By EWN • 23 January 2023 • 11:00
Cryptocurrencies, particularly Bitcoin (BTC), have been criticized in the past for their environmental and social impact. The process of mining requires significant amounts of computational power and energy. For example, it is estimated that the energy consumption of the Bitcoin network is currently equivalent to that of a small country. As many people know, there are also concerns about the social implications, as critics argue that the decentralisation and anonymity of the industry could facilitate illegal activities like money laundering and tax evasion.
However, many projects have been actively promoted as socially conscious, that aim to empower individuals and communities by providing them with greater control over their digital assets and data. Big Eyes Coin (BIG), Ethereum (ETH) and Solana (SOL) are all known as being some of the best coins on the market – regularly making eco-friendly improvements and giving back to the community.
A relatively new entry to the market, Big Eyes Coin will run on the Ethereum blockchain. It aims to improve the use of DeFi by adding money to the ecosystem and enhancing accessibility. It will profit from meme coins’ social media success, marketing dominance, benefits of DeFi, and demand for its NFTs. The coin is currently in its ninth presale round and has raised $16.6 million – an already outstanding achievement.
The benefit of being community-focused means that the coin is already poised to be socially conscious. The project has pledged that they are reserving 5% of the total supply to be held in a charity wallet and donated to ocean-saving charities. The cat-themed tokens’ tagline is “Healthy oceans produce delicious cat food.” This is a clear win for crypto enthusiasts who care about the environment.
Other features of the project include an impressive new returns calculator on the Big Eyes Coin website which automatically connects buyers’ wallets and shows you exactly how much you can make as it shows projected price inflation. Alongside offers like LAUNCHBIGEYES200, which offers a 200% bonus on your tokens, it’s easier than ever before to join the community of socially conscious cat lovers.
Solana is a blockchain platform that aims to provide fast, efficient and low-cost transactions for decentralised applications. One of the ways Solana aims to achieve this is by using a Proof of Stake (PoS) mechanism which is more energy efficient compared to the traditional Proof of Work (PoW) mechanism used by Bitcoin and many other cryptocurrencies. This works as PoS reduces energy consumption by eliminating the need for specialised hardware and large amounts of electricity to solve complex mathematical equations.
Similarly, Ethereum is a decentralised platform focused on the creation and execution of smart contracts, The network also recently transitioned from a PoW-based system to a PoS system, thus using less energy. Its community is also actively exploring ways to improve energy efficiency and reduce its environmental impact, for example using off-chain solutions or layer 2 scaling solutions, such as Plasma and Optimistic Rollups.
One socially conscious effort made is the Ethereum Foundation Fellowship Program. This initiative aims to help reduce gaps in representation by supporting underrepresented people and communities who will become the future of Web3.
Whilst the history of cryptocurrency did not do a lot for either the environment or society, there have been significant improvements as many coins like Big Eyes Coin, Solana and Ethereum can attest to. The crypto industry is still relatively new and constantly evolving, and solutions to these past challenges will likely continue to be developed in the future.
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Download our media pack in either English or Spanish.