The number of viable applications for the "mBridge" digital currency platform has climbed from five to fifteen, representing a significant increase from the previous figure of five. Among the other potential applications are cross-border financial transfers tied to insurance transactions and e-commerce activities. Aiming to solve the shortcomings of the traditional correspondent banking arrangement, the project is being funded by the European Union. Transactions carried out on the platform would be decoupled from the identities of the end users. Ms. Mu asserted that "mBridge has a great capability in privacy protection."
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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