According to CCRI, Polkadot, the interoperable blockchain platform, uses less electricity for its network activities than top crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA).

Read Also: Messari: Polkadot (DOT) Was the Asset of Choice for Institutional Investors In 2021

CCRI reported that DOT consumes just 6.6 times the electricity that the average US household uses in a year, which makes it the least power-draining digital currency among the most popular blockchains.

On the other hand, Ethereum, the largest smart contracts platform consumes 1.6 million times electricity that can power the average household in the United States. According to the report, Bitcoin consumes the highest electricity with 8.6 million times of electricity needed to power an average US household.

A chart captioned in the report shows that Ethereum (ETH) is next to Bitcoin (BTC) in terms of electricity consumption, followed by other layer-1 protocols, such as Solana (SOL), Cardano (ADA), Algorand (ALGO), Avalanche (AVAX) and Tezos (XTZ).

Read Also: Shell Becomes the First Parachain to be added to Polkadot Network

The report reads in part as follows:

“An average US household consumes about 10,600 kWh per year and therefore, the least electricity consuming network Polkadot consumes about 6.6 times the electricity and the most electricity consuming network Solana about 200 times the electricity (U.S. Energy Information Administration, 2021)…

“Bitcoin consumes much more electricity than any Proof of Stake system due to its Proof of Work consensus mechanism, resulting in the deployment of energy-intensive hardware…

“Algorand consumes up to the factor of 9 compared to other cryptocurrencies such as Cardano and Polkadot. Tezos is in between these two groups. It consumes up to factor 5 of the low-energy blockchains, but only about 50% of Algorand’s consumption.”

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In this regard, a report by blockchain analytics firm Messari revealed that 21 of the world’s 53 most prominent fund managers actively invested in Polkadot (DOT) last year, making it one of the most sought-after assets, followed by other DeFi/alt tokens such as Near Protocol (NEAR), Terra (LUNA).

Read Also: Polkadot Parachains Finally Launches. What Does This Mean to Ethereum’s Economic Slavery?

One of the core reasons behind Polkadot’s growing dominance is the fact that the platform lays a high degree of importance on cross-chain interoperability, an aspect of crypto-tech that most experts believe will continue to define the future of the crypto ecosystem.

In terms of Polkadot’s native operational design, the project makes use of a unique concept referred to as Parachains, which allows it to support multiple layer-1 blockchains running in conjunction with its central chain.

Read Also: Analyst Unveils Potential Breakout Points for VeChain (VET), Polkadot (DOT), and Polygon (MATIC) in 2022

The setup is able to mitigate many of the transactional congestions being faced by prominent projects such as Ethereum, whose gas fee rates have continued to remain quite steep at around $40 on average despite the platform undergoing a number of upgrades over the past year, especially Ethereum Improvement Proposal (EIP) 1559 that was implement along with London hard fork back in August 2021.

Not only that, with the delay in the implementation of Ethereum 2.0, the ecosystem is only able to process around 30 transactions per second (TPS) in its current iteration, which is substantially lower than Polkadot’s current running capacity of 170 TPS.

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According to the official announcement on Twitter, Shell would only be able to accept messages from the Relay Chain in order to upgrade itself. In the future, there could be another referendum as soon as the disputes code becomes active.

Read Also: Michaël van de Poppe Outlines What Is Next For Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT)

The official tweet from Polkadot reads as follows:

“Polkadot’s first parachain has been added. Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.”

Polkadot's first parachain has been added

Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.

— Polkadot (@Polkadot) November 5, 2021

Polkadot is one of the largest blockchain networks in the market. According to CoinGecko, DOT, the native virtual currency of the Polkadot platform has reached a price of $51.22 in recent hours. However, it has experienced a price increase of over 16% just last week. This was one of the largest price increases among the top 20.

Polkadot is a blockchain network that is completely different from others. Rather than working with just one network, it works with a set of independent chains that could contain different functionalities. This is one of the main characteristics of the Polkadot ecosystem and how it works.

Read Also: Vitalik Buterin: My Biggest Regret about Ethereum is the Whole ‘8 Cofounders’ Thing

It is worthy of note that Polkadot was created in order to offer scalability to more traditional blockchain networks such as Ethereum (ETH). Nowadays, Polkadot became one of the largest virtual currencies in the world and its ecosystem continues to expand.

Shell’s decision to work with Polkadot shows that there is a clear interest in innovating in the crypto market and Polkadot seems to be one of the best options right now.

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