Cryptocurrencies, one of the prominent investment tools of the last period, are subject to many criticisms due to the amount of energy spent in their production. In the Bitcoin Electricity Consumption Index prepared by Cambridge University, it is stated that Bitcoin consumes more electricity than Norway in a year. As the world prepares for a future where decentralized finance will dominate, the new crypto platform announced promises to halve the electrical energy needed in Bitcoin production.
Cryptocurrency, which emerged with the spread of blockchain technology and the first example of Bitcoin, was criticized by environmental activists from the first day due to its high energy consumption. According to the Bitcoin Electricity Consumption Index prepared by the University of Cambridge, while the share of Bitcoin alone in the annual global electricity consumption is 0,63%, it was noted that the amount of electricity spent in a year for Bitcoin mining is more than the electricity consumed by Norway. A crypto platform that believes in the future of decentralized finance (DeFi) technologies and aims to make the blockchain ecosystem sustainable, announced a new technology that halves the energy need in Bitcoin mining.
Liam Anthony, Founder of the decentralized marketplace and chain network Parex, said, “To mine cryptocurrencies, it is necessary to know how to use various software and to choose very powerful hardware. Traditional crypto mining programs running on graphics processors both bring about a significant global electricity demand and create high costs. Parex, implemented by Dexchain, carries out these processes on hard drives on decentralized platforms. In this way, an environmentally sustainable mining method emerges and the electricity requirement in Bitcoin production is halved.
Both crypto exchange and mining platform
Stating that the electricity need in Bitcoin production stems from the "proof of work" method, which is at the base of mining, Liam Anthony said, "The Parex production network, which uses the "proof of interoperability" method on the DRC-16 protocol, uses nodes to decentralize cryptocurrencies such as Bitcoin, crypto money. It eliminates intermediaries by integrating them into their marketplaces. In other words, everything required for investment in Parex is completed anonymously between the platform and the investor. This means shorter processing times, lower costs and higher efficiency. Parex, which is both a crypto exchange and a mining platform, can list blockchain, ERC20, TRC20, TRON and MyDexChain-based cryptocurrencies and stablecoins. Parex is also offered with the platform-specific interoperable token PRX. PRX can be transferred between networks such as Polygon, BEP20, Ethereum, Polkadot and Avax with low costs and high efficiency through the Parex Market.”
“An anonymous, secure, flexible, accessible, community-focused investment environment”
Stating that Parex has modernized the traditional tokenization, transfer and mining processes from a Web3 perspective, Parex Founder Liam Anthony concluded his evaluations with the following statements: “Before Parex, technologies that required significant engineering knowledge and hardware resources were used. Preferring a modern method called 'burning', Parex adapts the mining industry to today's conditions where sustainability is imperative, and paves the way for sustainable and environmentally friendly cryptocurrency exchanges and decentralized finance in the long term with its algorithm. Also, compared to other decentralized exchanges, token mining and transfer on Parex is fully managed by the community. Security by eliminating intermediaries, decentralized by giving all the say to the community, flexible with interoperability, accessible with its easy interface, Parex promises to truly remove all obstacles to the DeFi era. In addition to all these features that make us different as a company, we provide a $ 3 million fund to DeFi, metaverse, Web75 projects to contribute to the blockchain ecosystem.”