The global energy crisis with the ongoing war in Ukraine has led to a fresh debate on how best to use energy resources judiciously and encourage clean and eco-friendly energy sources. After the most significant asset manager, Blackrock showed interest in developing eco-friendly energy sources; it is now showing particular interest in an altcoin that specializes development of the energy sector. The asset manager announced last month that it is encouraging blockchain projects focused on energy efficiency. The asset manager had also cleared the deck for forming a Bitcoin private trust, making its intentions on the crypto ventures clear.
Blackrock Interest in Energy-Focused Altcoin, Spikes Huge Interest
The Altcoin in focus is the Energy Web token. The Energy Web token is used in energy shortage projects, and BlackRock’s passing reference has spiked colossal interest. It is known that Bitcoin mining and the so-called Proof Of Work protocols have enormous energy needs. This is why the Ethereum Platform is changing from POW to Proof Of Stake mode.
BlackRock is promoting the Energy Web token to bring greater transparency to Bitcoin Mining energy usage. It explained that Blackrock would follow progress around transparency in energy use for Bitcoin mining.
Altcoin enables developers to create decentralized applications (DApps). The token is employed to pay gas fees on the Energy Web network designed for use in the energy sector.