TL;DR Breakdown
• Free TON tops the list of the most lucrative POS.
• Musk stopped accepting payments in Bitcoin due to the damages caused by its mining.
Volatility in cryptocurrencies has increased since Tesla CEO Elon Musk announced that he would no longer receive payments in Bitcoin. Musk argued that the largest-cap cryptocurrency in the market caused a lot of damage to the environment. The director of the automotive company also said that transactions and mining in Bitcoin produced too much carbon.
However, a few weeks previously, the CEO of Tesla had declared that adopting Bitcoin would be favorable for the renewable energy market. This conflicting news shook the market, leaving traders in disbelief and shock.
Crypto traders are in anger and confusion after these announcements that the billionaire has made. Bitcoin did not lose its value since February, as it had reached its all-time high, but with Musk, it went downhill again.
Musk promotes clean mining using POS tokens
In the announcement, Musk hinted that he was looking for cryptocurrencies that generate less demand for energy. While the search for clean pairs continue, users could use other cryptocurrencies that use a partition test system. The investor does not depend on complex testing methods that require a lot of energy for traditional mining.
The problem with mining and new tokens is that they will increasingly depend on more energy to decrypt the digital asset. To understand how intense the POW (Proof of Work) energy is, the annual mining consumption is compared to the electricity consumption in Western Europe.
But proof-of-stake or POS systems optimize the energy needed for mining. This system, which is less than a decade old, solves the energy intensity system. POS tokens like Free TON do not need mining, being an autonomous system.
Free TON: The cryptocurrency that could leave mining behind
The Blockchain technology in the POS, like Free TON, is created and approved by a validator. The algorithm works by validations to authorize nodes in bulk and not individually. Free TON will use customer account balances as its internal resources, which will lower energy consumption.
The cryptocurrency consists of multiple systems with a peer-to-peer blockchain built on TON protocols with a token named “TON Crystal.” It was built as a community scheme used in the Telegram App with an open-source TON OS. The operating system is virtual, decentralized, and has its functions within Ethereum technology.
Free TON has over 400 validators today, making it one of the most important POS systems. The opportunities to make money with cryptocurrency are high and do not affect the environment.
Musk may have launched POS as a refreshing system against popular cryptocurrencies in the mind of the populace. For now, the POS project is on the rise, increasing the number of validators and its level of capitalization.
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