Tesla CEO Elon Musk stated that Bitcoin (BTC) will no longer be used as a payment tool by Tesla due to the damage it causes to the environment and the use of fossil fuels. After this statement by Elon Musk, the eyes were turned to environmentally friendly cryptocurrencies.
Musk has previously caused a change in prices by talking about various altcoins. For example, Dogecoin is a meme-inspired altcoin that began as a joke in 2013 but has since exploded in popularity. It’s now one of the top 10 cryptocurrencies by market value, and it achieved an all-time high of nearly 74 cents in May, much to the amazement of its co-founder.
This is due to a number of factors, including celebrity endorsements on social media by billionaire Elon Musk. On Twitter, the SpaceX and Tesla CEO has been a vocal backer of dogecoin, as well as other altcoins such as baby Dogecoin and Shiba Inu.
WHAT IS THE NANO COIN
Nano is a digital currency that attempts to alleviate inefficiencies in existing financial systems by being decentralized, long-lasting, and safe.
Nano is a peer-to-peer digital currency that is uniquely built to facilitate simple peer-to-peer value transfer. It provides individuals with the most efficient and accessible digital money available, allowing them to connect to the global economy with minimal impact. It provides an easy-to-use interface that feels as digital currency should: no fuss, no fees, and no waiting. This is how a user-friendly and accessible digital money experience should feel.
Many digital money networks have turned to wasteful designs to secure their networks as the globe continues to try to reduce pollution and energy usage. Nano is cleverly designed to address this issue by relying on a lightweight and energy-efficient consensus technique called Open Representative Voting (ORV) instead of power-hungry mining for security.
Nano, one of the projects with the lowest energy consumption in the crypto money industry, has achieved a serious rise as can be expected. NANO has increased by 46% in the last 24 hours, showing that it is already taking advantage of this. Analysts are already looking for energy-efficient cryptocurrencies.
While the priority of transactions can change with higher energy usage and higher transaction fees in the proof-of-work-based structure of the Bitcoin network, this is not the case for NANO. NANO, which has the Proof-of-Stake model that Ethereum currently wants to pass, actually stays out of Elon Musk‘s energy criticism. The fact that Ethereum has held in place despite the sharp drop in Bitcoin price may also be an advantage as it will soon switch to the PoS model.
TOP100 POS COINS
The method that protects various cryptocurrencies, including Bitcoin and Ethereum, is known as proof-of-work. Almost all coins have a central institution or leader that keeps track of all users and their balances. To make the internet money work without a firm or government in charge, proof-of-work is required.
Proof-of-work, in particular, overcomes the “double-spending problem,” which is more difficult to solve without a leader in charge.
What are the top cryptocurrencies that are outside of the Proof-of-Work model criticized by Elon Musk? Considering the cryptocurrencies that use this model in the Top 100, Cardano, EOS, Tron, Cosmos, Tezos, Thorchain, Algorand, Waves, Decred, Qtum, Ontology, Lisk, Steem and Ark are among them. Of course, there are differences between them according to usage, and NANO also stands out with its processing speed under 1 second.
Altcoins are a term used to describe a variety of cryptocurrencies other than bitcoin. Thousands of additional cryptocurrencies exist, despite the fact that bitcoin and ether account for over 70% of the cryptocurrency market.