In March 2022, BHO will cooperate with Gaia Nature Conservation Center – a not-for-profit scientific and technical organization operating in the field of afforestation, nature conservation, planting 1000 trees in Ben forest. En, Thanh Hoa. BHO’s goal is to develop sustainably not only in the digital environment, but also “green” real life.
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As is known, traditional blockchains operating under Proof-of-work (POW) mechanism – typically Bitcoin – consume a lot of energy, making this a burning problem attracting the attention of the masses. everyone.
One of the typical reasons is the use of high-end graphics cards or GPUs to handle fast computations during Bitcoin mining. This also causes the PC to heat up quickly and requires corresponding power to run the cooling fan.
According to the BBC, scientists from the University of Cambridge have recently published an analytical tool that aims to figure out the amount of energy used in the process of mining the cryptocurrency Bitcoin. The results of this study show that Bitcoin’s total annual energy consumption is around 130 TWh – roughly equivalent to the energy of the entire country of Argentina (125 TWh). The Cambridge tool also ranks Bitcoin’s electricity consumption higher than the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh). This has made many people worry that blockchain applications will have a great impact on the environment, becoming a barrier for projects to develop.
Although old technology blockchains consume a lot of energy, not all blockchains do, especially foundation blockchain projects that use the Proof of Stake (POS) consensus mechanism. This mechanism uses an algorithm to decide who validates the next block, instead of deciphering cryptographic problems that use computing power to verify transactions, thereby saving more energy. 99% against the Bitcoin blockchain.
Many of the world’s leading blockchain platform projects have applied this mechanism, such as Ethereum, Binance Smart Chain, Solana… Among them, there is the BHO project – a blockchain platform run by a team of Vietnamese engineers. develop. BHO aims to become a leading blockchain platform in Southeast Asia in creating, encoding and applying digital assets, and providing decentralized financial solutions to small and medium enterprises.
Right from the design and shaping stage of the project, BHO has chosen to apply the Nominated Proof of Stake (nPOS) algorithm for its platform. This is a more extended version of the Proof of Stake (POS) consensus mechanism. Therefore, the BHO platform has the advantages of high transaction processing speed, low gas fees, security and still inherits energy savings.
Phan Duc Nhat, Co-Founder and Director of the BHO project said: “As a foundation blockchain project, we value sustainable development. In terms of technology, the BHO project has actively selected and developed technologies that bring optimal efficiency to users. In terms of real life, we also want to bring positive values to the community, most notably activities that contribute to protecting the living environment.”
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In addition to choosing green technology, in order to realize these goals, BHO has cooperated with Gaia Nature Conservation Center – a not-for-profit scientific and technical organization operating in the field of afforestation, conservation, and conservation. nature conservation. Through this cooperation, BHO will join Gaia to plant 1000 trees in Ben En forest, Thanh Hoa in March 2022.
Ms. Do Thi Thanh Huyen – Director of Gaia Nature Conservation Center shared: “The contribution of the BHO project is extremely meaningful. In Ben En National Park, there are about 3,000 hectares of poor forest that needs to be restored to forest. The fact that we afforest together will contribute to improving these forests, increasing the ecological function of forests, creating habitats for wildlife and contributing to combating climate change.”
This collaboration is just the opening chapter in the journey to connect the Metaverse space and the real world. From the desire to develop sustainably and bring positive values to the community, BHO has raised its project with a broader mission when linking project responsibility with the living environment.
This is a partner article, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.