Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
The Coinbase exchange looks forward to using the Polygon blockchain in its operations. The Ethereum layer two protocol is going to act as the exchange’s scaling solution. According to Coinbase, applying the Polygon blockchain also benefits Ethereum’s network. The merger can solve various issues on Ethereum, such as high fees.
Polygon Partners with Coinbase
Ethereum’s network continues to face scalability issues as it moves to a PoS ecosystem. Thus, such problems led to the development of a scaling solution known as Polygon.
Today, Polygon’s system is home to over 500 decentralized applications. Because of the network’s success, Coinbase now has plans to make Polygon PoS its scaling partner.
Hence, customers can make cheaper withdrawals using the L2 technology. Using Polygon also encourages quicker transactions.
That way, retail investors can enjoy making the most out of a growing industry. In the future, the exchange also plans on applying Polygon in the Coinbase wallet.
The Coinbase Protocol Team
Coinbase has a vision of creating global economic freedom. By joining hands, the financial industry can grow and serve everyone. As such, it led to the formation of the Coinbase Protocol team.
The group consists of skilled engineers who work on supporting scaling networks. Coinbase hopes to extend its support by combining several technologies with its products. The team looks forward to hiring developers who can assist innovative scaling blockchains.
Venturing into Ethereum’s network is one of the group’s goals of supporting open-source projects. Rosetta is among the few projects that have support from the protocol team.
Rosetta works as a middleware tool to assist users in developing on top of a blockchain. The project makes blockchain integrations faster, simpler, and more secure.
Crypto Community Fund
The exchange platform also has its focus on funding developers in the crypto space. Driven by its passion for support, Coinbase initially made a 1% pledge plan as part of its initiatives. The pledge cuts 1% of Coinbase’s profits to help push various charitable activities.
In 2020, Coinbase introduced a community fund to finance Bitcoin developers. The platform was ready to sponsor developers who promote Bitcoin-related projects. Rosetta’s grant program is the other funding initiative.
Here, the trading platform had the goal of driving the growth of Rosetta’s ecosystem. In 2021, Coinbase made an announcement that sought to look for blockchain developers. As a result, the company plans to bring blockchain builders who can address issues such as scalability onboard.
Moreover, the grant discusses developer experience, protocol security, and auditing procedures. In the end, the exchange can invest in major contributors to the crypto ecosystem.