Would you like some moreconsensus algorithms? At least, that’s what Exaion’s managers seem to want. This EDF subsidiary, which has just announced that it has set up a validation node on the ecological blockchain created by Crédit Agricole CIB and SEB (not the pressure cookers).
PoCR, a new algorithm based on environmental efficiency
You don’t need to worry about how Proof of Climate awaReness (PoCR) works since Ben has done it very well in this introductory article.
Let’s just remember that this new validation method allows, via an audit of the network’s validators, to distribute mining rewards according to the environmental efficiency of each of them.
Thus, an actor who validates transactions correctly without making sufficient effort in environmental matters would be penalized and receive fewer CRC (Climate awaReness Coin) tokens. As a result, validators are constantly encouraged to improve their energy efficiency, or risk seeing their better-performing competitors reap more rewards.
Of course, this is a purely institutional project which is still in the testing phase. It is therefore difficult to say at this stage to what extent this new mode of operation will deliver real environmental benefits.
According to Crédit Agricole press releasethe new protocol would be comparable in energy consumption to « non-blockchain » systems.
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Exaion is convinced by this new project
Exaion is an EDF subsidiary created in 2018 whose aim is to work towards the development of new technological solutions based on Cloud and blockchain.
Presented at Exaion in April 2023, Proof of Climate awaReness seems to have convinced the EDF subsidiary, which has just set up a node on the protocol test network.
The primary aim of PoCR is to enable companies to issue bonds via the blockchain. All this while ensuring respect for the environment.
For Exaion:
« This is a significant step forward in our approach to promoting efficient and sustainable digital solutions. »
The project, which may seem far-fetched to the degens is of vital importance to large companies. The latter are often held back from adopting blockchain technologies for fear that their brand image will suffer as a result.
The possibility of benefiting from a « clean » and secure network could open up new prospects for these companies, while streamlining the bond issue process. In any case, this announcement confirms the change in mentality of many players in traditional finance, who are moving from the role of mere critics to that of participants in these innovations.. They will simply have been slow to realize their full potential.
At a time when respect for the environment and sustainable finance are concepts of interest to all companies, PoCR could have a bright future ahead of it. In the meantime, KPMG is working hard to combat clichés about Bitcoin and its supposed environmental hazards.
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