Elitium is a technology company at heart.
We didn’t set out to make the world ‘go green.’ But as the crypto-sector has evolved, so has Elitium. And we’re delighted to say that our technology — and broader strategy — now incorporates a more eco-centric focus.
You can see evidence of the above in our choice to favor Proof-of-Stake (PoS) over Proof-of-Work (PoW). But before we go any further, what’s the difference?
Well, for the uninitiated…
PoW is the protocol Bitcoin uses. It’s an energy-intensive consensus mechanism that requires an extensive infrastructure of hardware to run. Meaning it is by no means environmentally-friendly.
Contrast Proof-of-Work with Proof-of-Stake, and you get an entirely different result.
Elitium Is Greener Thanks To Proof Of Stake
Proof-of-Stake requires no specific hardware and no extra servers. All that’s needed for a PoS network to function is a dedicated pool of crypto-funds — making the protocol relatively energy efficient.
As we chose to build the Elitium Staking Program using Proof-of-Stake (on a fork of the PIVX blockchain, no less), our staking network will soon be powering the Elitium Digital Economy using a robust, eco-friendly consensus — and Elitium will consume much less energy than had we favored Proof-of-Work.
In truth, this one decision could ultimately result in a Digital Economy that’s also a remarkably carbon-efficient ecosystem. How so?
…let’s take a closer look.
Given everyday users and commercial clients will use our technology, we will be powering an eclectic mix of use cases, all from a low-energy base. This means our technology will actively reduce energy consumption across both personal and commercial activities.
Put this in the context of traditional payment operators like Paypal and typical banking networks (that need thousands of computers, servers, and real estate to function): Elitium suddenly becomes the greener, more energy-efficient alternative.
And the Elitium Digital Economy becomes a way for companies to control their energy usage.
In truth, Elitium would only need to take a small percentage of payments activity to significantly reduce the carbon emissions of the payment processing industry. And we intend to maximize our potential to make a positive environmental impact by offering our technology to the green energy sector at a subsidized rate — under a Blockchain-as-a-Service agreement.
In doing so, we might incentivize even more companies to go green.
Market Forces Are Forcing Change
There is a level of serendipity to our eco-centric strategy.
Still, we intend to double-down on our fortune and do as much as we can to push towards more environmentally-minded operations.
After all, organizations that fail to adapt will only struggle in the long-term. We’ve seen many come under strain as they’ve lacked the resources — both human and financial — to get the necessary servers in place, and then pay for the energy reserves to keep their mining operations active, particularly as incentives have recently dropped.
Thanks to our use of Proof-of-Stake, Elitium doesn’t face such risks. Even as miner fees drop in the world of PoW, we’ve seen no material impact on our operations.
All we need to keep our Digital Economy flowing is a steady supply of staked EUM, which is improving by the day.
Now more than ever, as our native digital currency EUM surges in popularity.
Looking to learn more about Proof-of-Stake? Find everything you need in the Elitium Knowledge Base.
Discover Value. Discover Elitium.