Eco-friendly Crypto: Web3 Environmental Impact

May 11, 2022

Will green cryptocurrencies be the game changers in crypto?

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Transactions with Bitcoin burn up A LOT OF energy.

Each transaction consumes almost twice the monthly amount used by the average U.S. home.

Here’s what you need to know.

Two environmental costs of cryptocurrency:

Rise of the carbon emission:

cryptocurrency mining costs energy.

Computers need computing, networking, and cooling.

More electricity comes from more coal and fossil fuels.

Disposal of electronic waste:

Mining equipment used to obtain Bitcoin becomes obsolete in about 1.5 years.

As more and more people dig into the Bitcoin circle, the amount of electronic waste is comparable to the total electronic waste generated by a country like Luxembourg.

How to make greener cryptocurrencies?

proof-of-stake (PoS) instead of proof-of-stake (PoW):

The PoS saves a lot of energy, compared to PoW.

Other ways like proof of history, proof of elapsed time, proof of burn, and proof of capacity are under development.

Switch to greener platforms

You can choose platforms that use more eco-friendly cryptocurrencies.

Platforms like @VoiceHQ build on blockchains that offer carbon-neutral minting and zero gas fees.

They are more eco-friendly compared to ETH.

Improve scalability

Two ways to improve scalability in web3:

  1. faster blockchains like @solana
  2. Layer 2 solutions

These solutions could ease up the burden on blockchain networks like Ethereum.

Design a green roadmap for your web3 project

@KlimaDAO releases KLIMA tokens and uses them to offset carbon emissions. They actively support pro-climate projects and now have absorbed 17,245,026 tons of carbon!

If every NFT program includes environmental protection in the roadmaps, web3 could make a difference.

Game changers in crypto? 👇Most Sustainable cryptocurrencies

@SolarCoin_SLR

@PowerLedger_io

@Cardano

@StellarOrg

@nano

@iota

@EOSIO

@trondao

@signum_official

@H_O_L_O_

Key takeaway:

🤔We still have a lot to do to make web3 more sustainable and eco-friendly. Let’s embrace a greener web3 world!

Sources

https://www.leafscore.com/blog/the-9-most-sustainable-cryptocurrencies-for-2021/

https://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=9385063

https://www.investopedia.com/tech/whats-environmental-impact-cryptocurrency/#:~:text=Environmental

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