Cryptocurrency bounced back based on cryptography technology during the COVID-19 pandemic

Mallouli, Fatma; Khelifi, Nesrine; Hellal, Aya; Ferjani, Imen; Gmach, Imen; Chaabane, Nada; Amami, Rim

doi:10.1109/csci54926.2021.00031

Cited by 3 publications

(4 citation statements)

References 31 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…These blockchain applications recovered from the encountered downturns, as evidenced by the historical network data ( 61 , 62 ). Previous studies have also highlighted the economic potential of the blockchain sector, which has recovered from different market dips ( 63 – 65 ). Thus, it is crucial to investigate the climate impact of NFTs and promote potentially green NFT processing and climate-friendly development in the blockchain industry.…”

Section: Methodsmentioning

confidence: 99%

Climate concerns and the future of nonfungible tokens: Leveraging environmental benefits of the Ethereum Merge

Lal

You

2023

Proc. Natl. Acad. Sci. U.S.A.

View full text Add to dashboard Cite

The world is facing a formidable climate predicament due to elevated greenhouse gas (GHG) emissions from fossil fuels. The preceding decade has also witnessed a dramatic surge in blockchain-based applications, constituting yet another substantial energy consumer. Nonfungible tokens (NFTs) are one such application traded on Ethereum (ETH) marketplaces that have raised concerns about their climate impacts. The transition of ETH from proof of work (PoW) to proof of stake (PoS) is a step toward reducing the carbon footprint of the NFT sector. However, this alone will not address the climate impacts of the growing blockchain industry. Our analysis indicates that NFTs can cause yearly GHG emissions of up to 18% of the peak under the energy-intensive PoW algorithm. This results in a significant carbon debt of 4.56 Mt CO 2 -eq by the end of this decade, equivalent to CO 2 emissions from a 600-MW coal-fired power plant in 1 y which would meet residential power demand in North Dakota. To mitigate the climate impact, we propose technological solutions to sustainably power the NFT sector using unutilized renewable energy sources in the United States. We find that 15% utilization of curtailed solar and wind power in Texas or 50 MW of potential hydropower from existing nonpowered dams can support the exponential growth of NFT transactions. In summary, the NFT sector has the potential to generate significant GHG emissions, and measures are necessary to mitigate its climate impact. The proposed technological solutions and policy support can help promote climate-friendly development in the blockchain industry.

show abstract

Section: Methodsmentioning

confidence: 99%

Climate concerns and the future of nonfungible tokens: Leveraging environmental benefits of the Ethereum Merge

Lal

You

2023

Proc. Natl. Acad. Sci. U.S.A.

View full text Add to dashboard Cite

show abstract

“…It transforms data into ciphertext through encryption, which can be reversed with a key. Blockchain uses symmetric-key cryptography (one key) and asymmetric key cryptography (a key pair) to achieve this security (Mallouli et al, 2021). • Merkle tree: A hash binary tree for rapid integrity verification of data (Zhai et al, 2019), confirming transaction presence in a block without requiring the entire block or transaction data (Samuel, 2015;Zantalis et al, 2022).…”

Section: Technology Utilisedmentioning

confidence: 99%

Metaverse: Virtual Currencies as a Mechanism for Employee Engagement and Retention

Robertson,

Baror,

Venter

2024

iccws

View full text Add to dashboard Cite

Virtual currencies, including cryptocurrencies and non-fungible tokens (NFT’s), are increasingly used as rewards in virtual environments. Traditional reward systems have been effective in improving employee satisfaction and retention but with the shift to hybrid or remote work post-COVID-19, organisations need adapted reward systems. However, the problem of this research is that it’s unclear how virtual currencies can be effectively utilised as a reward system, in the Metaverse, and their impact on employee motivation and engagement. This study explores this by reviewing literature, analysing reward mechanisms, and proposing a conceptual model to evaluate the feasibility of such a reward system. The study considers factors like social comparison and loss aversion as well as rewards known to boost motivation and engagement. The flexibility of virtual currencies for conversion or exchange into rewards offers numerous possibilities, with specific reward choices left to organisations’ discretion. This study offers promise to organisations seeking to retain and motivate their employees, ultimately contributing to increased productivity. In turn, employees can benefit from improved job satisfaction and reduced work-related pressures. The study’s conclusion assesses the usefulness of this research and outlines potential areas for future research.

show abstract

“…8 Despite recent events that have impacted its market capitalization, it is crucial to recognize the economic potential of an industry that has demonstrated resilience and continues to bounce back after every setback. 9,10 Even with the reduction in miner rewards, every 4 years, 11,19 million bitcoins have already been mined, with more to follow after regular intervals, depicting that blockchain applications like bitcoin have gone from strength to strength. 12 It is a conservative, if not an optimistic, approach to consider how such technology could still shape various aspects of our lives toward a sustainable and climate-friendly future.…”

Section: ■ Introductionmentioning

confidence: 99%

“…To appreciate the scale of the cryptocurrency industry’s expansion, it is worth noting that on February 21, 2021, the market capitalization of bitcoin was $1.08 trilliona figure that exceeds the gross domestic product (GDP) of several countries, including The Netherlands, Saudi Arabia, Turkey, and Switzerland . Despite recent events that have impacted its market capitalization, it is crucial to recognize the economic potential of an industry that has demonstrated resilience and continues to bounce back after every setback. , Even with the reduction in miner rewards, every 4 years, , million bitcoins have already been mined, with more to follow after regular intervals, depicting that blockchain applications like bitcoin have gone from strength to strength . It is a conservative, if not an optimistic, approach to consider how such technology could still shape various aspects of our lives toward a sustainable and climate-friendly future.…”

Section: Introductionmentioning

confidence: 99%

From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action

Lal,

Zhu,

You

2023

ACS Sustainable Chem. Eng.

View full text Add to dashboard Cite

The world is currently facing a major issue of high emissions from fossil-fuel-based energy sources, which contribute to the persistent problem of climate change. A switch to a renewable-powered infrastructure is necessary to mitigate this challenge. However, the shift to renewable energy faces obstacles, such as high costs and economic uncertainties. This work proposes mitigation of climate change by investigating the potential for bitcoin mining to serve as a means of utilizing surplus renewable energy from planned installations before grid integration. The study’s findings indicate the potential for bitcoin to provide economic benefits as an alternative to grid-powered mining at planned renewable installations across the U.S. states. We show that states like Texas have the maximum potential, with 32 planned renewable installations that could generate combined profits of $47M using bitcoin mining during precommercial operation.

show abstract

Cryptocurrency bounced back based on cryptography technology during the COVID-19 pandemic

Cited by 3 publications

References 31 publications

Climate concerns and the future of nonfungible tokens: Leveraging environmental benefits of the Ethereum Merge

Climate concerns and the future of nonfungible tokens: Leveraging environmental benefits of the Ethereum Merge

Metaverse: Virtual Currencies as a Mechanism for Employee Engagement and Retention

From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action

Contact Info

Product

Resources

About