The environmental impact of cryptocurrency is a subject that makes many Bitcoin enthusiasts wince, and it’s no secret as to why. The preeminent cryptocurrency has long endured criticisms of being environmentally challenged.
While Elon Musk’s Bitcoin-critical tweets stood as beacons of controversy among environmentalists and Bitcoin fans, they brought forth an undeniable truth about Bitcoin’s consensus protocol, “Proof of Work”. It’s a mechanism within Bitcoin’s code that, in terms of energy usage, makes Bitcoin mining look like aluminum smelting when compared to newer, environmentally friendly protocols like Proof of Stake. Thus set forth the prevailing wisdom: cryptocurrencies that use Proof of Work will not be environmentally friendly. Right?
Enter Gather Network
Gather Network’s native cryptocurrency ($GTH) uses a protocol that can be likened to a fuel efficient hybrid car. It meticulously combines elements of both Proof of Work and Proof of Stake, forming a hybrid protocol specifically optimized for the foundation of their network. Their official website summarizes their reasoning for doing so:
“Gather uses a hybrid PoS/PoW consensus to ensure security while also aligning early incentives for network participants.”
Following the car analogy, we can think of Gather Network using Proof of Work much in the same way a hybrid car uses gas, but in this case, even the gas is an environmental upgrade to the standard. GTH achieves this by using a strikingly efficient hashing system, and by accruing its mining energy (the “car gas”) through the recapturing of wasted processing power.
How do they pull this off, exactly? By using a new model of mining via web browsers. Gather has implemented an incentive structure for website and app publishers to earn the $GTH cryptocurrency by simply enabling a small tool on their website or app. Web users have all seen a permissions request at the bottom of a web page before, typically allowing the use of cookies as a remarketing tool to website visitors.
Except this one is different. When users accept Gather’s request, their computer’s idle processing energy gets used to power the Proof of Work component of the consensus protocol. All parties are incentivized to participate in the recapturing of otherwise wasted processing power, as users can also be rewarded for their contribution to the network with the simple click of a button. Additionally, utilizing Gather’s solution does not negatively impact user experience, having no effect on processing speeds or overheating of the CPU.
Gather Network’s innovative solution reveals a remarkable glimpse into the future of protecting the environment. Notable modern solutions don’t necessarily come from reinventing the wheel, but from reinventing the manner in which it travels. Proof of work, for example, didn’t need reinventing for Gather to change the manner in which it’s utilized. Much like the advent of recycling, Gather Network improves upon what’s already there; it repurposes the flaws of an established system to form a solution.
Radio host, actress, milennial mom and influencer Xen Sams recently discussed the environmental impacts of Web3 and cryptocurrency mining with Gather.Network CEO, Reggie Jerath on A MoMent of Xen. Watch their interview here:
As Internet use grows globally and more blockchain technology use cases are identified, there will be increased demand for more powerful user experiences online without the sale of user data to advertisers. Website owners will find more incentives in adopting services such as Gather Network to monetize their digital storefronts, whether it be for ecommerce, metaverse, gaming, or publishers of varying sizes. Users will benefit from reduced friction caused by digital advertising, more privacy from controlling their private data, and the reduction of energy waste.
Instead of “throwing it in the trash”, users can now recycle excess processing power in a network that rewards them for doing so. The actualization of this concept on the blockchain serves as a significant environmental benchmark for cryptocurrency, and perhaps as the epitome of how to create solutions for our planet in the face of its rapidly growing technological overcoat.