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The Americans and their Christmas lights consume an incredible amount of energy. Only for December, these incandescent ornaments consumed 4.5 terawatt hours of electricity, more than the annual consumption of Laos. Fortunately, the new Festivus ICO is trying to reinvent the Christmas spirit.
Problems with Bitcoin
One of the biggest problems with Bitcoin is the amount of energy needed to maintain the network. Proof of work extraction it is expensive CryptoSlate estimates measure the number of about 29 terawatt hours in the year, with the same energy as the whole country of Morocco.
However, Americans also use an absurd amount of electricity to show that they are more energetic than their neighbors. If people were to suck the glands of the holidays for the whole year, they would consume about 54 terawatt hours, or almost twice as much as Bitcoin extraction. And, this is just to impress the neighbors. There must be a better way.
Presentation of Festivus
The innovative ICO Festivus (FEST) aims to direct waste around the Christmas lights by reinventing the holiday spirit. Using his party coin, the keepers can prove deterministically that they have more joy of living than their neighbors.
Instead of proof of work, FEST uses a new holiday demonstration algorithm (POF). PoF allows holders to stake out cryptocurrency tokens in return for donations made directly to holiday charities, such as Toys for Tots, Operation Christmas Child and Make-A-Wish Foundation.
And, unlike normal Christmas lights, the stakers are assigned the GPS coordinates of all other FEST nodes within a 50-mile radius, allowing holders to pass their neighbors without the tangle of Christmas lights.
So, if you're not in Hanukkah, Solstice or Christmas, then luckily for the rest of us, there's Festivus. Now you can stop arguing with Christmas lights and put some of those Christmas Rally earnings into FEST.
Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money in the trade of cryptocurrencies.
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Mitchell is a software and entrepreneur enthusiast. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.
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