In fact, there are now cryptocurrencies that don't require mining at all. Some of the more sustainable options like Cardano, Ethereum and Bitgreen use ‘proof of stake’ to validate their transactions. In the proof of stake process, only validators that have ‘staked’ their coins or have already processed transactions can verify transactions and be incentivised.
There are other steps being taken to mine cryptocurrency quickly and use less energy while doing so. For example, the government in El Salvador has recently adopted Bitcoin as their legal currency on June 9, 2021. These are mined using the energy from nearby active volcanoes to promote a more sustainable process.
When other digital assets follow in these footsteps, it will lead the world of crypto to a more eco-friendly future wherein cryptocurrencies and mother nature can co-exist peacefully.
Thanks for reading. If you have some thoughts, feel free to leave a comment.
Cheers,
Karl
Source: Bitcasino blog
Well, the typical pos is definitely not a good alternative to PoW because it encourages centralization and typically requires huge amount of money from participants to have a full say on a network. Such "consensus mechanism" actually violate Satoshi Bitcoin or Blockchain principles/standards in many ways.
What we need is efficient PoW... Besides, most/all consensus mechanism are actually PoW disguised as so called or meaningless pos.
They should probably ask participants to stake other things like reputation and/or ID if they really mean well... At least most/all participants can afford that. It mustn't be money, unaffordable amount for that matter.
Proof of Work will be hard to replace in my opinion. It's the real consensus mechanism. Others sound like things coined by children.