Crypto industry moving away from PoW model to address environmental issues

economictimes.indiatimes.com:

Crypto players have been under criticism for high energy requirements for mining of tokens. Although crypto trading is paperless, the process of mining consumes a lot of energy and machinery to perform sophisticated algorithms to authenticate each transaction. Separate parties verify the records and transactions stored on a blockchain in the first generation of cryptocurrencies, which is known as 'proof of work' or the PoW model. If prices and user acceptance of the crypto asset continues to rise, the quantity of energy needed by cryptocurrency mining is likely to rise as well.

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Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

Market players said that it is high time that the world moves towards a better model and replace the 'profit at all cost' model with something better like 'benefit to all' following the growing use cases, and its veracity. Pratik Gauri, Co-founder & CEO of 5ire, said it has been repeatedly reiterated, and it is becoming abundantly clear that we will not get out of the current environmental crisis by simply ignoring it. «For the past 15 years, we have worked to test and implement the idea around a 'For benefit' economy, and it is heartening to know that it has been recognized for its value and universal application,» he added. In an attempt to move towards a cleaner future, the market for sustainable or 'green' cryptocurrencies has exploded in recent years. Such tokens have a low carbon footprint, completing the transaction with quite less energy. Vijay Pravin Maharajan, CEO & Founder, bitsCrunch said that with changing times, the world's investing techniques are