GRNGrid eco-blockchain will get $50M
By Oleksii Haiduchyk 2035 26 Sept 2022
Environmentally friendly blockchains such as GRNGrid are a hot trend after the completion of the historic Ethereum Merge update which shifted from an energy-intensive, proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) mechanism.
Switzerland-based GRNGrid will get $50M from venture capital firm GEM Digital, which is engaged in digital asset investments.The GRN development team is going to spend this money on improving the technologies and building new partnerships with exchanges.
GRNGrid is an environmentally friendly, scalable, and stable Layer 1 blockchain with innovative DeFi features. The blockchain has GRNPay payment system, ExNode decentralized exchange, encryption application called EnScrypt and GRN Grid native token, which has the ticker G, the price of which doubled from September 19 to September 21, 2022.
One of the features of the GRNGrid project is that data is transmitted through nodes running exclusively on renewable energy for their transactions (solar panels, windmills, etc.). Additionally, GRNGrid that is managed by GRN Association, oversees the ReCharge environmental project which reduces electronic waste like different types of batteries.
It is worth paying attention to the fact of using the Proof-of-Stake V2 consensus algorithm by GRNGrid. Proof-of-Stake V2 (PoS2) is a safer, eco-friendly and decentralized consensus algorithm. Project representatives claim that with the help of PoS2 they will be able to combat whales and achieve more equitable distribution.
Environmental protection is rising on the public's agenda. GRNGrid is not the only environmental project that attracted the attention of investors. 5ire network has raised $100 million to develop an eco-blockchain based on Proof-of-Stake. It means that the majority of eco-projects can get a green light in the near future.