As part of this strategy, Qtum has chosen a proactive approach to decarbonization and long-term growth.
With all of the discussion surrounding Bitcoin’s alleged carbon footprint, crypto protocols must up to the challenge and demonstrate that their operations are fully green.
Quite a few lofty goals
Bitcoin and Ethereum currently use a proof-of-work (PoW) consensus approach. The idea is to mine Bitcoin by using real-world energy to solve cryptographically tough puzzles on a continual basis. The method uses a lot of energy to keep hostile components from flooding the network. However, there are a few clear drawbacks to this energy-intensive method.
Qtum is a signatory to the Crypto Climate Accord (CCA). The following are the two main objectives of the Accord:
- By 2030, CCA Signatories must achieve net-zero emissions from energy use.
- By the UNFCCC COP30 meeting in 2025, develop the tools and technology needed to make blockchains powered exclusively by renewable energy.
Qtum seeks to decarbonize all of its processes and worldwide network of nodes, in line with the CCA’s key goals. Qtum has already made significant progress in this area. Its network today uses about 683,300 kWh per year, which is far less than Bitcoin’s 204.50 TWh/year.
The Importance of Quantum Computing Investment
Many proponents of technology’s role in sustainability emphasize the necessity of quantum computing investment. Technology is still in its infancy, and it needs to be nurtured if the world is to be sustained.
“Innovation is booming in places like the United States, the United Kingdom, China, and Japan, and it’s only going to get better now that venture funding is pouring in.” efforts are accelerating, and we’ve even seen our first SPAC in quantum computing.”
“However, we must ensure that the money coming in is handled properly in order to ensure that we come closer to a breakthrough,” Stuart Woods, managing director of Oxford Instruments NanoScience, said.
As a result, investing in quantum computing stocks may be more essential than one might believe. Using an ETF like Defiance’s QTUM, which seeks to track important stocks related in quantum computing and AI technology, is one way to potentially decrease risk by spreading your investment.