For one, experts believe that energy-intensive cryptocurrency mining is not done on a large scale in Singapore.
But they noted that it is a misconception that all blockchain applications and cryptocurrencies are as damaging as Bitcoin, for instance. For instance, he cited blockchain applications that use Proof-of-Stake protocols, instead of the traditional Proof-of-Work ones that require users to solve problems.
Mr Tran likened the concept to a group project, where each student handles a different part of the workload, instead of all of them working on all tasks together. Asst Prof Dinh added: “Singapore’s openness to cryptos should drive research on those topics towards more sustainable cryptos that solve these environmental issues."
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