Filecoin Green, a Protocol Labs program developed for reduction in the environmental impact of Filecoin and make it sustainable in nature, has created an initiative for powering Web3.0-oriented technology with verifably clean energy, as reported by Cointelegraph.
According to Cointelegraph, going by the announcement, the company is expected to address the shortcomings of traditional carbon storage solutions through correlation between blockchain’s granular tracking functionality and information-sharing infrastructure of Web3.0. Filecoin Green started CO2.Storage, a Web3.0 data storage solution that aims to enable transparency for carbon offsets and address traditional storage solutions for different kinds of digital environmental assets, including renewable energy credits. On account of the initiative, Filecoin Green entered into partnerships with companies involved in tokenising carbon offsets such as Toucan, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, Gainforest, among others.
On the basis of information by Cointelegraph, it is believed that the data storage solution will help carbon credit providers to define their own data schemas and store the data using content-addressing on Filecoin and the InterPlanetary File system, for creation of a transparent system to gain carbon credits. Reportedly, carbon credits and carbon emissions have become topics of discussion, as traditional organisations and governing bodies intend to make utilisation of blockchain as a way for reduction in carbon emissions.
Moreover, Cointelegraph noted that in 2021, the United States Environment Programme and other governing bodies convened at Middle-East and North Africa Climate Week for examination of blockchain’s potential to tackle climate change. On August 10, 2022, it was reported that cryptocurrency-based organisations aim to improve the ecosystem through blockchain-backed donations to carbon-neutral projects, tokenised carbon credits and carbon-neutral blockchains. In April, 2022, Algorand made the announcement that its blockchain was completely carbon-neutral, while in September, 2022, Ethereum reduced its energy consumption by transitioning done towards the energy-efficicent proof-of-stake (PoS) protocol.
(With insights from Cointelegraph)
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