Actor Adrian Grenier, who is known for starring in popular TV shows like Netflix’s “Clickbait” and HBO’s “The Entourage,” has stated during a panel discussion about how to achieve a green Bitcoin at the CoinGeek Conference in New York City that he thinks blockchain technology has the ability to transform media.
“I think it’s really going to transform media. In my business, like filmmaking [and] communications, it’s going to empower artists to have exchange directly with consumers, get commercialization out of that relationship unless chosen. Even just the social media networks. Like what’s happening with Facebook, they’re literally selling our data for profit, and we don’t see any of that money. I like to see social media networks that allow both users and content creators have a more autonomous exchange of value,” Grenier said.
CoinGeek Conference is a three-day event that intends to spread awareness and educate the world about the benefits of the BSV blockchain—a blockchain that is scalable and offers absolute utility to global enterprises from all types of industries.
Together with Grenie, who is also the United Nations Environment Goodwill Ambassador and a staunch environmental activist, are experts in the field of creating a sustainable Bitcoin, namely nChain CTO and BSV Infrastructure Team Technical Director Steve Shadders, TAAL Distributed Information Technologies COO Lars Jorgensen, MNP Partner Hassan Quresh, Compute North Co-Founder and CEO Dave Perrill, and Gray Wolf Analytics Inc. President and Chair Dr. Dhirendra Shukla.
Because Bitcoin uses Proof-of-Work that requires a massive amount of electricity in order for a miner to be able to win the right to add a block to the blockchain, it is condemned as not environmentally friendly and unsustainable.
“I think people that want to dismiss crypto as being unsustainable don’t fully understand the complexity of the opportunity that crypto has for society across the board. It’s not just about mining efficiency, it’s also about how it’s going to improve every industry,” Grenier stated.
However, sustainability is not measured only with energy consumption, but is correlated to the utility and benefits of that consumption. For instance, BTC can be correctly assumed as unsustainable with its 1MB block size cap, throughput of only seven transactions per second (tps) and price volatility that allows it to be used only as speculative investment by a select few who can afford it. And this is not the original vision for Bitcoin.
“There are actually huge benefits to using Bitcoin, and that’s what justifies the energy cost. No one argues that we shouldn’t burn energy to run a hospital because it’s obvious what the benefit of that is and it’s obvious what would happen if you try to run a hospital without energy input. Bitcoin provides utility in ways that we haven’t even imagined just yet,” Shadders pointed out.
And with BSV being a network that has the ability for unlimited scaling, its energy consumption is more than justified. A 2GB block has already been mined on the BSV blockchain and its throughput will soon be scaled to over 50,000 tps.
“It’s the largest permissionless distributed database in the world. It solves a lot of problems. Scalability and some of these challenges, I think we’re currently working through those. They’re all things that are going to get solved… We have 13 years of Proof-of-Work experience now. We know it works. We know it has not been breached… I think that the technology has got to be 10 times better before it ever displaces a standard. And I think we have a standard right now,” Perrill revealed.
And this is just the beginning. As scaling continues, millions and even billions of tps can be processed in the future, without being limited to just payment applications, but all kinds of data platforms. And this is why the BSV blockchain has the capacity to transform media and all other industries.