Singapore-based Asian Fintech Pte. Ltd. (AFIN) recently launched its own AFIN Coin to bridge the gap between cryptocurrency and sustainability. Through their project, the users of cryptocurrency will not only be socially and environmentally responsible. They will also be accountable users through Green Bitcoin.
Bridging the gap
Bitcoin was created to eliminate third-party involvement, like a bank, in overseeing financial transactions. With the absence of bank security systems, miners need to work on ultra-complex algorithms to ensure the bitcoin records are safe and accurate.
Crypto-miners need energy-hungry machines to maintain the trustiness of the blockchain community. However, it consequently contributed to climate pollution.
Elon Musk dropped a bombshell when he pronounced in May 2021 that Tesla will temporarily halt accepting bitcoin payments because of the crypto-mining industry�s climate-polluting activities. However, he said that the company would resume accepting Bitcoin as soon as the industry shifted to more sustainable processes. As a result, environmental concerns in bitcoin mining have drawn much attention to the crypto-community.
Introducing Green Bitcoin
AFIN coins will now be mined through pure renewable energy sources such as solar, wind, and hydroelectric energy. The bitcoin produced from these mining farms will be called �Green Bitcoin� under the AFIN system.
Bitcoin mining farms will be located near the power grid that was operated by a renewable energy facility. This is to curb the carbon footprint and utilization of fossil fuels in operating the mining farms.
The AFIN bared that the Bitcoin mining community has come to grips with environmental issues. It has, in fact, occupied significant discourse. Therefore, community members are eager to connect users via AFIN while at the same time reducing carbon footprint and contributing to the industry�s sustainability.
From a �proof of work� to �proof of stake�
In pursuing its mission to be environment-friendly, AFIN shifted from �proof of work� to �proof of stake� algorithm in securing its ledger.
Through �proof of stake,� the required amount of work in mining bitcoin will be significantly reduced. This can, in turn, contribute to lessening the needed power energy in the mining process.
For AFIN Coin holders to connect to Green Bitcoin, the company will provide a staking platform for AFIN Coin holders to stake their AFIN Coin and receive their Green Bitcoin.
Because of the �proof of stake� system, the recipients of the Green Bitcoin can trace and verify the creation of their Green Bitcoin on the Bitcoin blockchain by themselves.
Connecting sustainability with cryptocurrency
The company�s strategic plan includes utilizing the Green Bitcoin to redeem electric vehicles, incentivizing electric vehicle charging, and reducing carbon footprint through carbon credits.
Many EV manufacturers in Southeast Asia have already expressed their interest in accepting cryptocurrencies as payment for their products. The only dilemma that is hindering them is the associated pollution of bitcoin mining.
However, purchasing EVs through Green Bitcoin will now be feasible. In addition, EV charging stations in Southeast Asia are expected to accept the Green Bitcoin as payment, making your journey sustainable and environmentally friendly.