While Xange.com chooses XRPL for ‘sustainability,’ is there a greener alternative
As public scrutiny increases, companies exploring blockchain or crypto solutions are feeling the pressure to go green. In this aspect, Ripple’s XRP Ledger [XRPL] has been favored by several noteworthy partners.
Now, another company has plans to use XRPL to boost its own development.
Credit where credit is due
Xange.com, a securities exchange collaborating with the UN Development System [UNDS] announced it was working on a Carbon Credit Solution, on the XRP Ledger. The press release by Xange.com stated,
“The XRP Ledger was built with sustainability in mind and is one of the first major carbon neutral blockchains. Due to its Federated Consensus algorithm, the XRPL is significantly more energy efficient compared to proof-of-work blockchains and ensures low-cost transactions.”
[email protected]_com is bringing a Carbon Credits Solution to the #XRPLedger – one of the first major carbon neutral blockchains. 🎉 Read more about why they chose the #XRPL: https://t.co/vPy6kx7BkJ— Ripple (@Ripple) December 16, 2021
It’s important to note that Ripple describes the XRP Ledger as “one of the first major carbon neutral blockchains.” In fact, Ripple has carefully cultivated XRPL’s image as a sustainable blockchain solution, and this is a point several partners have also mentioned in the past.
But here’s the million dollar question. Are XRPL and XRP really the greenest choices for future partners who want to focus on sustainability?
Shed light on the numbers
According to the XRP Ledger, one XRP transaction consumes about 0.0079 kWh. To compare, a single transaction on Solana reportedly consumes about 0.00051 kWh of energy. This is more than a 10x difference between the two blockchains.
Even so, it’s vital to note that Solana is yet to formally achieve a carbon-neutral status. According to reports, this could happen in 2022.
On the flip side, it’s clear that even high-profile partners trust Ripple. The blockchain company’s partnerships with the central banks and governments of Bhutan and Palau to develop CBDCs for these countries are examples of this. In fact, Ripple reported,
“As an established leader in the global climate debate, Palau chose Ripple because of its extensive experience in blockchain and building global payment systems, and the XRP Ledger because it’s carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains.”
Now, with the Xange.com partnership – which aims to support the UN’s sustainable development goals – Ripple can put another feather in its environmental cap.
CBDC by the sea
At Consensus 2021, Bank of Mauritius Governor Harvesh Seegolam said that the country would launch a CBDC to boost the monetary system, and solve existing issues.
While the CBDC was reportedly slated for a launch around this time of year, there has been little information on the matter.Source