Source : coinspeaker.com
A single transaction on Bitcoin using about 4,222,8000,000 joules proves the Solana network’s exemplary energy usage.
The report published by Solana Foundation revealed interesting facts about the ecological impact of the transactions that take place on the Solana network. As per the report, each transaction on the blockchain network takes as much energy as required for two Google searches and 24 times less than what you will need to charge your mobile phones. To put it simply, every transaction that takes place on Solana burns 1,836 Joules of energy.
The report exhibits interesting comparisons with respect to Solana’s energy footprint with other common activities like using an LED bulb or keeping the refrigerator on and also with other crypto networks like the energy burnt by one Bitcoin or Ethereum transaction. This is an incredible achievement in the crypto world considering the complications related to the ecosystem’s energy-intensive requirements.
Reasons for the Energy-Efficiency of Solana
As transactions compose the major activity on the Solana network, the Solana Foundation approached energy and climate advisor Robert Murphy to help get ready a report to frame Solana’s environmental impact by way of transactions. Some of the reasons why Solana proved to be environment-friendly are as follows.
Though the Solana network works on the decentralization principle, the intensity of the same is less compared to other networks like that of Bitcoin or Ethereum.
Solana depends on a Proof-of-Stake consensus mechanism compared to Bitcoin and Ethereum’s Proof-of-Work method. The Proof-of-Stake method also does away with the energy usage in managing the network’s security. A single transaction on Bitcoin using about 4,222,8000,000 joules proves Solana’s exemplary energy usage.
Solana has been employing a number of technical innovations to become more energy efficient like proof of history and parallel processing.
The report would be fundamental in placing Solana as one of the most preferred blockchain networks in the market. However, as per the report, the foundation will not stop here but try to reduce energy usage even further. To that effect, it plans to set in motion a program by the end of 2021 with the goal of going carbon-neutral and counterbalancing the ecological footprint of the ecosystem.
Solana is one of the fastest blockchain platforms that uses Proof-of-Stake (PoS) and Proof-of-History to achieve consensus thereby employing less energy. SOL is its in-house cryptocurrency which it uses to pay for transactions. It aims to improve blockchain scalability and as per claims can carry out 50000 transactions every second. The two important pillars of its infrastructure are cost savings for the application developers as well as general consumers and a speedy network.
The other two benefits that it brings along are global scalability and resistance to censorship via its decentralized network. As per some reports, Solana has been a top performer this year and its growth has been relatively exciting to witness considering the technology it employs compared to competitors Ethereum and Bitcoin. However, owing to the crypto market’s instability, volatility and uncertainty, this newcomer’s growth graph could be a little bumpy in the coming months.
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