According to the UN, Bitcoin mining emitted over 85.89 Megatonnes of CO2 during 2020-2021. The environmental harm delivered by Bitcoin and other cryptocurrencies using the PoW mechanism for mining led to regulatory pressure over the future of cryptocurrencies.
Bitcoin, on average, requires 266,000 kilowatt-hours (kWh) of electricity to mine a single Bitcoin. The exhaustive demand leads to global disparity, with some regions around the world having greater access to electricity than others.
In April 2023, AP News reported that around 43% of Africans lacked access to electricity. To put into perspective, South Africa, a nation considered to have one of the most developed economies in the continent, has to cope with rolling power blackouts of eight to 10 hours per day.
Therefore, the process of acquiring cryptocurrency is unsustainable. Now, the African market is shifting to eco-friendly crypto that uses the PoS mechanism instead of PoW – resulting in 99% less energy consumption and no mining need.
As the pool of PoS cryptos continues to expand, with Ethereum dominating the eco-friendly market, alternative solutions have arrived at lower costs but with greater ROI potential.
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Introduced in 2020, Solana (SOL) quickly gained popularity as a sustainable alternative to Ethereum. Its Proof-of-Stake (PoS) mechanism boasts 99% less energy consumption than Bitcoin’s PoW mechanism, aligning with the eco-conscious focus of the African crypto market.
Solana’s technical prowess is undeniable. Its lightning-fast transaction speeds, exceeding 720,000 per second and low fees attracted developers and investors alike. Within a year, its price surged over 17,000%, making it a top choice for staking and dApp development.
However, concerns about Solana’s centralisation have emerged. Unlike truly decentralised blockchain networks, Solana relies on a smaller group of powerful validators, raising questions about its vulnerability to manipulation and regulatory pressure. Recent crackdowns on centralised crypto projects like XRP and BNB have amplified these concerns, leading some investors to re-evaluate their holdings in SOL.
While Solana’s technical merits remain impressive, its perceived centralisation casts a shadow of uncertainty. As the African market seeks not only eco-friendly but also secure and democratic crypto solutions, alternatives like Avalanche are gaining traction. Whether Solana can overcome these challenges and maintain its position in the rapidly evolving African crypto landscape remains to be seen.
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Launched in 2020 by computer scientist Emin Gün Sirer, Avalanche (AVA) tackles a critical hurdle in the blockchain world: scalability. Unlike Ethereum’s congested network, Avalanche processes a staggering 4,500 transactions per second, making it ideal for the burgeoning African crypto market, where speed and efficiency are paramount for driving financial inclusion and economic growth.
Avalanche’s secret sauce lies in its innovative consensus mechanism. This real-time meta-protocol swiftly selects the most reliable validator for each transaction, ensuring fast finality and minimising the risk of network forks. This translates to a secure and efficient platform, crucial for building trust in the fledgling African crypto landscape.
But Avalanche doesn’t stop there. Its unique subnet functionality allows for the creation of customised blockchains within the larger ecosystem. These independent networks inherit Avalanche’s security and speed while catering to specific needs.
This opens the door for a diverse range of applications in Africa, from decentralised finance (DeFi) and micropayments to supply chain management and identity verification.
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An issue many eco-friendly cryptos face is their lack of creativity and personability. Meme coins have historically blown up overnight. With Dogecoin (DOGE) soaring 339% in a single day back in 2021.
Meme coins like DOGE have been criticised for their lack of utility, unlike PoS crypto. However, its meme representation allowed the token to follow the virality of the meme it portrays.
This is where meme coin Sponge (SPONGE) comes into play, a sustainable, Ethereum-based cryptocurrency using the PoS mechanism that is also represented by an already viral meme in hopes of following in the meme’s footsteps.
So far, Sponge has garnered a lot of traction. Since its May 2023 inception, SPONGE has witnessed remarkable growth, surging over 4,000%. Now, SPONGE V2 arrives with ambitious goals to solidify its standing in the meme coin market.
SPONGE V2 stands out by outpacing competitors like PEPE, another successful non-Doge meme coin, showcasing its strong investor appeal. Its unconventional launch directly on Uniswap led to a staggering surge of over 320% within 12 hours, bypassing the typical presale route.
Supported by a dedicated community exceeding 11,000 token holders and 30,000+ social media followers, SPONGE maintains consistent trading volume and sustained interest. Staked at over $1.6 million, the anticipation for the v2 token showcases investor confidence and eagerness for its next phase.
The upcoming SPONGE V2 upgrade revolves around two primary initiatives:
- Firstly, targeting listings on major platforms such as Binance and OKX aims to increase exposure and liquidity, potentially boosting its value.
- Secondly, a play-to-earn crypto game was introduced where players embody SpongeBob and friends in races through Bikini Bottom.
This innovative play-to-earn model introduces several unique advantages: offering free and premium versions catering to different preferences – creating sustainable token demand through gameplay rewards and staking.
Combining eco-conscious PoS technology, an active community and forward-looking projects like the play-to-earn game, SPONGE V2 is poised to captivate investors seeking both entertainment and potential growth within the African crypto market.
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Notably, the recent interest shown by Justin Sun, founder of TRON, in SPONGE, among other meme coins, signifies the promising trajectory of this eco-friendly meme project amidst the evolving African crypto landscape.
The rising importance of eco-friendly cryptocurrencies in Africa comes amid concerns about Bitcoin’s environmental impact. Solana and Avalanche present alternatives, but Solana’s centralisation issues have sparked interest in more secure options like Avalanche.
SPONGE V2, leveraging Ethereum’s eco-friendly technology and a popular meme, stands out with remarkable growth and ambitious plans. Its play-to-earn game and strong community engagement position it uniquely in Africa’s crypto landscape. Justin Sun’s interest adds to its promising trajectory.
As meme coins explore eco-friendly tech, SPONGE V2’s innovation, community support, and unique offerings make it a focal point for investors navigating Africa’s evolving crypto market.
To acquire SPONGE V2, users can access the official website to purchase the token with either ETH, USDT or Card.
