Is Blockchain a Good Idea?

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“Blockchain is a distributed database that is less vulnerable to hacking and manipulation.” Tyler Crook, a climate change activist describes. It’s also tied to cryptocurrency currencies that are ruining the environment. Crook is right about the risks of these technologies. While “blockchain” is becoming a buzzword but the environmental implications of crypto currencies aren’t always evident. Is blockchain a good idea or not?

Celo is a blockchain

The project is aimed at connecting smartphones and crypto via light applications and smart contract. Its blockchain is optimized for mobile devices, and also has a stablecoin that is the Celo Dollar. The Celo Dollar tracks the value of the U.S. dollar. The platform also supports BTC and the Ethereum Virtual Machine. In addition it is the Celo ecosystem supports a range of crypto currencies, including Ethereum, Litecoin, and Bitcoin Cash.

It utilizes an energy-efficient consensus mechanism

To minimize its carbon footprint blockchain project developers have chosen a less energy-intensive consensus method. Kickstarter has not disclosed any specifics about its PBC protocol however, it has announced that the Celo blockchain will be used in the project. Celo uses a “carbon-negative” consensus mechanism. The PBC will also be powered by renewable energy sources such as wind power. Kickstarter has also established an independent governance lab that will conduct research and involve the community in its development.

It is a tool that can be utilized by anyone

Kickstarter, the largest crowdfunding site in the world, has announced that it will transition to blockchain technology. This is done by creating open-source crowdfunding infrastructure that anyone can access to build their own Kickstarter-like website. The new site will have the same functionality which allows creators to raise funds for their projects and for donors to make donations to them. The new crowdfunding platform is available to anyone with basic computer skills. These are the major differences between the old Kickstarter and the new Kickstarter.

It’s not harmful to the environment

If you’re thinking that the blockchain kickstarter is hurting the environment, think again. First, a blockchain isn’t “earth-friendly” by definition. It will use energy to process transactions, just like any other type of blockchain. That energy is utilized to create more bitcoins. Secondly, it’s impossible to create a blockchain without using energy. Blockchain kickstarters are therefore not environmentally harmful.

It will make it easier to crowdfund projects

The move to blockchain has led to a variety of debates among users. While the intention behind this move is to enhance the creator-community connection, backers’ participation in data control and tools for trustworthiness assessment however, it has also caused a split of opinions among users. Many users expressed concern about the possible environmental impact and harm that scams using crypto could cause. However the company has released an FAQ that will answer any questions that might arise.

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