Speed and Energy Use

A transaction is when a new record is added to the blockchain. 

This is similar to a banking transaction hitting your bank account. It involves several steps including verifying the parties, authorizing the transaction, and making an entry or “writing the record”, and sometimes confirming the transaction back to the parties.

These transactions vary in speed and energy use. Below you’ll see the energy use in the Bitcoin blockchain is extraordinary. This is deliberate and serves a purpose for its “Proof of Work” consensus mechanism (Consensus means multiple-party agreement with the transaction record).

At Level UP Tech, we developed its own consensus mechanism with high transaction speed and high capacity. All with the Ownership Economy in mind. This economy will eventually require billions of transactions per second which with traditional banking and many other blockchains would require unacceptable energy use. For example, a million transactions on Level UP would use 2 cents worth of electricity – a tiny fraction of most alternatives.