๐Ÿ’ฃSocietal Impact of Blockchain Technology

Examples of societal impact regulatory wise for influence of PoW mitigation and a need for a new solution include the January 2022 event of the European Securities and Markets Authority Vice-Chair Erik Thedยดeen calling on the EU to ban the proof of work model in favor of the proof of stake model due its lower energy emissions. Further, in November 2022 the state of New York enacted a two-year moratorium on cryptocurrency mining that does not completely use renewable energy as a power source. SolareumChain can address these concerns and improve beyond the Proof of Stake (PoS) model with validators ongoing energy generation fueling the consensus algorithm rather than energy consumption by GPUs for mining.

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