Advanced Programming: The Future Implication on Cryptocurrency-Digital Money Mining and Energy Consumption
- June 30, 2021
- Posted by: rsispostadmin
- Categories: Computer Science and Engineering, IJRSI
International Journal of Research and Scientific Innovation (IJRSI) | Volume VIII, Issue V, May 2021 | ISSN 2321–2705
Orlunwo Placida Orochi,and Ojekudo Nathaniel
Faculty of Natural and Applied Sciences, Computer Science Department, Ignatius Ajuru University of Education, Port Harcourt, Nigeria
Abstract: Advanced blockchain programming is extremely complex while the basic idea is simply to decentralize data storage so as not to own, control or manipulate such information by a central actor. This article focuses on the emerging phenomenon of energy sustainability mining cryptocurrencies. Cryptocurrencies are digital financial assets for which a cryptographic decentralized technology guarantees ownership and transfers of property. The increase in market value and the increasing global popularity of cryptocurrencies are giving rise to a number of energy consumption concerns. This introductory article discusses the main energy consumption trends in the academic study related to cryptocurrencies and underlines the contributions of the works selected in literature, using both descriptive and qualitative approaches. The information used is secondary, obtained from journals, conference papers examined, work paper and reports by consultants dealing with cryptocurrency mining’s energy consumption. We argue that cryptocurrencies may perform useful functions and add value for money, but there are reasons for favoring market regulation. Although this goes against the original libertarian reasoning behind cryptocurrencies, it seems a step forward in improving the welfare of energy consumption.
Keywords: Miners, Cryptocurrency, Mining Machines, Proof of Power, Energy, Blockchain, Bitcoins, Atlercoins,
Digital Assets
1.Introduction
Currency transactions are mostly centralized and regulated by a third-party entity between people or businesses. A bank or credit card company must complete the transaction in a digital payment or currency transfer. This transaction system is normally centralized and all information and data is handled and administered by a third party rather than by the two main entities involved in the transaction. To resolve this problem, Blockchain technology was created. The objective of Blockchain technology is to build a decentralized system in which nobody controls transactions and information.
Cryptocurrencies can be considered as part of the wider class of financial assets, ‘crypto assets’ with identical digital pair-to-peer transactions, without interference in transaction certification purposes by any third-party institution. What makes cryptocurrencies different from other crypto assets? It depends on their intent, i.e., whether they are only issued for transfers or serve other functions as well. We should follow the distinctions set in the last regulatory reports in the overall category of crypto-assets, which separate two other sub-categories of crypto-assets from cryptocurrencies.
As suggested in the
