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CloudTech-RMIT Green Crypto Lab Launched for Advancing the Technologies Around Green Cryptocurrency

MELBOURNE, AUSTRALIA / ACCESSWIRE / May 9, 2022 / The "CloudTech-RMIT Joint Green Cryptocurrency Laboratory Launch Event", co-hosted by CloudTech Group and RMIT, was successfully held on 6 May 2022. This is the Australia's first blockchain research lab aimed at tackling the Bitcoin network's carbon footprint.

Green Crypto Lab, Monday, May 9, 2022, Press release picture
Green Crypto Lab, Monday, May 9, 2022, Press release picture

CloudTech-RMIT Green Cryptocurrency Joint Research Laboratory (Green Crypto Lab) is a research hub dedicated to bringing researchers and industry experts from across Australia to contribute to advancing the technologies around Green Cryptocurrency. The mission of Green Crypto Lab is to develop the next generation of green cryptocurrency technologies to support large-scale transactions while minimizing the consumption of mining resources and rationalizing the use of storage resources to create value with the lowest input. Professor Zahir Tari, a renowned professor at RMIT University, the Research Director of RMIT's Centre for Cyber Security Research and Innovation (CCRSI), is the Director of the Green Cyrpto Lab.

Green Crypto Lab, Monday, May 9, 2022, Press release picture
Green Crypto Lab, Monday, May 9, 2022, Press release picture

(Key research projects of Green Crypto Lab)

The Green Crypto Lab jointly established by Cloudtech Group and RMIT University. CloudTech Group is the leader in Fintech and one of the world's leading blockchain technology groups, providing services covering every aspect of the blockchain industry, ranging from cooperation with governments, to technical research and legal and compliance consulting. RMIT is a global university of technology, design and enterprise, who leads the advanced performance/scalability and cyber security research in the world.

The event was hosted by one of the event's initiators, Professor Zahir Tari, the director of the joint lab. Prof. Zahir Tari has over two decades of experience in areas related to performance/scalability and cyber security in large-scale systems, with the research interests broadly spanning across the spectrum from advanced digital communications, Internet of Things, computational mathematics and applied mathematics. Prof. Tari will be leading the research and development work of the Green Crypto Lab.

Green Crypto Lab, Monday, May 9, 2022, Press release picture
Green Crypto Lab, Monday, May 9, 2022, Press release picture

(Prof. Zahir Tari gave the opening speech, announcing the launch of Green Crypto Lab)

Professor Zahir Tari began the event with an open remark thanking the guests for coming, then introduced the theme and the schedule of this launch event. As the first guest presenter of the event, Prof. Mark Sanderson from RMIT said, "RMIT ranked as the second-best university in the world for blockchain research by CoinDesk. RMIT is always encouraging innovation. We are delighted to see a joint lab working on blockchain network optimisation and environmental related topics, which is very visionary."

In the following session, Professor Zahir Tari introduced the aims of the joint lab: "Pollution, energy consumption, carbon emissions. These terms may seem difficult to associate with blockchain technology which represents innovation. But you might be shocked to learn that it consumes more electricity to maintain the Bitcoin network each year than a medium-sized European country like Finland. When you know enough about Bitcoin, you'll see that the consensus mechanism used by Bitcoin is the main reason for all of this. That's why we wanted to set up the green crypto lab."

Prof. Zahir Tari then officially announced the establishment of the joint lab and the launch of the lab's first project. "So, the main focus of our research centre is how to solve the energy-wasting problem by creating a green consensus mechanism, and our answer is Green Bitcoin, the lab's first project, which is officially launched today. "

Faster, greener, and more scalable.

Green Crypto Lab, Monday, May 9, 2022, Press release picture
Green Crypto Lab, Monday, May 9, 2022, Press release picture

(Key features of Green Crypto Lab)

Dr Hai Dong, a faculty member at School of Computing Technologies in RMIT University, the leader of Smart Sensing and Services Research Area, continued the presentation. "These three words are our slogan for Green Bitcoin and the main direction of our future research." Green Bitcoin is a blockchain network based on PoST as the underlying consensus mechanism.

Dr Dong explained that the Green Crypto Lab aims to design an energy-efficient protocol with better performance and scalability. The proposed protocol is called GSPoSt, which stands for Green Scalable PoSt (Proof of Space-Time). It makes the user's stored data quantify the scale of data a miner has dealt with over a period of time and, in turn, justify that amount of data as the proof of arithmetic size, through which decentralised storage services, and a greener and more efficient network can be provided.

"We are conducting more profound research on several topics, including the scalability of the blockchain network, privacy protocols and the use of clean energy, among other directions. We will gradually apply these research results to the Green Bitcoin network. We believe it won't be long before everyone can use and experience this ground-breaking cryptocurrency project for themselves."

Green Crypto Lab, Monday, May 9, 2022, Press release picture
Green Crypto Lab, Monday, May 9, 2022, Press release picture

(Dr. Dong introduced Green Crypto Lab's research directions)

In the final part of the presentation session, Kian Jackson, Vice President of the Green Bitcoin Foundation, introduced the Green Bitcoin Foundation. Kian is a General Manager Acquiring at Novatti Pay (ASX:NOV), a leading digital payments company that enables fast, simple, and secure payments. Kian stated the Green Bitcoin Foundation will be a non-profit organisation dedicated to assisting in developing and researching the Green Bitcoin Project.

"The Green Bitcoin Foundation is dedicated to assisting in developing Green Bitcoin's projects, and The Green Bitcoin Foundation brings together some of Australia's brightest minds." Kian introduced. "The Green Bitcoin Foundation's ambition is to solve the existing blockchain's energy and performance problems, which means we need more experts and researchers to join our team. "

The Green Bitcoin Foundation has a board of directors and an advisory board from local Australian research institutions, including RMIT, University of Sydney, University of New South Wales and the University of Wollongong. "We will make good use of these academic resources to facilitate the research and development process of the Green Bitcoin project," He added.

Green Crypto Lab, Monday, May 9, 2022, Press release picture
Green Crypto Lab, Monday, May 9, 2022, Press release picture

(Presenters' signatures on the launch event board)

During the post-event cocktail party, Kevin He, COO of CloudTech Group, said in the interview: "The launch event with RMIT was such a success. I could tell that our guests at the event enjoyed talking to each other and sharing their opinion on blockchain technology and applications. And it made me think that CloudTech Group, as a local blockchain pioneer in Australia, would love to see Melbourne have a community and a hub for blockchain-based technology. We will then work with our partners to build a local blockchain community and host regular community event. We will invite students, industry experts and politicians to participate in our community events, during which we will hold technical conferences, investor forums, project launch events, hackathons and more. This community will provide a platform for the local community that is interested in blockchain to have a chance to network and collaborate with each other."

About Green Crypto Lab

The Green Crypto Lab aims for a green, fast, and scalable decentralised storage solution that minimises energy waste while enhancing the scalability of the Bitcoin network. The launch of the lab will accelerate the generation of a green cryptocurrency that minimises energy waste while enhancing the scalability of the Bitcoin network, providing a sustainable and efficient blockchain network based on the PoST consensus mechanism.

Green Crypto Lab

Room 38, Level 11, Building 14, RMIT University Melbourne City Campus


SOURCE: Green Crypto Lab

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