ConsenySys new energy efficient NFT system alongside Damien Hirst project
Source: media.consenysys.net
The NFT boom is an interesting era for digital artists, which has seen a huge leap in the way technology allows them to create works, but has not yet gone too far in changing the way they create. While pioneering cryptocurrency artists have received the most attention so far, other artists with more institutional influence are entering the token world. One of the biggest hurdles is the environmental issues related to the ethereum blockchain, which requires massive energy usage to launch new artwork and generates incredibly high transaction fees, which triggered the first batch due to concerns about the climate change controversy among artists.
In recent months, several blockchain products have emerged. These blockchain products are expected to bring benefits to Ethereum with higher speed, lower cost and lower energy usage. The most famous is Dapper Labs Flow blockchain, the engine that powers its NBA Top Shot product. Today, we saw the debut of a new second-tier entrant called ConsenSys from Palm, which operates as a sidechain on the Ethereum mainnet, but will be compatible with the popular metamask cryptocurrency wallet.
Source: Criptotendencia.com
As part of the Palm conference, artist Damien Hirst announced that he will be launching an NFT project on the Palm NFT Studio on the platform. This is his first project, the "coin project." Ethereum, knowing the implications of its current system, plans to put PoS into use in order to achieve an energy reduction in its processes, but it is not yet determined how this will be done. Currently, the network relies on a PoW system much like Bitcoin, which uses a way to prioritize the next block on the chain. This block consumes a lot of energy and increases with network traffic. Increase and become denser.
That's why the cryptocurrency mining business must continually invest in the latest hardware to maintain its edge and use more electricity. PoW eliminates most situations, but instead selects nodes in the network to mine the next block based on reputation or their current share. There are some real security flaws that require solutions, although many members of the cryptocurrency community are unhappy with these promises, despite supporters believing that environmental concerns should be prioritized. In the press release, the team behind Palm stated that the ecosystem is 99% more energy efficient than the proof-of-work system.
Unlike Dapper Labs Flow, Palm benefits from interfacing with the ethereum developer community, which was mentioned in today's announcement, which includes several industry associations such as Nifty. This news is accompanied by details of Dapper Labs incredible $305 million fundraising event this morning, which will provide the company with the support it needs to consolidate the Top Shot momentum.
For now this has been my post for today, I hope you like it, thanks for reaching this part of my post and spending some of your valuable time reading my post, it won't be until soon that I will post something else again. God bless you, remember to stay safe and take care of yourselves and your family members. A "puñito" (🤜🤛) greeting from Venezuela.
Greetings @jjqf.
It is important that artists who are embracing NFTs to give monmetary real value to their work are concerned about the negative effects that blockchain operability is causing on the environment.
In particular, I had not thought about this aspect, but you are quite right. The new activity around NFTs is demanding more activity from the blockchain and should be increasing energy consumption.
Great post.
All best, Juan Molina.
Thanks for your comment @juanmolina, thats right, artists must take into account all the surrounding environment around the impact they have beyond only the own benefits they can get, surely by implementing the PoS will be from much more profitable to much better for everyone in general in all areas, thanks for the support
Hello dear friend, you're right.
PoS is the new feature to be incorporated in the Ethereum Blockchain update.
A very informative post, although a little outdated already.
I would love to hear an update on this topic from you.
What are your thoughts with everything happening on Polyon and OpenSea right now?
Very interesting article, thank you. I read it with great pleasure and to be honest, I regret that I am not an artist myself because I would really like to try such creativity. But in fact, my acquaintance with this began with the site https://myimpactpower.org/ which I've been sitting on for a long time and still decided to invest. By the way, this is not only about benefits, but also about the fact that we can help our surrounding world and nature. I think ecology is more important than any money.