If you want to have rather green cryptos, you need to exclude those who rely on proof-of-work to secure the network.
Btw. Ethereum showed that a transition from proof-of-work to proof-of-stake is possible.
If you’re not interested in the complexities that a lot of cryptos have, because you just want to transfer value efficiently, have a look at Nano (https://nano.org)
The problem with nano is that it makes the assumption you can just give away transaction space for free. You can’t. If you do, spammers and other low-value uses take up all the space. The more space gets taken up, the more expensive it is to run a node, and the more centralized your network becomes. So what did they do when they ran into this problem? They added a proof-of-work component. The very thing they created their coin to avoid! If you look at almost all of these non-PoW cryptos, the only reason they can get better transactions per second or low tx fees is because they are very centralized or because nobody is actually competing for that space because nobody uses them.
Bitcoin solves this scaling/fee problem with Bitcoin lightning, which is a layer on top of the main chain. The main chain provides security, while actual transactions live on the second layer. Fees on lightning measure in the pennies and confirm instantly. The scale you can take lightning to is basically infinite. That’s actually useful as a currency.
Nano has alwas has a computational part associated with transactions. It once was used to prioritize transactions. Nano has evolved to a different prioritization scheme. That computational part will be phased out.
The lightning network is a silly attempt to merge bad parts of cryptocurrencies with bad parts of traditional finance: you need the electric energy guzzling Bitcoin and middlemen just like in traditional finance - or would you care to open and close your own channels, pay watchtowers etc. or “simply” use the channels of middlemen?
And how would you have cheap transactions without those middlemen, if operating your own channels requires transactions on layer 1?
Indeed it does use little energy, because its consensus is in some ways similar to PoS, so there’s no mining involved. If you want to know more about it, have a look here: https://docs.nano.org/protocol-design/orv-consensus/
I believe that the Nano network can process around 100 transactions per second; at least that’s a result from throughput tests I remember. That’s way less than VISA can do, but a lot more than most other cryptocurrencies can process.
And in difference to the vast majority of cryptocurrencies, Nano has no built-in limits of transactions per second. As soon as hardware gets more powerful (faster CPUs, faster network connection, faster SSDs), Nano gets faster!
If you want to have rather green cryptos, you need to exclude those who rely on proof-of-work to secure the network.
Btw. Ethereum showed that a transition from proof-of-work to proof-of-stake is possible.
If you’re not interested in the complexities that a lot of cryptos have, because you just want to transfer value efficiently, have a look at Nano (https://nano.org)
I have heard nano uses a lot less energy compared to Crypto. Though how does it compare to visa/traditional payment systems?
The problem with nano is that it makes the assumption you can just give away transaction space for free. You can’t. If you do, spammers and other low-value uses take up all the space. The more space gets taken up, the more expensive it is to run a node, and the more centralized your network becomes. So what did they do when they ran into this problem? They added a proof-of-work component. The very thing they created their coin to avoid! If you look at almost all of these non-PoW cryptos, the only reason they can get better transactions per second or low tx fees is because they are very centralized or because nobody is actually competing for that space because nobody uses them.
Bitcoin solves this scaling/fee problem with Bitcoin lightning, which is a layer on top of the main chain. The main chain provides security, while actual transactions live on the second layer. Fees on lightning measure in the pennies and confirm instantly. The scale you can take lightning to is basically infinite. That’s actually useful as a currency.
Nano has alwas has a computational part associated with transactions. It once was used to prioritize transactions. Nano has evolved to a different prioritization scheme. That computational part will be phased out.
The lightning network is a silly attempt to merge bad parts of cryptocurrencies with bad parts of traditional finance: you need the electric energy guzzling Bitcoin and middlemen just like in traditional finance - or would you care to open and close your own channels, pay watchtowers etc. or “simply” use the channels of middlemen?
And how would you have cheap transactions without those middlemen, if operating your own channels requires transactions on layer 1?
Indeed it does use little energy, because its consensus is in some ways similar to PoS, so there’s no mining involved. If you want to know more about it, have a look here: https://docs.nano.org/protocol-design/orv-consensus/
I believe that the Nano network can process around 100 transactions per second; at least that’s a result from throughput tests I remember. That’s way less than VISA can do, but a lot more than most other cryptocurrencies can process.
And in difference to the vast majority of cryptocurrencies, Nano has no built-in limits of transactions per second. As soon as hardware gets more powerful (faster CPUs, faster network connection, faster SSDs), Nano gets faster!