Today we started off our day with our morning meeting, where we all presented the research we had done the previous day. We asked questions and did additional research on topics that we were curious about, and by the end of the meeting, we were all more well-versed in NFTs.
We left the meeting with new topics to research. I continued learning about the environmental impacts of NFTs, but this time finding some concrete statistics and studies to back up my claims. I also did some research on the different types of consensus mechanisms of blockchains – the algorithm used by a cryptocurrency to add blocks to the blockchain. I spent most of my time researching a newer, more energy-efficient consensus mechanism called Proof of Time and Proof of Space. This method uses hard drive storage and less energy-intensive processes instead of raw computing power than other methods, namely Proof of Work.
The company Chia uses Proof of Time and Space in order to be more eco-friendly