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Hero James
city Lagos Sept. 6, 2022, 12:22 p.m.
With the adoption of blockchain technology, in years to come, what will be its effects on energy sustainability in Africa?
1 Answer request

Loic Bethel Dje Youth and Apex Performa... @ PureBreedSbe
city Nicosia, Cyprus Sept. 6, 2022, 8:30 p.m.

The goal of blockchain is to mobilise digital currencies. The link with energy supply is a far-fetched but not very much insignificant link. The structure of blockchain should be similar to that of internet communication (fluidity of data flux). Blockchain technology will be influenced more by economic transactions between energy suppliers and consumers in the energy sector. The blockchain technology issue is narrowed down to purchasing ability and mobility. Whether the energy is renewable or not, the question becomes relevant if "cryptos" are used to pay. Many countries already use the P-2-P transaction, which allows traditional currencies, bank cards, and crypto vendor platforms to be purchased (such as Binance without any publicity). When considering this question in terms of mining these coins, the CPU units, According to the Digiconomist's Bitcoin Energy Consumption Index, one bitcoin transaction consumes 1,449 kWh, or roughly 50 days of power for the average US household. Many African businesses consume more energy than this over the course of 50 days. As a result, it has no bearing on Africa's energy sustainability. Africa's most pressing issue is how to manage the energy it generates (how the laws work and how much people can buy). I hope I've quenched your thirst.


By the way, how many countries are to adopt a currency which doesn't satisfy the basis laws of currency credibility?

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