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<ul><li><keyword id="172599" type="General" weightage="20" keywordseo="ubisoft" source="Orion">Ubisoft</keyword> is doubling down on its crypto ambitions with a new partnership with the <keyword id="13104828" type="General" weightage="20" keywordseo="hedera-network" source="Orion">Hedera network</keyword>.</li><li>The company will be sitting alongside <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword>, <keyword id="10875" type="General" weightage="20" keywordseo="ibm" source="Orion">IBM</keyword>, <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword>, Tata Communications, LG, and Boeing as part of the Hedera Governing Council.</li><li>The Hedera network’s native cryptocurrency is called HBAR but the platform does not use blockchain technology.</li></ul>A person doesn’t normally put gaming giants in the same bucket as IT enterprise companies like IBM and <a href="https://www.businessinsider.in/careers/news/wipro-plans-to-hire-30000-freshers-in-2023-as-attrition-rate-increases-to-22/articleshow/88855676.cms">Wipro</a>, but Ubisoft is looking to buck the trend. The gaming giant is doubling down on crypto, despite <a href="https://www.businessinsider.in/investment/news/ubisoft-wont-give-up-on-nfts-despite-criticism-and-having-sold-next-to-none/articleshow/88434743.cms">backlash from gamers</a> for its blockchain ambitions, by partnering with the Hedera network. As a part of the deal between the two, the French gaming company will join Hedera’s Governing Council and operate a node on its <a href="http://coindcx.com">network</a>. The governing council already includes 25 other companies — including Google, Boeing, Tata Communications, Wipro and IBM — but Ubisoft will be the first from the gaming industry. The council also includes one of India’s top engineering colleges, the Indian Institute of Technology (IIT) Madras. To be fair, Hedera isn’t exactly a ‘blockchain’. It uses hashgraph consensus mechanisms to secure and maintain its network, which are different from proof-of-work (PoW) and proof-of-stake (PoS) or even Solana’s proof-of-history (PoH). However, the Hedera network does have its own native token called HBAR. And, with it, come use cases that would fall under the umbrella of Web3, touted to be the next generation of the internet. <cmsannotation type="cmsannotation" annotationid="Hashgraph versus blockchain" comment="subhead" text="Hashgraph versus blockchain">Hashgraph versus blockchain</cmsannotation> As compared to blockchain, hashgraph uses less computation power, and thus, less electricity. It also boasts of speeds and the capability of pushing through up to 500,000 transactions. In comparison, most blockchains platforms are only capable of processing between 100 to 10,000 transactions per second. While the Hedera network is public, the hashgraph technology is patented by a company called Swirlds. The Hedera network has all the features of the hashgraph consensus algorithm albeit with a few tweaks. Nevertheless, maximalists argue that not being open-source defeats the underlying objective of decentralisation, which drives much of the crypto ecosystem. <cmsannotation type="cmsannotation" annotationid="Gamers aren’t on board with Ubisoft’s crypto plans" comment="subhead" text="Gamers aren’t on board with Ubisoft’s crypto plans">Gamers aren’t on board with Ubisoft’s crypto plans</cmsannotation> Ubisoft was the first major gaming company in the world to launch in-game non-fungible tokens (<keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>) when it announced its plans back in October. The company went on to launch its NFT platform, Ubisoft Quartz, with the game Ghost Recon in December last year. These NFTs, or ‘digits’, are collectible in-game items like vehicles, weapons and pieces of equipment.They have been dubbed ‘limited edition’ items, since there will only be a particular amount of each available item. However, gamers saw this as nothing more than a ploy by Ubisoft to make more money rather than add any value to overall gaming experience — a sentiment pointed out by <a href="https://www.nytimes.com/2022/01/15/technology/cryptocurrency-nft-gamers.html">The New York Times</a> report as well. “To me, this is a sign that the project is literally abusing the Ghost Recon franchise to make a quick buck while putting little effort into the actual game itself,” said one of the top video comments on Ubisoft’s YouTube preview of its NFT project. Ubisoft has nevertheless decided to soldier on with its plans for crypto in the gaming sector unlike its competitor, Vauld, which has taken a hard stance against crypto games getting listed on its gaming platform, Steam. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/el-salvadors-chivo-wallet-is-returning-with-a-new-service-provider/articleshow/89302366.cms">El Salvador’s Chivo wallet is returning with a new service provider</a> <a href="https://www.businessinsider.in/investment/news/crypto-winter-is-coming/slidelist/89298409.cms">I know what you did last crypto winter…</a> <a href="https://www.businessinsider.in/investment/news/nft-sales-hit-7-billion-all-time-high-in-january-but-it-may-just-be-a-bubble-waiting-to-pop/articleshow/89249178.cms">NFT sales hit $7 billion all-time-high in January, but it may just be a bubble waiting to pop</a>

Ubisoft is joining Google, IBM, Wipro, LG and others on Hedera’s governing council as it doubles down on crypto

<ul><li>Both <keyword id="2462624" type="General" weightage="80" keywordseo="polygon" source="Orion">Polygon</keyword> and <keyword id="6359140" type="General" weightage="100" keywordseo="binance" source="Orion">Binance</keyword> want to offer investment support to the projects, while also porting to their chains.</li><li>The BNB Chain has a billion-dollar growth fund, while Polygon invests through Polygon Studios.</li><li>Stader Labs will be the first to port to the BNB Chain.</li></ul>Two of the largest blockchain players in the world are coming to the aid of projects that were built on the beleaguered <keyword id="11973832" type="General" weightage="80" keywordseo="terra" source="Orion">Terra</keyword> blockchain. Ethereum-based layer-2 scaling platforms, Polygon and Binance, have both welcomed projects built on the Terra network to port over to theirs. The Terra platform, which hosts the UST stablecoin and the <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">Luna</keyword> cryptocurrency, was halted earlier this month after a massive sell-off led to a big drop in the tokens’ pricing. Luna’s price fell to nearly zero, while the stablecoin, UST, also suffered significant drops. While Terra founder Do <keyword id="619274" type="General" weightage="50" keywordseo="kwon" source="Orion">Kwon</keyword> has suggested ways to revive the platform, investor interest is unlikely to return to earlier levels. In an interview with <a href="https://cointelegraph.com/news/bnb-chain-offers-another-lifeline-to-terra-ecosystem-projects">Cointelegraph</a>, Gwendolyn Regina, investment director for the BNB Chain, which is the blockchain platform run by Binance, said, “The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential.” The report also confirmed that crypto staking platform Stader Labs will be the first from the Terra ecosystem to port over to the BNB Chain. The company provides staking solutions for the Solana, Near, Fantom and Hedera blockchains. It will also offer liquid staking for the BNB Chain going forward. The move seems to be part of Binance’s billion dollar <a href="https://www.bnbchain.world/en/1b-growth-fund">growth fund</a>, which was announced in October last year. The fund consists of a $100 million Liquidity Incentive Program, a $300 million Builder &amp; Incubation Program, a $100 million talent development program, and a $500 million investment program. Other projects, like Mirror Protocol, Synapse and Wormhole will also be moving to the BNB Chain after Terra’s collapse. <cmsannotation type="cmsannotation" annotationid="Saving Terra projects" comment="subhead" text="Saving Terra projects">Saving Terra projects</cmsannotation> But Binance isn’t the only company that is taking interest in Terra projects either. On May 15, Ryan Wyatt, the chief executive officer of Polygon Studios, announced intentions to help projects migrate over to that platform. “We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform. We will be sharing more soon,” he <a href="https://twitter.com/Fwiz/status/1525887462093910016?s=20&amp;t=1RuBJn5UM70QUhnghBLolA">wrote</a> on Twitter. Polygon Studios was <a href="https://www.globenewswire.com/news-release/2022/03/04/2397024/0/en/Polygon-Studios-Announces-Official-Strategic-Partnership-with-Poriverse.html#:~:text=Polygon%20Studios%20is%20the%20Gaming,%2C%20marketing%2C%20and%20developer%20support.">announced</a> in March this year, and focuses on gaming and non-fungible token (<keyword id="4668945" type="General" weightage="50" keywordseo="nft" source="Orion">NFT</keyword>) projects, which aim to bridge the gap between web2 and web3. The company provides developers with investment, marketing and developer support.

Polygon and Binance swoop in to rescue projects running on Terra

<ul><li><keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword>’s annual SEC filing says that the Novi wallet and more may still use blockchain-based payments.</li><li>Stablecoins like USDC might be used for payments on Meta’s future products.</li><li>Meta’s metaverse platforms are also supposed to incorporate <keyword id="902592" type="General" weightage="20" keywordseo="NFTs" source="Orion">NFTs</keyword>.</li></ul>Meta’s cryptocurrency project <keyword id="1766708" type="General" weightage="20" keywordseo="diem" source="Orion">Diem</keyword> is <a href="https://markets.businessinsider.com/news/currencies/facebook-diem-association-mark-zuckerberg-silvergate-stablecoin-libra-meta-sale-2022-2">in the ground</a> and its intellectual property has been sold. But CEO <keyword id="6354630" type="General" weightage="20" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> isn't quite done with blockchain-based payments just yet. In its annual 10-K filing with the US Securities and Exchange Commission (<a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/14039b47-2e2f-4054-9dc5-71bcc7cf01ce.pdf">SEC</a>), Meta highlighted that future initiatives like the Novi digital wallet might use “blockchain-based assets” like the stablecoin USDP, which is issued by the Paxos Trust Company. Further, the company said that its future initiative “to support commerce in the metaverse” may use <a href="http://coindcx.com">blockchain-based</a> assets in digital payments. <div type="ExtQuote" text="“Use of blockchain-based assets in payments are a relatively new and unproven technology, and the laws and regulations surrounding them are uncertain and evolving,”" auname="Excerpt from Meta’s SEC filing"></div> <cmsannotation type="cmsannotation" annotationid="Meta knows it’s going to be a bumpy ride" comment="subhead" text="Meta knows it’s going to be a bumpy ride">Meta knows it’s going to be a bumpy ride</cmsannotation> When Diem was killed, many wondered what digital payment mechanisms Meta would use for its future virtual platforms. In October, while rebranding <keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword> to Meta, Zuckerberg had said that the company would be pumping in significant resources into Oculus and future metaverse platforms. He even showcased meeting rooms, games and more that were designed for these virtual spaces. In its SEC filing, Meta noted that the company expects scrutiny from governments and regulators for its future digital payments systems. This, along with how the market accepts these new payments systems, means that Meta is uncertain about whether its future payments systems will be launched in time, or even if they will be launched at all. The company said that it is “participating in responses” to government inquiries relating to its digital payments and said that adverse actions from regulators and governments could “harm” its business. <cmsannotation type="cmsannotation" annotationid="Government acceptance is a key" comment="subhead" text="Government acceptance is a key">Government acceptance is a key</cmsannotation> The SEC filing, which comes days after Meta reported <a href="https://www.businessinsider.in/stock-market/news/meta-platforms-stock-suffered-a-historic-rout-but-that-doesnt-derail-the-metaverse-industrys-mega-growth-potential-say-2-experts/articleshow/89369676.cms">lacklustre results</a> for the fourth quarter of 2021, also reiterated some of the concerns Zuckerberg had highlighted during the company’s earnings call earlier this month. Meta stated that Facebook’s user growth in countries like India had been <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-reported-decline-in-daily-active-users-for-first-time/articleshow/89314035.cms">limited</a> by growing data prices of prepaid mobile plans. However, a drop in daily active users from the US was seen as well. Overall, Zuckerberg pointed the finger at <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword>’s new App Tracking Transparency rules for the dip. According to him, since the new rules block companies from tracking user activity across the Internet, it affected Facebook’s ability to target ads online. In his October address, Zuckerberg had indirectly postulated that one of the reasons for Meta’s focus on the metaverse was to get out from under companies like Apple’s rules. “The metaverse will not be created by one company. It will be built by creators and developers making new experiences and digital items that are interoperable and unlock a massively larger creative economy than the one constrained by today’s platforms and their policies,” he <a href="https://about.fb.com/news/2021/10/founders-letter/">said in a letter</a> at the time. This means, Diem or not, digital payments in the metaverse will be an integral part of Meta’s future products. The company has also been exploring non-fungible tokens (NFTs) through platforms like Instagram, which gives it even more onus to incorporate blockchain-based payments into its future products. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave's Web3 social network plans to take on Facebook and Twitter by giving users control</a> <a href="https://www.businessinsider.in/investment/news/sundar-pichai-pegs-googles-web3-ambitions-to-the-cloud/articleshow/89409184.cms">Sundar Pichai pegs Google’s Web3 ambitions to the cloud</a> <a href="https://www.businessinsider.in/investment/news/ubisoft-is-joining-google-ibm-wipro-lg-and-others-on-hederas-governing-council-as-it-doubles-down-on-crypto/articleshow/89349706.cms">Ubisoft is joining Google, IBM, Wipro, LG and others on Hedera’s governing council as it doubles down on crypto</a>

Meta is done with Diem, but not with blockchain payments

<ul><li><keyword id="6416838" type="General" weightage="100" keywordseo="coindcx" source="Orion">CoinDCX</keyword> hit the milestone of 1 crore users in February, growth of over 60 times within the span of a year.</li><li>In 2021, CoinDCX was the first Indian crypto company to become a unicorn.</li><li>According to co-founder Neeraj Khandelwal, CoinDCX will be looking to grow, not just in India, but also other countries going forward.</li></ul>CoinDCX, <a href="https://www.businessinsider.in/investment/news/indian-crypto-exchange-coindcx-has-joined-the-crypto-unicorn-club-after-new-funding/articleshow/85200985.cms">India’s first crypto unicorn</a>, saw explosive growth in users over the past one year. The company claims to have gone from 1.3 lakh users at the end of 2020 to hitting a milestone of 1 crore in February this year. A unicorn, in startup parlance, is a private firm valued at or more than $1 billion. In the month of January alone, CoinDCX added 23 lakh users to its overall base – that’s nearly a 30% jump after already having grown 60-fold within the span of a year. Overall, it’s a 76x increase amid <a href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">India’s crypto boom</a>. <div type="ExtQuote" text="“Accomplishing such a phenomenal milestone in just under four years since our launch is a remarkable feat, and is a testament to the growing demands for digital assets in India.”" auname="Statement by CoinDCX CEO and cofounder Sumit Gupta"></div> The demand for <a href="http://coindcx.com">cryptocurrency</a> trading surged not just in India, but <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-and-blockchain-deals-soared-131-in-2021-in-a-defining-year-for-the-sector-according-to-a-report/articleshow/88400514.cms">globally</a>, during the pandemic with CoinDCX’s peers like WazirX also reporting a 10x jump in users to 1 crore in December last year. Cofounder Neeraj Khandelwal has hinted that going forward, it will be looking beyond the India market. “We’re proud to continue strengthening our growth in India and beyond, lowering the barriers to make the future of finance more accessible to all,” he said in a statement. <cmsannotation type="cmsannotation" annotationid="Tax on crypto could keep investors away" comment="subhead" text="Tax on crypto could keep investors away">Tax on crypto could keep investors away</cmsannotation> CoinDCX has been around for four years. This means it was there when Bitcoin initially emerged in India, the Reserve Bank of India (RBI) <a href="https://www.businessinsider.in/crypto-angadias-rbis-crypto-ban-might-incentivise-human-tellers-for-cryptocurrency-transactions/articleshow/63644805.cms">ban</a>, the Supreme Court (SC) <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">verdict</a> that overturned the ban, the most recent boom on cryptocurrencies in the country and, most recently, the <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">30% tax on all ‘virtual digital asset’ transactions</a>. While Gupta, who is also co-chair of Internet and Mobile Association of India’s (IAMAI) Crypto Council, is happy that the government is at least giving some legitimacy to the industry stating, “It gives much needed clarity and confidence to the industry,” does have his concerns. A 30% tax on cryptocurrency is one of the highest tax rates in the country at par with how lottery and gambling gains are taxed. "I am not saying that every crypto token has a very strong use case but you should not treat it equal to gambling. That would not be the best interpretation in my opinion,” Gupta told <a href="https://www.timesnownews.com/business-economy/industry/30-tax-on-cryptos-will-demotivate-investors-coin-dcx-co-founder-sumit-gupta-article-89403684">Times Now.</a> The bigger concern is that the tax may lead investors back to the stock market, where the taxes on making a profit are lower. “[It] will spur more and more money coming back to the equity or other financial assets. This structural move has started,” <a href="https://twitter.com/BiIndia/status/1488420769986072577">Vikram Kotak</a>, the cofounder and managing partner at Ace Lansdowne Investments, told Business Insider after the Union Budget was announced. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="26" retweetcount="15" status="#BudgetInsider: Budget 2022 with Business Insider India https://t.co/3ENPhY55jo" createdat="1643702139000" id="1488420769986072577"></div> To be fair, CoinDCX has grown beyond simply being a <keyword id="6286377" type="General" weightage="20" keywordseo="crypto-exchange" source="Orion">crypto exchange</keyword> for users. It also has the DCXLearn platform to educate users on cryptocurrencies and blockchain. It also launched an Over-The-Counter (OTC) Desk to tap into the institutional client market for crypto trades — the average ticket size for such services start at over investments worth ₹30 lakh. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/defi-aaves-web3-social-media-network-live-on-polygon-will-take-on-facebook-and-twitter/articleshow/89429671.cms">Aave's Web3 social network plans to take on Facebook and Twitter by giving users control</a> <a href="https://www.businessinsider.in/investment/news/sundar-pichai-pegs-googles-web3-ambitions-to-the-cloud/articleshow/89409184.cms">Sundar Pichai pegs Google’s Web3 ambitions to the cloud</a> <a href="https://www.businessinsider.in/investment/news/ubisoft-is-joining-google-ibm-wipro-lg-and-others-on-hederas-governing-council-as-it-doubles-down-on-crypto/articleshow/89349706.cms">Ubisoft is joining Google, IBM, Wipro, LG and others on Hedera’s governing council as it doubles down on crypto</a>

CoinDCX’s users grow 60-fold in just one year amid India’s crypto boom

<ul class="summary-list"><li>The use of NFTs and cryptocurrencies is taking a toll on <keyword id="49089" type="ORGANIZATION" weightage="100" keywordseo="Sustainability">sustainability</keyword> and environmental health.</li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> mining machines around the world use about as much power as Bangladesh, Bloomberg reports.</li><li>The nonprofit Blockchain for Climate is advocating for ways to incentivize emissions reductions.</li></ul>Over the last several years, non-fungible tokens (NFTs) and cryptocurrencies have exploded in popularity. While the mining of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">digital currencies</a> such as Bitcoin started in 2009, <a href="https://www.cnbc.com/2021/06/21/coinbase-backed-amber-group-cryptocurrency-trading-firm-hits-1-billion-valuation.html">trading activity</a> on platforms like Coinbase and mainstream <a href="https://observer.com/2021/07/nft-sales-2021-billion/">sales of NFTs</a> have risen significantly during the pandemic. However, as NFTs and cryptocurrencies grow in daily use, trade, and adoption, so do their significant energy usage, environmental impact, and overall sustainability. <h2>A lot of money is at stake</h2>At its peak this year, the value of Bitcoin <a href="https://clsbluesky.law.columbia.edu/2021/03/26/how-the-covid-19-pandemic-affected-the-cryptocurrency-market/">skyrocketed</a> by 640% compared to last March. An NFT of artist Beeple's digital collage "Everydays: The First 5000 Days" also sold at the Christie's auction house for a record <a href="https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million">$69 million</a>. Both Bitcoin and NFTs rely on <a href="https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html">blockchain technology</a> - decentralized public digital ledgers - that is constantly recorded and updated on millions of specially built computers that maintain the network. New Bitcoins and other <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> are also minted after the purpose-built computers solve increasingly complex math puzzles known as "hashing algorithms." <h2>Energy consumption is a constant concern</h2>In addition to fluctuations for Bitcoin, ether, and other digital currencies, cryptocurrency miners are constantly monitoring how much energy is needed to constantly power, cool, and store all of this specialized computer equipment. Most of this energy comes from fossil fuel sources in places offering cheap prices. And while digital currencies only make up a fraction of global transactions, their energy consumption has already become a serious concern of <a href="https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html">financial regulators</a>, energy providers, and <a href="https://www.newshub.co.nz/home/technology/2021/07/nz-government-launched-cryptocurrency-inquiry-to-understand-benefits-and-risks.html">government agencies</a>. A new <a href="https://www.bloomberg.com/news/features/2021-07-13/bitcoin-miners-building-rigs-must-navigate-world-of-crypto-power-hunting">report</a> from Bloomberg estimates the machines that mine Bitcoin located around the world consume about as much power as all of Bangladesh, a country of more than 160 million people. The <a href="https://cbeci.org/">Cambridge Bitcoin Electricity Consumption Index</a> estimates cryptocurrency uses more energy than entire nations like Sweden and Malaysia. <h2>China's dominance in <keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">crypto mining</keyword></h2>The location of mining facilities is also a huge consideration. A majority of this cryptocurrency mining activity (<a href="https://cbeci.org/mining_map">65%</a> to <a href="https://www.nature.com/articles/s41467-021-22256-3.pdf">75%</a>) has been estimated to take place in China, primarily in the provinces of Xinjiang, Inner Mongolia, Sichuan, and Yunnan. Xinjiang and Inner Mongolia are home to many of the country's coal plants, which are the source of <a href="https://www.reuters.com/article/us-china-politics-carbon-plan/xis-carbon-neutrality-vow-to-reshape-chinas-five-year-plan-idUSKBN27B08B">57%</a> of its energy use. In response to China's pledge to be carbon neutral by 2060, many of those coal plants have been <a href="https://www.coindesk.com/why-chinas-ban-on-crypto-mining-is-more-serious-than-before">shut down</a> recently, and high-energy businesses - like Bitcoin miners - in the provinces have been told to stop operating. As a result, the Financial Stability and Development Committee of China's State Council <a href="https://www.reuters.com/technology/china-says-it-will-crack-down-bitcoin-mining-trading-activities-2021-05-21/">officially called</a> for an eradication of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> mining and trading on May 21. Concerns over energy consumption and demand for electricity also halted cryptocurrency mining in Iran in late May. For years, the country offered cheap power and required miners to sell their bitcoins to the central bank. But the government instituted a <a href="https://www.reuters.com/technology/iran-seizes-7000-cryptocurrency-computer-miners-largest-haul-date-2021-06-22/">four-month ban</a> after officials blamed cryptocurrency mining for power outages. <h2>Sustainability efforts in the industry</h2>There are sustainability-focused uses of blockchain. The nonprofit group <a href="https://www.blockchainforclimate.org/">Blockchain for Climate</a> is advocating for the technology to help connect the world's national carbon accounts to trade carbon-emissions reductions. There are also more environmentally friendly cryptocurrency alternatives, including <a href="https://solarcoin.org/">SolarCoin</a> (SLR), <a href="https://cardano.org/">Cardano</a> (ADA), <a href="https://bitg.org/">BitGreen</a> (BITG), <a href="https://nano.org/">Nano</a>, and <a href="https://hedera.com/">Hedera Hashgraph</a>. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

Energy consumption is a constant concern in crypto mining, but more sustainable practices are emerging

<ul class="summary-list"><li>The US Postal Service has filed a patent for a "reliable voting system" that would use <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> technology to improve the security and transparency of election results, <a href="https://www.forbes.com/sites/jasonbrett/2020/08/13/us-post-counters-trump-attacks-on-mail-in-voting-with-a-new-blockchain-patent/#7141705f5b43">Forbes</a> reported on Friday.</li><li>The patent proposes sending voters a unique code in the mail which they can then use to verify their identity and cast their vote online, and then storing that information on the blockchain to ensure votes aren't tampered with, according to a <a href="https://pdfaiw.uspto.gov/.aiw?PageNum=0&amp;docid=20200258338&amp;IDKey=7A4F4EA40D1F&amp;HomeUrl=http%3A%2F%2Fappft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO1%2526Sect2%3DHITOFF%2526d%3DPG01%2526p%3D1%2526u%3D%2Fnetahtml%2FPTO%2Fsrchnum.html%2526r%3D1%2526f%3DG%2526l%3D50%2526s1%3D20200258338.PGNR.%2526OS%3D%2526RS%3D3D%2526RS%3D">patent application</a> made public last week.</li><li>The patent is still pending, meaning it wouldn't be used in the upcoming November presidential election, but offers a novel tool for guarding against concerns like double voting.</li><li>Trump thrust the <keyword id="195495" type="COMPANY" weightage="100" keywordseo="USPS">USPS</keyword> into the spotlight last week by admitting he's refusing to fund it in an <a href="https://www.businessinsider.com/trump-admits-he-wants-block-usps-funding-sabotage-mail-voting-2020-8">effort to sabotage mail-in voting</a>, which he has falsely claimed is linked to voting fraud.</li></ul>The US Postal Service has become an unlikely flashpoint of the upcoming elections due to President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword>'s <a href="https://www.businessinsider.com/trump-admits-he-wants-block-usps-funding-sabotage-mail-voting-2020-8">refusal to fund</a> the cash-strapped agency, despite the outsized role it will play as millions of Americans turn to <keyword id="9675336" type="UNKNOWN" weightage="60" keywordseo="mail-in-voting">mail-in voting</keyword> during the pandemic.But even as Trump continues to make false claims attempting to link mail-in voting to fraud, the USPS has been working on new ways to make elections more secure and transparent, even if voters opt for mail-in ballots.The US Patent and Trade Office made a <a href="https://pdfaiw.uspto.gov/.aiw?PageNum=0&amp;docid=20200258338&amp;IDKey=7A4F4EA40D1F&amp;HomeUrl=http%3A%2F%2Fappft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO1%2526Sect2%3DHITOFF%2526d%3DPG01%2526p%3D1%2526u%3D%2Fnetahtml%2FPTO%2Fsrchnum.html%2526r%3D1%2526f%3DG%2526l%3D50%2526s1%3D20200258338.PGNR.%2526OS%3D%2526RS%3D3D%2526RS%3D">patent filing from the USPS</a> public last week, <a href="https://www.forbes.com/sites/jasonbrett/2020/08/13/us-post-counters-trump-attacks-on-mail-in-voting-with-a-new-blockchain-patent/#7141705f5b43">Forbes</a> first reported on Friday, that would utilize blockchain technology to help verify voters' identities, allow them to cast ballots online, and record results via a tamper-proof ledger."A voting system can use the security of blockchain and the mail to provide a reliable voting system," the USPS claims in the patent application, which was filed in February. The patent is still pending, and a USPS spokesperson confirmed that nothing from the application would be used in November's election while declining to comment further.<a href="https://www.businessinsider.com/what-is-blockchain-how-does-it-work-explainer-2017-11">Blockchains are digital ledgers</a> that are intended to create more trustworthy records of past events. When new events — or "blocks" — are added to the "chain," they contain a record of every past event that happened on that chain and are locked into the chain using cryptography so that the chain can't be edited retroactively to hide or alter past events.Trump has argued that mail-in voting could allow to someone vote on behalf of another person, or "double vote," and that ballots could be tampered with after they're mailed.While researchers have repeatedly found that mail-in voting fraud in the US <a href="https://www.brennancenter.org/our-work/analysis-opinion/false-narrative-vote-mail-fraud">is extremely rare</a> (one analysis found <a href="https://votingrights.news21.com/article/about/">just 491 cases</a> of fraud nationwide since 2000), the USPS patent offers a possible solution to both of those issues that could further increase voters' confidence in election processes and results.By using a blockchain to record votes cast online, the USPS could not only count votes faster, but also reduce the opportunity for someone to tamper with a ballot after it's cast. Blockchains create "distributed" ledgers, meaning multiple computers verify each new block that's added and store a their own copies of the ledger, making it impossible for a hacker to change the entire voting record just by accessing one computer."The votes of individual voters would be recorded, either on the blockchain or effectively timestamped and then recorded elsewhere — and so both help to mitigate the risk of double voting, or vote manipulation as well as give the voter confidence through transparency of the process," Paul Madsen, technical lead at blockchain network Hedera Hashgraph, told Forbes.The system proposed in the USPS patent would also leverage blockchains to register people to vote, ensure they cast only one vote, and keep who they voted for a secret.According to the patent, "a registered voter receives a computer readable code in the mail and confirms identity and confirms correct ballot information in an election." In various versions of the system, they either use that code to access an online ballot or can fill out their mailed paper ballot and then submit it online by taking a picture of it."The system separates voter identification and votes to ensure vote anonymity, and stores votes on a distributed ledger in a blockchain," the patent said. Each voter is assigned a unique "pseudo-anonymous token" so that election officials can ensure that no one voted twice and that the correct ballot corresponds to the correct voter all without knowing that which specific person voted for which candidates.However, <keyword id="6361948" type="UNKNOWN" weightage="60" keywordseo="cybersecurity">cybersecurity</keyword> experts have also <a href="https://www.zdnet.com/article/blockchain-elections-how-bitcoin-technology-could-secure-your-vote-and-save-democracy/">raised a number of concerns</a> with blockchain-based voting systems, noting that no system is hack-proof and pointing to several examples where the blockchain itself had security flaws.But interest in the technology's potential application for voting has been gaining steam. Forbes reported that <a href="https://www.forbes.com/sites/jasonbrett/2020/05/08/sen-rob-portman-urges-remote-work-in-covid-19-blockchain-a-potential-solution/#718e938143a3">some members of Congress</a> have explored casting their votes using blockchains during the pandemic and the USPS has been looking into blockchains <a href="https://www.uspsoig.gov/sites/default/files/document-library-files/2016/RARC-WP-16-001.pdf">since at least 2016</a>.

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