Cleaner Crypto: Tezos for the RadBots
||For the Press, Folks in the Tech Sector and in the Crypto Space
This article is part of a series about a radical experiment we have undertaken in modern collectivism and responsible crypto–the RadBots! In case you aren’t familiar with our RadBots, go here to read the first article in this series.
Crypto technology is revolutionizing the way we do business, collaborate and generate value for our work. However, it can also be extremely harmful for the environment. Let’s talk about why that’s the case, and what Dara is doing to make a difference.
When transactions occur on the blockchain, they need to be verified, to ensure that nobody is spending the same money twice, for example. This might have been tricky without the involvement of a central, regulatory authority, but early crypto pioneers found a solution in the form of the proof of work consensus mechanism. Proof of work blockchains are verified by miners all over the world, racing to be the first to solve complex mathematical puzzles. The winner will be the one to update the blockchain, and will be rewarded with a certain amount of cryptocurrency.
The trouble with the proof of work mechanism is that it requires a great amount of processing power to work. What’s more, as the value of a cryptocurrency increases, more and more miners are incentivized to join the blockchain and to set up increasingly large “mining farms”. The energy expenditure adds to environmental degradation, which is an issue we take very seriously at Dara. Keeping this in mind, we combined our ongoing commitment to exploring the possibilities of TechArt, with a focus on finding the cleanest, greenest blockchain to release our RadBots on. Eventually, we ended up choosing Tezos for its progressive approach towards blockchain consensus.
Tezos uses the proof of stake consensus mechanism, which employs a global network of “validators” that each stake some of their crypto for a chance at verifying transactions, updating the blockchain and winning more crypto. Generally, the validator chosen is the one who has staked the most crypto, for the longest duration. However, other parties will often receive a participation reward as well.
The proof of stake consensus mechanism cuts back on the energy required to keep a blockchain like Tezos up and running, which is a major step forward in environmentally conscious crypto. Our friends at Tezos India have shown us a lot of love, and we appreciate the wonderful work they’re doing. Go here to read more about that.
Apart from Tezos India, we also have Goethe-Institut / Max Mueller Bhavan Mumbai and BeFantastic to thank, who are among our prestigious Partner network.
Our Bots are being dropped here on Rarible, and you can find out more about them here. Don’t hesitate to reach out to us at support@dara.network if you have any questions. You can also directly message Dara’s team here, on the Dara app.
