INTRODUCTION
It is no more news that the world is indeed turning to a computer village and technology has changed the way we interact in our society. Similarly the blockchain technology has changed the way we interact in the society and is gradually advancing our mode of operation.
There are more than 2,000 cryptocurrencies in the world each designed to solve a problem and now the public perception of cryptocurrencies has changed positively and its acceptance has increased tremendously. Different cryptocurrencies designed are now being adopted in solving the particular problem they were designed for by different individuals, companies and organizations.
In recent years, the public acceptance of bitcoin and other cryptocurrencies has increased tremendously which has increased the demand and use of these cryptocurrencies hence the increase in their respective values.
However, the increase in the demand and value of cryptocurrencies has a huge impact on the mining of these cryptocurrencies and the energy consumed during mining of each cryptocurrency has surpassed the initial energy consumed on each one in the past few years with the crytocurrency global market capitalization moving above the 2000% rise of $500 billion in 2017 and the trend is presumed to continue in the nearer future as individuals and institutions continue to embrace the blockchain technology.
As of March 31st,2018, Bitcoin mining energy consumption has surpasses the total energy consumption of the country of Singapore which is ranked 43 globally in energy consumption and the energy consumption in cryptocurrencies mining is presumed to increase with time as new miners join the mining network.
With the expansion rate of bitcoin and other cryptocurrencies’ mining which is exponential and at current rate of energy consumption, bitcoin mining will consume enough energy to be listed the twentieth country in the world by energy consumption.
The process of mining is gradually becoming unsustainable and since bitcoin mining has a great impact on the world’s coal and oil supplies which the world relies on for the production of energy from their burning(an activity which damages the environment and the global economy as a whole), then the cost of a kilowatt will rise globally.
Additional, the higher the value of one bitcoin or other cryptocurrencies, the higher the amount of energy consumed in mining that coin which indicates that the amount of energy consumed in mining a particular coin is directly proportional to the current value of the coin. This mining activity will lead to increase in the cost of energy around the world as a result of increased influx of miners and the demands from miners globally since crypocurrency mining and the world at large relies on the same source for energy production and eventually share the same energy for consumption.
As of March 31, 2018 1 bitcoin transaction consumed as much power as 30.5 US households for a day and it is forecast to surpass that before the year runs out and beyond.
INTRODUCING 4NEW NETWORK
4NEW network is an eco-friendly blockchain ecosystem powered by waste to energy power plants. 4NEW aims to produce energy using alternative means that are environment friendly as against the burning of coals and oil which is a dangerous activity on the environment. 4NEW uses the energy created in the process of refining waste product into clean water and organic materials and this energy is either sold to the national grid or applied to the mining processes on onsite cryptocurrency mining farms through the 4NEW power plants.
However the cost to produce energy by 4NEW is met through the revenue generated from the waste collection services and the sale of by products in the waste to energy process and this provides a self sustainable operation at a marginal profit hence providing a free energy for utilization by KWATT Token holders for mining or sold to the national grid.
In history, the price of 1 Kilowatt of energy consumed globally has remained stable over the past fifty years with a price of approximately $0.15 a trend that is expected to continue in the nearest future in lieu of technological innovations. The wild card however which is the exponential acceptance of blockchain technology worldwide will eventually lead to a quantum jump in the energy consumption and cryptocurrency miners globally which could drive the price of energy up on a global scale.
In tackling this contingent increase in global energy price in the nearest future as the acceptance of blockchain increases worldwide, 4NEW has put some measures in place by applying a finite lifetime supply of energy to it’s coin called KWATT (KWATT is the token symbol of 4NEW network) which embodies within it 1 Kilowatt of electricity for a year.
HOW 4NEW WORKS
Below is the diagram that demonstrates how 4NEW network works
THE 4NEW KWATT COIN
The utility token of 4NEW is the KWATT coin with each coin representing a certain hashing capacity. KWATT token holders have access to mine all cryptocurrency for the lifetime without spending any additional bill on the energy consumed in the mining transaction. This because 4NEW does not charge KWATT token holders the energy fees for mining, to only charge to a token holder is the cost of the coin he/she possesses which eventually means there is free energy to KWATT token holders.
The KWATT token is however subjected to self sustainability as the funds for producing free energy to token holders are generated from the waste collection services and the sale of byproducts in the waste to energy process. KWATT holders also have the opportunity to decide which coin or coins they want to put their KWATT coin power to mine. The KWATT coin however have a great potential of increment in value in the nearest future with a foreseeable increase in demand by bitcoin and altcoins miners and the national grid on a global scale.
CONCLUSION
The innovation of 4NEW network in providing a blockchain based ecosystem whereby energy produced by power plants, renewable or non renewable or Waste to Energy technologies in meeting the consumption of energy by cryptocurrency miners and the world at large is a welcomed development producing affordable energy as the consumption of energy as a result of influx of miners and households increases daily on a global scale.
It is however, important that 4NEW adopts a waste to energy method in producing energy which is not dangerous to the environment and the global economy. The 4NEW blockchain powered platform will create a decentralized, fast and secured peer to peer transaction among token holders in the ecosystem to meet the energy consumption needs of users and miners with the waste to energy power plants.
I moreover, urge investors to join the biggest ICO ever and invest in the 4NEW project by purchasing their own KWATT tokens in the ongoing ICO sale and get ready to have access to free energy needed for their consumption.
For more information on 4NEW and how to participate in the ongoing KWATT token sale, visit the following links
Website: https://4new.io/
Telegram: https://t.me/FRNCoin
Whitepaper: https://4new.io/wp-content/uploads/2018/07/4New_White_Paper_English-.pdf
Light paper: https://4new.io/wp-content/uploads/2018/07/4NEW-Light-Paper_new.pdf
Author
Steemit Username: eyezberg1
Telegram: @Eyezberg3
BitcoinTalk Username: Eyez_berg
BitcoinTalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2118767;sa=summary
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