The blockchain ushered in an era of technology since its public debut in 2009. It would later change the way we perceive assets digitally. The Bitcoin, however, was not the first digital coin that was ever produced. Nonetheless, it was the first to be successfully used in a peer-to-peer transaction on a public ledger. Thanks to Satoshi Nakamoto, an avatar of a genius who breathed life into this technology.
The Bitcoin Forks
The potential of the blockchain technology has created several forks in its path– Bitcoin Cash (BCH), Bitcoin SV (BSV), Bitcoin BEP2 (BTCB), Bitcoin Gold (BTG), Bitcoin Standard, Hashrate Token (BTCST), Bitcoin Diamond (BTD), Bitcoin Cash ABC and dozens of fork coins. The potential of the Bitcoin Blockchain for other applications was realized in 2014, which paved the way for the Blockchain 2.0 implementation.
Blockchain Variants
Ethereum, the second largest blockchain variant since Bitcoin distributes a currency called Ether (ETH). It also implements computer code operation and storage, which allows for Smart Contracts. The increasing popularity of Non-fungible Tokens (NFTs) has provided a channel for artists, musicians, game developers, athletes and other entities to auction or sell their digital creations. Beeple's digital artwork that fetched a hefty $69 Million at Christie's was a first in art auction history. It created the new NFT Boom. Nonetheless, the most recent improvement in the Ethereum 2.0 roadmap was its successful implementation of the Berlin Hard Fork.
On the other end of the spectrum, Ripple, the distributor of XRP, focused on the development of a real-time remittance network and currency exchange based on the public ledger. Its blockchain transactions are among the fastest and most efficient in terms of energy usage. Ripple is currently battling a lawsuit filed by the SEC to determine whether the XRP is a security or a commodity. The crypto community is watching closely as the events unfold in the coming days and weeks.
Who Wins the War
There are certainly winners and losers in the crypto mining space. China, for example, appears to be dominating the Bitcoin mining arena. If this goes on, it it will exhaust Bitcoin's limited supply. The recent coal plant disaster has slowed them a bit, but not for long. The Proof of Work (PoW) protocol must be upgraded soon and perhaps regulated towards the more energy-efficient Proof of Stake (PoS) implementation. This is also true to Ethereum. Dash, another popular altcoin, has adopted the more efficient PoS system which allows for faster transaction similar to Ripple's implementation.
The crypto industry hangs on a delicate balance. The environment which we live in should be included in the formula. More efficient blockchain implementation are needed to conserve our remaining resources. As we ride along in this new technological wave, our profits should not outweigh one important life source– the environment. In the end, there should be no real losers in this game.
