Filecoin Green, an initiative by Protocol Labs designed to reduce the environmental impact of Filecoin and make Filecoin verifiably sustainable, has spearheaded an initiative to power Web 3.0 technology with verifiably clean energy.
According to the announcement, the company aims to remedy the shortcomings of traditional carbon storage solutions by “combining granular blockchain tracking functionality with Web 3.0 information sharing infrastructure.”
Filecoin Green has launched CO2.Storage, a Web 3.0 data storage solution, which aims to enable transparency of carbon offsets, address traditional storage solutions for all types of digital environmental assets, and renewable energy credits.
As part of the initiative, Filecoin Green said it has partnered with a number of companies involved in carbon credit tokenization, such as Toucan, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest. The data storage solution will enable carbon credit providers to define their own data schemas and store this data using Filecoin content addressing and the Interplanetary File System (IPFS), thus creating a transparent system for carbon credits. carbon.
The issue of carbon emissions and carbon credits has become a prominent topic as traditional organizations and government bodies are starting to look to blockchain technology as a viable path to reduce carbon emissions.
In 2021, the United Nations Environment Program and other government bodies gathered at Middle East and North Africa Climate Week to examine the potential of blockchain to tackle climate change.
August 10, Cointelegraph reported that organizations in the cryptocurrency space are also looking to improve the ecosystem through blockchain-tracked donations. for carbon removal projects, tokenized carbon credits, and carbon neutral blockchains.
In April 2022, Algorand announced that its blockchain was fully carbon neutral, while in September 2022, Ethereum reduced its energy consumption by 99.9%, by transitioning to the energy-efficient proof-of-stake protocol.
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