Crypto markets have been very volatile in recent times and a great number of digital assets have dropped more than 30% in value during the last three days. Although, not all the coins in the crypto economy are doing badly, as coins that do not leverage proof-of-work (PoW) consensus algorithms have actually done well after the recent Tesla controversy. Distributed ledgers that use delegated validation nodes and proof-of-stake (PoS) blockchains have made double-digit gains in recent days.
Green Energy Gains: Cardano, Polkadot, and Polygon Shine
As soon as Elon Musk and Tesla sparked the proof-of-work (PoW) consensus algorithm controversy, a few blockchains that use less energy and alternative consensus algorithms have seen massive gains. For instance, cardano (ADA) tapped an all-time high at $2.37 per unit on Saturday.
ADA is up a whopping 4,362% against the U.S. dollar during the last 12 months. Seven-day stats show ADA has gained 40% and more than 18% during the last 24 hours. The Cardano network leverages proof-of-stake and the project is backed by the Ethereum cofounder Charles Hoskinson.
Meanwhile, XRP, which also does not use a PoW consensus algorithm, hasnâ€™t gained massive percentages but has remained stable during the downturn. Ripple Labs cofounder Chris Larsen recently explained that BTC would lose its dominance if it didnâ€™t address the energy problems just before Elon Musk stirred the controversy.
Polkadot (DOT) is also a proof-of-stake blockchain and it has remained profitable after Muskâ€™s environmental concern statements. The PoS crypto-asset DOT has seen a 40% gain during the last seven days.
Crypto Industryâ€™s First PoS Coin Comes Back to Life
Stellar (XLM) has done well, polygon (MATIC) is up 25% today, and dogecoin (DOGE) markets held steady because Musk recently said he was working with DOGE developers. The biggest gainers on Saturday include kicktoken (KICK +132%), stakenet (XSN +91%), origin sport (ORS +42%), and peercoin (PPC +40%).
In fact, the Peercoin project is the first PoS blockchain to pioneer distributed ledger systems without using massive energy. The token peercoin (PPC) was invoked in 2012 and the website calls it a â€œgreen cryptocurrency for a sustainable future.â€ For years now PPC floundered as an old and mostly forgotten PoS coin but since the recent concerns over PoW, the Peercoin project has made a strong comeback.
What do you think about all the PoS coins that are seeing gains because they donâ€™t leverage PoW? Let us know what you think about this subject in the comments section below.
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