Phaeton recently announced the creation of its proprietary blockchain technology powered by renewable energy. Phaeton’s blockchain technology is the first solution to be entirely powered by renewable energy.
This blockchain technology news comes at a time when there is a global concern regarding the environmental impact of cryptocurrencies and blockchain solutions. With its new development, Phaeton leads the way in sustainable blockchain applications.
Unleashing Blockchain Power with Less Energy
With its new sustainable blockchain, Phaeton ensures that users get a technology that delivers speed and efficient solutions without adding to the global carbon footprint.
Ron Forlee, CEO of Phaeton, explained that the company has consciously reduced the energy consumption needed for transactions. This development, the company explained, was in accordance with Phaeton’s objective to achieve a net-zero carbon footprint.
Forlee also added that the company is constructing energy sources such as wind turbines, solar farms and hydrogen gas storage to provide power to its data centers. The company employs geothermal energy for purposes such as cooling and backups.
According to Phaeton, the Blockchain is a decentralized ledger with a block size of 250kb. The Blockchain takes a 5-second creation time. The technology employs algorithms such as Delegated PoS or Proof of Stake, among others, to ensure energy efficiency.
Phaeton has entered into strategic partnerships on the strength of its new Blockchain technology.
Blockchain-based solutions are being planned for industries such as data storage and management, the IoT, and real estate.
The company also aims to employ the Blockchain technology to back solutions across different sectors, including manufacturing, entertainment, health, environment, and finance.
The new Blockchain technology includes Smart Contracts and Sidechains. These features enable other businesses to develop their proprietary applications. These products inherit features of the mother chain. Other functionalities supported by the Blockchain include biometric-based secure wallet authentication and the Phaeton coin.
With its new energy-efficient Blockchain technology solution, Phaeton redefines the potential of the platform. Phaeton is likely to inspire more companies to follow its lead in developing greener and advanced cryptocurrency solutions.