum lofty objectives

A proof-of-work (PoW) consensus model is now used by Bitcoin and Ethereum. The concept is to mine Bitcoin by continuously using real-world energy to solve cryptographically difficult puzzles. To prevent hostile elements from flooding the network, the process consumes a lot of energy. However, there are several obvious caveats to this energy-hungry technique.

The Crypto Climate Accord includes Qtum as a signatory (CCA). The Accord’s two main goals are as follows:

  • CCA Signatories must achieve net-zero emissions from power use by 2030.
  • Create the tools and technologies needed to make blockchains powered entirely by renewable energy by the UNFCCC COP30 summit in 2025.

In line with the CCA’s core goals, Qtum wants to decarbonize all of its processes and its global network of nodes. In this regard, Qtum has already made tremendous progress. Its network now consumes approximately 683,300 kWh per year, which is much less than Bitcoin’s 204.50 TWh/year.

Importance of investing in quantum computing

Many developers of technology’s role in sustainability stress the importance of investing in quantum computing. Technology is still in its infancy, and it must be nourished in order to drive a sustainable planet.

“Innovation is growing all over the world, in areas like the United States, the United Kingdom, China, and Japan, and now that venture capital is flooding in, it’s just going to get better.” efforts are intensifying, and we’ve even seen our first SPAC in quantum computing.”

 “However, we must guarantee that the cash that is coming in is handled in the proper way to ensure we move closer to a breakthrough,” said Stuart Woods, managing director of Oxford Instruments NanoScience.

As a result, investing in quantum computing equities may be a more important option than one might think. One method to potentially limit risk by spreading your investment is to use an ETF like Defiance’s QTUM, which tries to track key stocks involved in quantum computing and AI technology.

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