Musk and DOGE are the pair – It’s been a while nowElon Musk is interested in Bitcoin (BTC)but also a lot to Dogecoin (DOGE), his little favorite among cryptos. It seems to be to the point that the CEO of Tesla and SpaceX (and Twitter) wanted give a hand to the memecoin teams with the smiling dog Shiba.
Dogecoin now emits -25% CO2 : the Elon Musk effect?
In May 2021, Elon Musk had offered help to improve Dogecoinespecially for “Improve the efficiency of transactions” on the DOGE network. And, it is clear that, just over a year and a half later, memecoin actually seems to have reduced its carbon footprint.
According to a recent publication by Forex Suggest, the CO emissions2 of Dogecoin would even have fallen very significantly, from of 1,423 tons emissions in 2021, to 1,063 tons in 2022. That is a nice reduction of more than -25% according to the post.
According to Forex Suggest, it would only take plant 5,313 trees to offset the carbon footprint of all Dogecoin transactions made during the year. Against an estimated need of 7,117 trees the previous year.
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An (unhealthy?) race for the lowest GHG emissions per transaction?
Given that, at the time of writing these lines, the main interested party has not yet spoken on the subject, it is difficult to define the exact importance of Elon Musk’s role in this reduction of greenhouse gases (GHG) emitted by the Dogecoin network. But, remember that the boss of Tesla had clearly demanded a ecological prerequisite comparable to Bitcoin in May 2021, for again sell your electric cars for BTC.
And, many cryptocurrency projects have since embarked on this race, quasi imposed, to the one who will “pollute” the least. For example, for Dogecoin, theenergy used per transaction (in kilowatt-hours) is estimated at 0.12kWh.
But some have changed completely, and mainly Ethereum (ETH) of course. With its move from a consensus based on proof of work (PoW) to that based on the Proof of Stake (PoS), Vitalik Buterin’s network has reduced its energy consumption by more than 99.9%. So much so that the energy expended per transaction has gone from 62.56 kWh only 0.03kWh.
While improving efficiency must of course be sought, it should not be done at the sacrifice of everything else. Besides the risk of plutocracy in PoS project governance votes (the most rich holders of tokens with more voting weight), this model of validation of transactions with cause censorship problems on the Ethereum network. The decentralization and the security transactions have an (energy) cost, and the latter cannot be infinitely reduced.
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