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Even after the cryptocurrency slashed its greenhouse gas emissions this year, there is a new effort to tackle Ethereums legacy of pollution. Yesterday, we worked with over 10 technology and Web3 companies on an initiative. United Nations Climate Summit in Egypt. The aim of the initiative, called the Ethereum Climate Platform, from its inception in 2015 to this year, he said, is to fix and counteract the climate pollution left behind by Ethereum.
In September, Ethereum completed The Merge, a much-anticipated software update that reduced the power usage of its blockchain network by 99.988 percent. But before that update, Ethereum used a very energy-intensive system to validate transactions on the blockchain. Cryptocurrency miners competed to solve complex puzzles for the chance to add blocks of verified transactions to the chain, earning new tokens in return. Merge basically solved the puzzle so the network can now use a fraction of its energy compared to before.
Before the merger, Ethereum was estimated to have used as much electricity per year as the country of Bangladesh
Still, the Ethereum network has caused a lot of pollution over the past seven years. Prior to The Merge, it was estimated that Ethereum used as much electricity per year as the country of Bangladesh. ConsenSys, now involved in The Merge and whose CEO was his Ethereum co-founder, wants to get rid of these historic emissions.
The first step for the Ethereum Climate Platform is to understand how much carbon pollution cryptocurrencies have actually caused. According to ConsenSys, “This technology leaves us with an estimated tens of millions of tons of carbon debt.” press releaseThe platform will undertake research to obtain more accurate estimates.
Beyond that, the Climate Platform work is still obscure. They plan to fund and support a wide range of projects including: It may be possible to extract carbon dioxide from the atmosphere. ConsenSys is an emerging carbon removal technology and A nature-based strategy that harnesses the ability of forests and oceans to trap CO2.
There is skepticism that such schemes amount to greenwashing if used by companies whose pollution is still growing. Fortunately, that is not the case with Ethereum. Since the network does not rely on carbon removal to reduce its current carbon footprint, these efforts could actually help dent the mounds of polluting trash that have already been pumped into the atmosphere. There is a possibility
The point, of course, is whether ConsenSys and its partners can actually deliver on the commitments they made yesterday. They are working with nonprofits and intergovernmental organizations to plan their next move. We are also inviting others to join our initiative. Founding members include Microsoft, Polygon and the Global Blockchain Business Council.
But many of its members are Web3 companies that plan to “take leverage.”[e] In order to pursue the Climate Platform’s goal of tackling Ethereum’s past emissions, we adopted ‘Web3 native technology’. The Web3 project has lost more than $2 billion as a result of hacks in the first six months of 2022 alone, a report found earlier this year highlights the risks the technology still faces. And with the crypto winter only deepening after the bomb cyclone that was FTX, the industry now has a lot of turmoil to sort out.
