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Crypto Critic: Not just electricity, or how to discuss blockchain ecology Crypto Critic: Not just electricity, or how to discuss blockchain ecology

When discussing blockchain ecology, we cannot only focus on the energy consumption of different networks. Social or governance aspects are equally important in creating a more balanced future for the cryptocurrency market.

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Millennium of Development

In just over 40,000 days – or more than a century – we went from the first Earth flight to the first flight to another planet. In that short time, the amount of fuel burned and the number of fatalities associated with aviation were enormous. On the other hand, air transportation has completely transformed everything from commerce to warfare and has led to the birth of entirely new industries. With the rise of aviation, fuel efficiency has improved and fatalities have also dropped significantly.

A costly revolution

In the digital realm, blockchain technology can be just as transformative, with applications in everything from commerce, exchange, collaboration, identity, and resource use management. Currently, this progress comes at the cost of high electricity consumption. And this is where those famous arguments are always made that Bitcoin consumes more electricity than country X. However, this is a problem that should and will be solved.

Not just the environment

The problem is that current critics are using high electricity consumption to call blockchain projects, and especially Bitcoin, environmentally unsustainable. This is not only detrimental to blockchain projects – especially from an investment and adoption perspective – but is also untrue.

Sustainability is judged on three broad indicators-environmental, social, and governance. The current debate – characterized by a lack of nuance on the one hand and unnecessary finger-pointing on the other – focuses only on the environmental aspect of sustainability. The social and governance aspects have been widely ignored, leading to an inaccurate perception of sustainability for both projects and blockchain.

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The social

aspect

The social aspect needs to be seen in the broader context of the move to platforms across the economy. Everything from ordering rides to buying books to ordering take-out food is now done on online platforms. In this winner-take-all world, the market power of successful platforms ultimately allows them to dictate unfair terms to their employees.

Tokenized blockchain projects can potentially solve this problem by allowing the platform to be controlled based on an individual employee’s contribution. As a result, employees benefit from the development of the platform instead of being oppressed by it.

Governance aspect

Blockchain technology enables transparent and automated execution of rules and procedures on a global scale. This ability opi

era is built on a combination of immutability, transparency, resistance to censorship, decentralized software execution, and economic incentives exclusive to the blockchain.

This makes blockchain a global testing ground for governance in the digital age – a testing ground that, as we have seen in the decentralized financial space, is making interesting progress almost daily. It’s only a matter of time before the lessons learned translate into helping us better manage the global commons.

Blockchain Icons

A piece of fabric and wood from the original Wright Flyer (the world’s first airplane built by the Wright brothers) was taken to the surface of the moon by the Apollo 11 astronauts. The fabric and wood had no functional purpose beyond symbolically linking the two historic events. After all, it was more than a century after the first flight of one of the Wright brothers that Neil Armstrong set foot on the moon. This was and is a remarkable achievement and the crowning achievement of human engineering thought in the aviation sector.

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It has been about 4,700 days since Bitcoin’s white paper was published. With the dizzying pace of innovation in the blockchain space, current blockchains – and their energy consumption – will also be icons of the past. Just as the Wright brothers’ first flights are icons in the aviation sector to this day. Therefore, it would be more productive to take a more holistic view and aim for a sustainable end result, instead of over-assessing work-in-progress – and missing out on the potential societal benefits of governance. Let’s open our minds to the fact that blockchain is not yet perfect. Let’s give it some time ni let’s not throw mud at it just because it uses too much electricity for a small period of time. That will change, soon enough.

Financial Critic

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