1. Home
  2. XRP

XRP

Report claims each Solana TX uses less energy than 2 Google searches

The report also found that a transaction on the Solana blockchain uses 24 times less energy than charging your phone.

A transaction on the Solana network takes less energy than two Google searches, and 24 times less energy than charging your phone, according to a Nov. 25 report by the Solana Foundation.

The report states that a single transaction on its network uses 0.00051 kWh, or 1,836 Joules, of energy. According to Google, an average search uses 0.0003 kWh or 1,080 Joules of energy.

Perhaps more surprisingly, the report claims the entire Solana network uses an estimated 3,186,000 kWh per year, which is equivalent to the average electricity usage of 986 American households.

In May, the Solana Foundation contracted Robert Murphy to write the report in order to “frame the environmental impact” of transactions on the Solana network. Murphy is the founder of Othersphere and was formerly an Energy Specialist at the World Bank.

The Solana network is less decentralized than Bitcoin or Ethereum with 1,196 validator nodes that process an estimated 20 million transactions per year. The report states the Foundation will further reduce the network’s energy usage by implementing a program before the end of this year to become carbon-neutral and offset the environmental footprint of the ecosystem. No additional information was provided on whether the network plans to purchase carbon offsets or actually reduce its emissions.

As Solana (SOL) relies on a Proof of Stake consensus mechanism, the network is far less energy intensive than those relying on the Proof of Work mining method such as Bitcoin (BTC) and Ethereum (ETH). Statista estimates that a single BTC transaction uses an average of 4,222,800,000 joules.

It should be noted that networks technically do not use any particular amount of energy for an individual transaction. The energy usage of the network can be the same whether it processes one transaction or one million. However it is often used as a rough, if contested, comparison,

With that in mind, one Ethereum transaction uses about 644,004,000 joules based on the average number of transactions and amount of energy required to run the network. According to Statista, the energy consumption of one ETH transaction is comparable to “more than several thousands of VISA card transactions.”

Related: Crypto’s climate impact: Are carbon offsets good enough?

However Eth2 is expected to use about 99% less energy than the current mainnet following the switch to Proof of take.

Another low-energy alternative is Ripple (XRP), which uses 28,440 Joules per transaction. Ripple says that for every million transactions on its network, the amount of energy used could’ve powered a light bulb for 79,000 hours.

For the same amount of transactions, the energy used by BTC could power a light bulb for 4.51 billion hours. For this reason, Ripple claims that XRP is 57,000 times more efficient than BTC.

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Bitcoin Dominance Slides Below 40% for First Time in 6 Months

Bitcoin Dominance Slides Below 40% for First Time in 6 MonthsDuring the last week, the price of bitcoin has been hovering below the $60K range and digital currency advocates are wondering which way the market is headed next. At the time of writing, the crypto economy is valued at $2.81 trillion and bitcoin’s market dominance has sunk below the 40% region for several days now. […]

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Ripple CEO Brad Garlinghouse Says Payments Firm Making Good Progress in SEC Lawsuit, Gives Timeline for Resolution: Report

Ripple chief executive Brad Garlinghouse thinks “good progress” has been made in the payment company’s legal battle with the U.S. Securities and Exchange Commission (SEC). In a new interview with CNBC, Garlinghouse also issues a loose prediction on the case’s timeline. “We’re seeing pretty good progress despite a slow-moving judicial process in the federal courts. […]

The post Ripple CEO Brad Garlinghouse Says Payments Firm Making Good Progress in SEC Lawsuit, Gives Timeline for Resolution: Report appeared first on The Daily Hodl.

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Ripple CEO blasts Dogecoin for ‘inflationary dynamics’

Starting in 2013 with a supply limit of 100 billion coins, Dogecoin eventually switched to an uncapped supply.

The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the meme-based digital currency Dogecoin (DOGE).

Brad Garlinghouse believes that DOGE is not good for the cryptocurrency market due to its alleged “inflationary dynamics” and unlimited supply.

The global inflation is driving Bitcoin (BTC) price higher, but has a warning for Dogecoin fans, Garlinghouse argued at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday.

“I'm actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” Ripple CEO said.

Garlinghouse noted that Dogecoin has no hard limit on the total supply of coins in circulation, which makes it very different from some major cryptocurrencies like Bitcoin, which is capped at 21 million coins.

“It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” Garlinghouse added.

Despite being skeptical about DOGE, Garlinghouse is still optimistic about the cryptocurrency market in general. 

Dogecoin is a cryptocurrency based on the Shiba Inu meme that was launched as a joke back in 2013. The digital currency started with a supply limit of 100 billion coins, which it hit in mid-2015. Since then, Dogecoin was switched to provide an uncapped supply while limiting a reward of 10,000 DOGE per block to keep inflation under control.

DOGE has emerged as one of the most successful cryptocurrencies in 2021, entering the list of the top 10 largest cryptocurrencies by market capitalization earlier this year. At the time of writing, DOGE is the 10th most-valued digital currency, trading at $0.22, up over 6,000% over the past year.

Much of Dogecoin’s success has apparently been associated with endorsement by Tesla CEO Elon Musk who started actively promoting DOGE on Twitter in 2020.

Dogecoin all-time price chart. Source: CoinGecko

Related: Tesla hints it may soon resume support for crypto payments

Musk has continued tweeting a lot about DOGE recently, bringing up Dogecoin’s withdrawal-related issues on Binance directly to the exchange's CEO Changpeng Zhao on Nov. 22. According to Binance, the ongoing issue was caused by a “technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.”

The CEO said that he doesn’t use Binance despite him trying the exchange at one point “but sign-up was too many hoops to jump through.”

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’

Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’Ripple CEO Brad Garlinghouse says that he expects the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC) to come to a conclusion next year. The executive explained: “We’re seeing pretty good progress despite a slow-moving judicial process.” Ripple’s CEO Is Hopeful the SEC’s Lawsuit Over XRP Will Conclude Next Year Ripple CEO […]

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Ripple case with SEC to ‘likely’ reach a conclusion in 2022, says CEO

"The judge realizes this is not just about Ripple, this will have broader implications,” Ripple CEO Garlinghouse said.

The long-standing feud between distributed ledger technology firm Ripple and the United States Securities and Exchange Commission (SEC) is nearing its end, according to Ripple’s CEO.

Brad Garlinghouse highlighted the progress made in the case “despite a slow-moving judicial process.” Speaking to CNBC, he predicted that the Ripple case would likely conclude in 2022.

“Clearly, we’re seeing good questions asked by the judge,” Garlinghouse said, adding his belief that “The judge realizes this is not just about Ripple, this will have broader implications.”

Last year, the SEC charged Ripple with allegations of selling unlicensed securities in the form of XRP tokens since 2013. Ripple objected to the claims, saying that XRP should not be considered a security.

The SEC claimed Ripple could have been aware that XRP could be a security from its legal advisors before moving forward with its token sale, and filed a motion to access the defendant’s legal advice. The court denied the motion, citing the attorney-client privilege.

Related: Ripple outlines possible regulatory framework for crypto industry in US

Over the year, Ripple executives shared insights on the case and its impact on business. Garlinghouse stated that Ripple’s expansion to the Asia-Pacific region was undamaged by the SEC lawsuit. The company is also looking at a possible initial public offering as soon as the case is settled.

Support arrived from XRP token holders, who filed “friends of the court” briefs, which would allow them to join the case as defendants and support Ripple in its claims that the token does not violate securities laws. However, the judge ruled in October that individual XRP holders cannot act in Ripple’s ongoing lawsuit as defendants.

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Institutional Investors Leap Into Cardano and Ethereum As Bitcoin Market Dominance Drops: CoinShares

According to a leading digital asset management firm, global payments platform Cardano (ADA) is witnessing a surge in institutional investments. In a new report from CoinShares, ADA nearly tied institutional Ethereum (ETH) inflows last week, bringing its total year-to-date amount to $108,000,000. Ethereum inflows totaled $17.3 million last week, with Cardano right behind at $16.4 […]

The post Institutional Investors Leap Into Cardano and Ethereum As Bitcoin Market Dominance Drops: CoinShares appeared first on The Daily Hodl.

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Crypto Analyst Predicts XRP Will Break Out of Accumulation, Says Two More Altcoins Ready for Rallies

A closely followed crypto analyst says XRP could be nearing the end of a long accumulation before a big breakout, and that rallies could also be in store for two more altcoins. The pseudonymous analyst known as Altcoin Sherpa tells his 148,000 followers that XRP may be a difficult trade in the short term. However, […]

The post Crypto Analyst Predicts XRP Will Break Out of Accumulation, Says Two More Altcoins Ready for Rallies appeared first on The Daily Hodl.

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

Crypto Analyst Says Shiba Inu Primed To Revisit All-Time High, Predicts Major Rally Incoming for XRP

A closely followed crypto strategist and trader says meme coin Shiba Inu (SHIB) looks poised to rally to its all-time high and predicts an epic rally for XRP. In a new strategy session, analyst Scott Melker tells his 110,000 YouTube subscribers that Shiba Inu looks bullish after taking out a diagonal resistance that has kept […]

The post Crypto Analyst Says Shiba Inu Primed To Revisit All-Time High, Predicts Major Rally Incoming for XRP appeared first on The Daily Hodl.

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week