One of the major criticisms of Web3 and blockchain technology is that it isn’t environmentally friendly. According to Business Insider, Bitcoin mining alone accounts for approximately 40 billion pounds of carbon emissions annually due to the computing power and electricity usage required. One company is hoping to transition the industry to more green operating practices.
Rubix, which this week raised $100 million from LDA Capital, is a blockchain protocol company for peer-to-peer data transfers and cryptocurrency transactions. Unlike most cryptocurrency exchanges, Rubix uses less than 1 kWh per transaction, making it a low-energy computing network.
“Rubix is a gamechanger for international transactions. It’s exactly the type of innovative disruptor we look to partner with,” Warren P. Baker III, a managing partner at LDA Capital, said in a statement. “What sets the Rubix blockchain apart is its environmentally-friendly crypto framework and focus on leveraging the Web3 technology to address some of the biggest issues society faces today. This isn’t just a coin, it’s a true transformation in how online transactions are processed.”
Instead of using Proof-of-Work to process transactions, which is mining-intensive and uses a lot of energy, or Proof-of-Stake, which is unreliable, Rubix uses something called “Proof-of-Pledge” or “The Rubix Proofchain.” According to Rubix, this type of transaction protocol is cost-effective, reliable, accessible and green, making it an ideal architecture for processing cryptocurrency transitions and data transfers.
“Rubix is, first and foremost, a community. This investment will allow us to grow that community and expand our green blockchain as a shared platform upon which partners can build any number of solutions. Our unique architecture makes Web3 and even Web5 accessible and attainable for anyone leaning into decentralization,” KC Reddy, Rubix founder and chief architect, said in a statement.
Rubix plans to use its fresh funds to hire new talent on a global scale, accelerate Web3 transition and expand its green blockchain community.