Bitcoin and energy-intensive cryptos? The World Economic Forum wants an ecological blockchain

Green Giant – Two years ago, the World Economic Forum highlightedé the technological advancement of blockchain projects. Today, the World Economic Forum creates a Crypto Sustainability Coalition. The objective is to develop the web3 and the blockchain sustainably and ecologically.

A necessity: moving towards zero emissions

The World Economic Forum, known for its Davos Forum, has announced the creation of a Crypto Sustainability Coalition. It will be composed of 30 partners relating to the fields of sustainable development and web3, crypto and blockchain technologies. This coalition will aim to support the developmentto share the good practices and influence the regulations of the blockchain.

Members are varied from Solana (SOL)to NGOs like Climate Collective, via the University of Lisbon. We know that crypto technology is making progress in reducing its electricity consumption. This is what Ethereum’s “merge” testifies. However, efforts must be continued. Indeed, the carbon footprint of Bitcoin would correspond to that of the Greece. And its energy consumption would correspond to the United Arab Emirates according to’Digiconomist Bitcoin Energy Consumption Index.

According Amy Westerveltthe needs necessary for decarbonize the crypto industry would be complex. Amy westervelt works at Energy web. Energy web is a company that builds open source and decentralized operating systems focused on decarbonization.

“I think we need the collaboration of established NGOs, climate scientists, utilities and those industries that are on the ground. This is to ensure that these truly innovative and unique tools that we have are applied in the right direction..»

Amy Westervelt is Managing Director of the Americas at Energy web

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Cryptos in aid of ecology?

One of the main function of the Crypto Sustainability Coalition will be to analyze how cryptocurrencies work. This for better to understand their impact, and therefore better the lessen. At the same time, the objective of the commission is to observe how the cryptographic industry can help different countries to lower their carbon emissions.

The co-chair of the working group believes that blockchain technologies can be a perfect fit for carbon credit markets. He confused Reseed Carbon Assets. It is a company that sells digital tokens designating blocks of farmland. Within these land groups, approximately a ton of carbon. He calls it ReSeed carbon protection credits.

The Crypto Sustainability Coalition also seeks to support extraction policies more effective. Indeed, nature decentralized and flexible miners may allow them to operate during off-peak hours. When a less energy from the electrical grid is consumed according Lucia GallardoFounder and CEO ofEmergeFrance.

All heated to Bitcoin?

Also, it should be noted that the thermal emissions from mining recycle themselves. This offers a new economic model to public services and investors. This would allow them to develop renewable energy micro-grids. For example, EmergeFrance worked on recycling of thermal fumes of a mining platform. This by transforming it into a source of heating and operation of water systems for public facilities.

“We need open standards, we need open protocols, we need great debate and exchange. That’s what the scientific method is, that’s what we’re here to pursue.”

Josh Knauer, co-founder of ReSeed Carbon Assets

The coalition that also contains Ripple will work under the Crypto Impact Sustainability Accelerator (CISA). An initiative launched by the World Economic Forum to know the environmental, social and governance impacts of the crypto industry. Remember when in 2017 the Secretary of State for Digital castigated cryptocurrencies, it seems that the train is moving forward. However, he did not arrive at his destination, like all industries with them, cryptocurrencies will one day have to be carbon neutral, if humanity is to meet its greatest challenge.

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Bitcoin and energy-intensive cryptos? The World Economic Forum wants an ecological blockchain

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