Blockchain Data Storage without The Environmental Cost
Blockchain has the potential to revolutionize the way we use the internet. This is because it, combined with other technologies such as OmniIndex’s patented fully homomorphic encryption, allows users to take back control of their data with no third-party access to their files and full protection from Ransomware attacks.
However, Blockchain has a huge image problem.
This is because when people hear Blockchain, they immediately think of cryptocurrency and Bitcoin. The problem with this is the huge environmental impact these “Proof of Work” blockchains have. Indeed, the University of Cambridge’s live ‘Cambridge Bitcoin Electricity Consumption Index’ currently lists the estimated annualized consumption of Bitcoin’s energy to be 140.31 TWh. Cambridge University’s comparison charts show this to be higher than the annual electricity consumption of countries including Pakistan, and Ukraine.
Put bluntly: OmniIndex’s Blockchain has nothing to do with this.
This is because OmniIndex’s Blockchain is “Proof of Stake” instead which uses just a fraction of the energy. Indeed, the registered Educational Charity SCL reports the difference could be as much as 99%:
The energy consumption between the two consensus mechanisms is notable. It has been reported that using the proof of stake consensus mechanism uses 99% less energy than the proof of work mechanism. Additionally, the hardware required is less specialised and more equivalent to an average laptop, which allows the network to scale and should reduce the amount of electronic waste that is generated.https://www.scl.org/articles/12596-proof-of-stake-the-environmental-impact
The biggest example of Proof of Work vs Proof of Stake is Eretheum. Alongside Bitcoin, they are one of the world’s most used blockchain platforms. In September 2022, Eretheum swapped from Proof of Work to Proof of Stake in order to reduce their energy use. And, according to the CCRI, Eretheum’s overall estimated annual CO2 emissions have dropped from over 11 million tons to just under 870—less than the combined total of 100 average American homes, per the EPA. This is because they now draw 2,600 megawatt hours per year of electricity, as opposed to 23 million megawatt hours when they used Proof of Work.
What’s more, OmniIndex’s Proof of Stake Blockchain can either be stored on the customer’s own servers, or their cloud storage of choice. This means consumers can make their own choice when it comes to the environmental impact of storing their data.
For example, in 2021 OmniIndex partners Google “matched 100 percent of its annual electricity consumption with purchases of renewable energy, bringing more than 7 gigawatts of new renewable energy online.” Furthermore, they’re partnered with Sustainable Energy for All and the United Nations to set up initiatives in tandem with their current goal of operating on 24/7 carbon-free energy.
Google is not alone in pursuing greener solutions and with OmniIndex’s Data Platform and Blockchain data storage, consumers are able to make their own choices to ensure they get the security and privacy they need without the environmental cost.
To learn more, please read our other resources or get in touch today.