As we move further into the week, cryptocurrencies remain trending up. Market leaders Bitcoin (BTC-USD) and Ethereum (ETH-USD) are showing evidence of health for digital currencies; the coins are seeing gains of 4% and 3%, respectively. But, one altcoin is standing out above the rest today, called Qtum (QTUM-USD). That’s because the QTUM crypto has something that neither Bitcoin nor Ethereum has — a proof-of-stake consensus mechanism and a plan to clean up the blockchain.
Indeed, it appears that QTUM’s gains today are largely the result of a campaign which Qtum developers are pushing this week. Already an environmentally conscious project, Qtum is leaning into recent debate around crypto and its energy consumption. The result is an influx of eco-friendly traders hoping the coin can continue its bullish run.
Qtum is a layer-1 blockchain platform which utilizes smart contracts, allowing developers to craft decentralized apps (dapps). It also seeks to combine elements of Bitcoin and Ethereum into a single network; it does this by bridging Bitcoin’s unspent transaction output (UTXO) abstraction with the smart contract and dapp capabilities offered by Ethereum. In fact, the Qtum network even runs using the Ethereum Virtual Machine (EVM), a popular abstraction layer used by fellow layer-1 networks like Solana (SOL-USD).
Environmental Concerns Shroud the Crypto Industry
Qtum does a good job of setting itself apart while also bridging together many of its competitors best assets. This model has allowed the coin to join the top-100 largest crypto projects in the world. But now, the QTUM crypto is getting attention as a play on environmentally conscious crypto investing.
Chatter has been loud in recent weeks over the environmental concerns associated with the blockchain. Governments around the world are beginning to seriously look into regulating cryptos and protect investors. One of the most contentious points is the vast energy consumption required by certain cryptos. In particular, these officials are scrutinizing coins which use proof-of-work consensus, like Bitcoin and Ethereum.
In late January, Congress convened to discuss the energy consumption of crypto, and how that energy consumption will factor into policy. President Joe Biden’s executive order on crypto also touches on the pollution associated with proof-of-work crypto mining, ordering policymakers to address this in broader regulations. Investors in the European Union were also whipped into a frenzy as E.U. policymakers nearly implemented an amendment to its Markets in Crypto Assets bill. The amendment would have effectively banned citizens from buying or using proof-of-work cryptos.
QTUM Crypto Rises on Push for ‘Green’ Crypto Adoption
Qtum is leaning into this ongoing debate and using it to promote the QTUM crypto this week to great affect. Developers published a letter to investors talking about the eco-friendliness of the network. Qtum prides itself as a proof-of-stake coin, which consumes far less power than proof-of-work.
It also reiterates in the letter its status as a member of the Crypto Climate Accord (CCA) — a group of blockchain projects and companies bent on reducing crypto carbon emissions to zero. Moreover, the letter accuses the modern banking structure of producing four times the carbon emissions of Bitcoin mining each year.
As the letter continues to gain traction, money is flowing into the QTUM crypto. As of today, the coin is seeing a trading volume increase of nearly 20%. This influx is also helping to drive up coin prices by 11%. In the last seven days, the coin has gained 33%.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.