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NFT Glee

Let’s start with addressing Bitcoin main net.

Yes it consumes a tremendous amount of energy currently. The driving force and vast majority of that electricity consumption comes from the minting of new coins and not from pushing transactions from one wallet to another. Minting new coins through mining efforts is about solving extremely difficult math problems before anyone else does for a large reward in the form of Bitcoin block rewards. The more power you put through processors the more math problems you solve and the more Bitcoin you make. We are currently at almost 19mm of the 21mm Bitcoin to ever exist. So in other words, if nothing is done at all the damage is done and we are almost to the finish line of having Satoshi’s vision of a fully vested decentralized economy recognized. Once all 21mm coins are mined, the global amount of power needed to merely host transactions will be orders of magnitude less than that of the current banking/credit card system.

This video will explain what the use looks like currently.Secondly, the issue with the consumption is a false narrative. I was a bitcoin miner for many years and I can tell you first hand that each and every miner is looking for “free power”. Free power does not exist outside of excess energy produced, outside of peak hours through renewable energy sources. This excess power cannot be stored and would otherwise bleed off into the atmosphere if not used. At this date in time to make money as a miner you are forced to find free power to stay competitive.

The governments of the world could mandate that all mining activity has to utilize free power and it would affect a minuscule amount of miners. Meaning that the vast majority of the industry is already using free power.Lastly, even if the government does not mandate change, the Bitcoin community will! Bitcoin is build on free market principles. Supply/Demand laws and innovation are already solving these problems. Second layer protocols settle with the original Bitcoin blockchain but do not use it as the real time transactional settlement process. This removes the mining fees and the electrical consumption. Bitcoin’s main net was designed to settle a block every 10 minutes. It was never designed to be a “at the cash register” payment solution. It was designed to be a replacement for gold, a monetary trust layer controlling the world’s fiscal policy. This gives the world trust across all boundaries without encumbrances across a fragmented system. This trust layer does not discriminate either. It gives the same amount of security and access to a person who owns 1 Bitcoin as it does to Satoshi. These second layer protocols called side-chains can operate without using the power consumption of and settlement restrictions that are required to operate on Bitcoin’s main net. This means that endless applications can be designed specifically towards their own individual purpose without limitations of Bitcoin but still being able to settle on the most trusted, tested, and liquid market on earth. Side-chains can be designed to utilize protocols that do not rely on miners removing the energy consumption from theOur solution is a second layer called the Liquid Network and it is a Bitcoin sidechain. It allows us to mint and transfer NFTs orders of magnitude more efficiently. This side-chain can be changed and adapt as technology progresses driving costs down further in the future. But currently as it stands we would have less environmental impact than using a credit card does. Hope this helps.

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