Signum renews Hope for Sustainable Blockchains'!
Signum has been leading a revolution towards an environmentally friendly solution to blockchain technology. Many energy concerns have emerged after people highlighted the energy that goes into maintaining such technology and Signum hopes to combat this with its native token.
What is Signum?
Signum provides multiple features on its network like smart contracts, peer-to-peer messaging, and token creation along with a secure digital payment system. It also has integrated into it a decentralized Exchange, BTDEX, and games that run on the blockchain. Operating on the “Proof of Commitment” protocol makes it so that it needs consumer-grade hardware to function rather than really expensive GPUs and mining chips. This helps lower the barrier to entry and make it a much more reasonable option for many. Signum aims to live up to the title of sustainable by making sure the mainnet uses as little energy as possible.
Signum is also one of the first to run Turing-complete smart contracts on a blockchain that is public. These contracts can also be written in Java, unlike most networks that use Solidity which lends it another degree of accessibility.
Signum lends you the ability to issue your own tokens that have the same level of security and functionality as Signa. In addition to that these tokens can be implemented as soon as they are created and tradeable on Signum's very own Exchange. This process only takes 1000 Signa tokens and no other additional fees.
The rise in the Crypto industry has led many investors to question whether their investments are going towards something that will harm the environment. Although it is controversial as to how much damage is being caused, it is still a valid concern.
Proof of Commitment and Mining!
Most blockchain networks operate on the Proof of Work(which consumes a ton of energy and requires expensive equipment) protocol and very few have put in the work to move towards the Proof of Stake(more efficient and works on a voting system) protocol which is a more sustainable way to engage with cryptocurrencies. However, Signum proposed the Proof of Commitment protocol which succeeds the Proof of Capacity(uses available hard drive space to decide mining rights and validate transactions) consensus.
The Proof of Commitment presents a way for miners to up their storage capacity without purchasing new equipment but by simply staking their Signa(Native currency of Signum) tokens. This will help secure the network and massively improves your chances of earning mining rewards. This is done by storing files of hard to compute hashes that are read every time a new block is formed.
The fact that you can mine a cryptocurrency with an old mobile is fascinating and shows Signum’s commitment to making the network as accessible as possible. This eliminates the need to use graphic cards and effectively exhausts the supply of GPUs. Not to mention the waste generated in the form of hardware and energy and additional data storage that is required for traditional protocols that are more damaging to the environment.