In October, $9.7 billion in transactions were made using the "eCYN" digital yuan accounts. Over 140 million people have opened wallets to receive the new digital yuan, according to official figures. The eCYN will be implemented nationwide at some point in the future, although no exact date has been established. According to some estimations, global enterprises might save up to $100 billion per year on cross-border payment transaction costs. China has taken aggressive attempts to market the eCYN, even as it cracks down on cryptocurrency exchanges and users. Bitcoin transactions were halted in September following the repatriation of Chinese cryptocurrency miners.
Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.
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