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PR

Vietnamese Blockchain Project “Makes Green” The Real World And Virtual World

January 11, 2022 - Around 4 mins mins to read

In March 2022, BHO will join Gaia – a non-profit technological organization operating in the field of afforestation and nature conservation – in planting 1000 trees in Ben En forest, Thanh Hoa. BHO aims to not only develop sustainably in the digital environment but also “make green” our real-life environment.

  • Vietnamese Blockchain Project “Makes Green” The Real World And Virtual World

As it is known, traditional blockchains run by a Proof-of-work (POW) mechanism – typically Bitcoin – consume a lot of energy, making this become a controversial issue that attracts a large number of people’s attention.

One of the typical reasons is the use of graphics cards or GPUs to quickly process calculations during Bitcoin’s exploitation. This also causes the computing node to heat up quickly and requires corresponding power to run the radiator fan.

According to the BBC, scientists from the University of Cambridge have recently published an analytical tool to quantify the amount of energy used in the process of mining the cryptocurrency Bitcoin. The results of this study show that Bitcoin’s total annual energy consumption is about 130TWh – roughly equivalent to the energy of the entire country of Argentina (125TWh). The Cambridge tool also ranks Bitcoin’s electricity consumption higher than the Netherlands (108.8TWh) and the United Arab Emirates (113.20TWh). This has made many people worry that the applications of blockchain will have a great impact on the environment, becoming a barrier for projects to develop.

Teccrypto

Although old blockchains consume a lot of energy, not all blockchains do, especially blockchain projects that use the Proof of Stake (POS) consensus mechanism. This mechanism uses an algorithm to decide who validates the next block, instead of deciphering cryptographic problems that use computational power to verify transactions, thereby saving more than 99% energy against the Bitcoin blockchain.

Many of the world’s leading blockchain projects have applied this mechanism including Ethereum, Binance Smart Chain, Solana, etc. Among them, there is the BHO project – a blockchain platform run by a team of Vietnamese engineers. BHO aims to become a top Southeast Asia blockchain platform in creating, encoding, and applying digital assets, as well as providing decentralized financial solutions for small and medium enterprises.

Right from the initial design and formulation phase of the project, BHO has chosen to apply the Nominated Proof of Stake (nPOS) algorithm for its platform. This is a more extended version of the Proof of Stake (POS) consensus mechanism. Therefore, the BHO platform has the advantages of high transaction processing speed, cheap gas fees, enhanced security but still inherits energy efficiency from the traditional POS algorithm.

Nhat Phan, Co-Founder and CEO of the BHO project, said: “As a blockchain project, we value sustainable development. In terms of technology, the BHO project has actively selected and developed technologies that bring the optimal experience to users. In terms of real life, we also want to bring positive values to the community, most typically a contribution to protecting our living environment.”

In addition to selecting green technology, to realize these goals, BHO has cooperated with Gaia Nature Conservation Center – a nonprofit technological organization that is operating in the field of afforestation and nature conservation. Through this partnership, BHO will join Gaia in planting 1000 trees in Ben En forest, Thanh Hoa in March 2022.

Do Thi Thanh Huyen – CEO of Gaia Nature Conservation Center said: “The contribution of the BHO project is extremely significant. In Ben En National Park, there are about 3,000 hectares of degraded forest that need restoration. The fact that we afforest together will revitalize and improve the ecological functions of these forests, as well as provide habitats for wildlife to specifically contribute to climate change combat.”

This collaboration is just the opening chapter in the journey of connecting the Metaverse with real world. From the desire to develop sustainably and bring positive values to the community, BHO has enhanced its project with a broader mission by linking the project responsibility with our living environment, and “making green” both the virtual world and real world.

Find out more about BHO at:

PR, Press Releases

Vietnamese Blockchain Project “Makes Green” The Real World And Virtual World

In March 2022, BHO will join Gaia – a non-profit technological organization operating in the field of afforestation and nature conservation – in planting 1000 trees in Ben En forest, Thanh Hoa. BHO aims to not only develop sustainably in the digital environment but also “make green” our real-life environment.

  • Vietnamese Blockchain Project “Makes Green” The Real World And Virtual World

As it is known, traditional blockchains run by a Proof-of-work (POW) mechanism – typically Bitcoin – consume a lot of energy, making this become a controversial issue that attracts a large number of people’s attention.

One of the typical reasons is the use of graphics cards or GPUs to quickly process calculations during Bitcoin’s exploitation. This also causes the computing node to heat up quickly and requires corresponding power to run the radiator fan.

According to the BBC, scientists from the University of Cambridge have recently published an analytical tool to quantify the amount of energy used in the process of mining the cryptocurrency Bitcoin. The results of this study show that Bitcoin’s total annual energy consumption is about 130TWh – roughly equivalent to the energy of the entire country of Argentina (125TWh). The Cambridge tool also ranks Bitcoin’s electricity consumption higher than the Netherlands (108.8TWh) and the United Arab Emirates (113.20TWh). This has made many people worry that the applications of blockchain will have a great impact on the environment, becoming a barrier for projects to develop.

Teccrypto

Although old blockchains consume a lot of energy, not all blockchains do, especially blockchain projects that use the Proof of Stake (POS) consensus mechanism. This mechanism uses an algorithm to decide who validates the next block, instead of deciphering cryptographic problems that use computational power to verify transactions, thereby saving more than 99% energy against the Bitcoin blockchain.

Many of the world’s leading blockchain projects have applied this mechanism including Ethereum, Binance Smart Chain, Solana, etc. Among them, there is the BHO project – a blockchain platform run by a team of Vietnamese engineers. BHO aims to become a top Southeast Asia blockchain platform in creating, encoding, and applying digital assets, as well as providing decentralized financial solutions for small and medium enterprises.

Right from the initial design and formulation phase of the project, BHO has chosen to apply the Nominated Proof of Stake (nPOS) algorithm for its platform. This is a more extended version of the Proof of Stake (POS) consensus mechanism. Therefore, the BHO platform has the advantages of high transaction processing speed, cheap gas fees, enhanced security but still inherits energy efficiency from the traditional POS algorithm.

Nhat Phan, Co-Founder and CEO of the BHO project, said: “As a blockchain project, we value sustainable development. In terms of technology, the BHO project has actively selected and developed technologies that bring the optimal experience to users. In terms of real life, we also want to bring positive values to the community, most typically a contribution to protecting our living environment.”

In addition to selecting green technology, to realize these goals, BHO has cooperated with Gaia Nature Conservation Center – a nonprofit technological organization that is operating in the field of afforestation and nature conservation. Through this partnership, BHO will join Gaia in planting 1000 trees in Ben En forest, Thanh Hoa in March 2022.

Do Thi Thanh Huyen – CEO of Gaia Nature Conservation Center said: “The contribution of the BHO project is extremely significant. In Ben En National Park, there are about 3,000 hectares of degraded forest that need restoration. The fact that we afforest together will revitalize and improve the ecological functions of these forests, as well as provide habitats for wildlife to specifically contribute to climate change combat.”

This collaboration is just the opening chapter in the journey of connecting the Metaverse with real world. From the desire to develop sustainably and bring positive values to the community, BHO has enhanced its project with a broader mission by linking the project responsibility with our living environment, and “making green” both the virtual world and real world.

Find out more about BHO at:

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