Musk and DOGE are the pair – It’s been a whileElon Musk is interested in Bitcoin (BTC)but also very a Dogecoins (DOGE), his little favorite among the cryptos. He seems to be at the point that he wanted the CEO of Tesla and SpaceX (and Twitter). help to memecoin teams with smiling dog Shiba.
Dogecoin now emits -25% CO2 : the Elon Musk effect?
In May 2021, Elon Musk I had offered help to improve Dogecoinespecially for “Improve Transaction Efficiency” on the DOGE network. And it is clear that, just over a year and a half later, memecoin really seems to have it reduced its carbon footprint.
According to a recent publication by Forex Suggest, the CO2 emissions2 of Dogecoin would have even decreased very significantly, from Of 1,423 tons emissions in 2021, at 1,063 tons in 2022. That’s a nice reduction of over -25% according to the post.
According to Forex Suggest, it would only take plant 5,313 trees to offset the carbon footprint of all Dogecoin transactions made during the year. Compared to an estimated requirement of 7,117 trees the previous year.
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An (unhealthy?) race for the lowest GHG emissions per transaction?
Given that, at the time of writing these lines, the main interested party has not yet pronounced himself on the matter, it is difficult to define the exact importance of Elon Musk’s role in this reduction of greenhouse gases (GHG) emitted by the Dogecoin network. But remember that the Tesla boss had clearly asked a ecological premise comparable to Bitcoin in May 2021, again sell your electric cars for BTC.
And many cryptocurrency projects have since embarked on this race, almost imposed, to whom it will “pollute” the least. For example, for Dogecoin, theenergy used per transaction (in kilowatt hours) is estimated at 0.12kWh.
But some have changed completely, and mostly Ethereum (ETH) of course. With its move from a consensus based on proof of work (PoW) to that based on Proof of participation (PoS), Vitalik Buterin’s network has reduced energy consumption by more than 99.9%. So much so that the energy expended per transaction has gone from 62.56 kWh alone 0.03kWh.
While it’s obviously necessary to try to improve efficiency, it shouldn’t be done by sacrificing everything else. In addition to the risk of plutocracy in PoS project governance votes (the richest holders of tokens with greater voting weight), this validation model of transactions with cause censorship problems on the Ethereum network. The decentralization and the safety transactions have a cost (energy), and the latter it cannot be reduced to infinity.
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