What is an Environmentally Friendly Coin?
An environmentally friendly coin is a type of digital asset created with the aim of promoting environmental sustainability and has found its place in the world of cryptocurrency. These coins are designed to support projects that focus on environmental issues such as energy efficiency, recycling, carbon footprint reduction, and conservation of natural resources. The purpose of environmentally friendly coins is to provide financial support to these projects and encourage users to direct their investments towards sustainability.
Some environmentally friendly coins use special algorithms that reduce carbon emissions or minimize energy consumption to mitigate their environmental impact. Some of these coins donate a percentage of their proceeds or create funds to ensure the realization of supported projects. In this article, you can learn about the environmentally friendly coins available on EgeMoney and why they are classified as environmentally friendly.
Which Environmentally Friendly Crypto Assets are available on EgeMoney?
EgeMoney platform offers environmentally friendly cryptocurrency assets such as XRP (Ripple), XLM (Stellar Lumens), and Solana. It is also possible to consider networks that include coins like BNB and Ethereum as environmentally friendly. These coins have technological features aimed at reducing environmental impacts and supporting various sustainability projects.
EgeMoney encompasses all coins available on well-known cryptocurrency platforms, connecting its users with environmentally friendly digital assets. This allows EgeMoney users to easily invest in projects that promote sustainability. Below, you can find information about the environmentally friendly coins available on EgeMoney and the reasons why they are considered environmentally friendly.
Why is XLM Considered Environmentally Friendly?
Stellar Lumens, or XLM, is a cryptocurrency known for its environmental friendliness. XLM is based on the Stellar network, which operates on its own blockchain protocol. Stellar uses the Federated Byzantine Agreement (FBA) consensus algorithm, which is more energy-efficient compared to most other cryptocurrencies. XLM mining is not performed, and low energy consumption is required to verify blockchain transactions. The ability to conduct fast and low-cost transactions also optimizes the congestion on the Stellar network. Thus, a sustainable approach is adopted from an environmental perspective.
XLM aims to provide access to financial services for individuals who have limited or no access to traditional financial systems. This can reduce financial exclusion in developing countries and contribute to sustainability by enabling broader financial inclusion. The Stellar network also supports projects with high social impact, in addition to financial services. XLM holders can participate in real asset-based investments on the Smartlands platform on the Stellar network and contribute to projects that support sustainability.
Why is Solana Considered Environmentally Friendly?
Solana, similar to Stellar Lumens, has fast transaction confirmation times. This ability of Solana supports an environmentally friendly approach by reducing energy consumption. Another feature that makes Solana environmentally friendly is its high transaction efficiency. Solana uses the Proof of History (PoH) protocol, which organizes blockchain transactions in a chronological manner for fast and efficient transaction confirmation. PoH ensures high transaction efficiency while keeping energy consumption low.
Solana operates under the control of the “Solana Foundation,” which donates a certain percentage to support ecological sustainability projects. This way, Solana users and the ecosystem contribute to green initiatives by supporting environmental projects.
Why is XRP Environmentally Friendly?
XRP utilizes a unique consensus algorithm called the Ripple Consensus Protocol (RCP) instead of Proof of Work (PoW) to validate blockchain transactions. Compared to the PoW algorithm, RCP consumes less energy, making XRP more energy-efficient. XRP is designed to enable fast and low-cost international money transfers. XRP transactions are known for their low costs and quick confirmation times compared to traditional currencies. This reduces energy-intensive transaction processes and fees, providing a more sustainable approach from an environmental perspective.
Ripple has initiated a program called Ripple for Good, which aims to support sustainability projects using XRP. Ripple for Good focuses on social and environmental issues such as reducing financial exclusion and increasing access to education and technology. Ripple invests in development activities to enhance the energy efficiency of blockchain technology. The company has also incorporated various sustainability programs to reduce its environmental impact.
Why is BNB Network Environmentally Friendly?
BNB is the native asset of the Binance Smart Chain (BSC), which utilizes the energy-efficient Proof of Stake (PoS) consensus algorithm. PoS reduces energy consumption and promotes environmental sustainability. Instead of mining, PoS relies on the ownership of a certain amount of coins to validate new blocks. BSC requires low energy consumption for transaction verification. The PoS algorithm reduces energy intensity while validating transactions, offering an environmentally friendly approach.
BNB supports various sustainability projects within the Binance ecosystem. Initiatives like Binance Launchpool provide funding and development support for environmental projects. Binance focuses on reducing its carbon footprint and implements initiatives to mitigate the environmental impact of transactions conducted on the Binance Coin and Binance Smart Chain.
Why is the Ethereum Network Environmentally Friendly?
Although Ethereum has taken some steps towards becoming an environmentally friendly cryptocurrency network, it still consumes more energy compared to other digital assets. However, through upcoming transformations, Ethereum aims to achieve complete environmental friendliness. Some factors supporting Ethereum’s environmental friendliness and efforts to reduce its environmental impact include:
Ethereum 2.0 Transition: Ethereum currently operates on a Proof of Work (PoW) consensus algorithm. However, Ethereum 2.0 is a significant update planned to reduce the network’s environmental impact. Ethereum 2.0 will adopt the Proof of Stake (PoS) algorithm, which aims to lower energy consumption.
Energy Efficiency Improvements: The Ethereum community is actively working on various improvements and research to reduce the network’s energy consumption. These developments aim to increase transaction efficiency and contribute to energy savings on the Ethereum network.
Scalability Solutions: Ethereum’s environmentally friendly attributes are further supported by scalability solutions. Although Ethereum currently consumes more energy compared to alternatives, planned efforts can qualify Ethereum as an environmentally friendly cryptocurrency network.
EgeMoney’s Special Commission Discount for World Environment Day
EgeMoney is one of the best platform options for environmentally conscious individuals. To promote the use of environmentally friendly coins such as XLM, XRP, and Solana and raise awareness of environmental sustainability, we are organizing a special campaign. From 12:00 to 23:59 on June 5th, we are waiving the transaction fees for USDT and TRY trades involving environmentally friendly coins. However, if transferred to another platform, network fees will be applicable. With this opportunity, you can save on the commissions you would normally pay when trading with environmentally friendly coins. EgeMoney is here to help you achieve profitability in your cryptocurrency investments while minimizing harm to the environment.
Login to your EgeMoney account now and start enjoying the commission advantage when trading with environmentally friendly coins. By joining the EgeMoney community, you can take a step towards a sustainable future. Don’t forget to follow our blog page to stay updated on all campaigns and opportunities.
