Filecoin (FIL), a popular Web3.0 coin project, has launched the Web3 data storage solution for carbon offsets. The firm explained that its aim is to make this free storage tool to address the shortcomings of traditional storage solutions.
A new move came from the popular Web3.0 coin project
The developers designed Filecoin Green to reduce the environmental impact of Filecoin (FIL) and make it sustainable. Filecoin Green, a Protocol Labs initiative, spearheaded the initiative to power Web3.0 coin technology with clean energy. According to the announcement, the company is preparing to address the shortcomings of traditional carbon storage solutions. For this, it will combine the detailed tracking functionality of Blockchain with the information sharing infrastructure of Web3. The news also reflected positively on the Web3.0 coin price. FIL price rose with the positive mood in the market.
FIL 1-day price chart / Source: CoinMarketCapMeanwhile, Filecoin Green has launched CO2.Storage, a Web3 data storage solution. Accordingly, it aims to provide transparency for carbon offsets. It will also consider traditional storage solutions for all types of digital assets, including renewable energy loans.
It also announced that as part of the initiative, it has partnered with several companies that tokenize carbon offsets, such as Filecoin Green, Toucan, Thallo, Ripple, HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest. The data storage solution will allow carbon credit providers to define their own data schemas. Additionally, it will enable it to store this data via content addressing in Filecoin and the Interplanetary File System. Thus, it will help create a transparent system for carbon credits.
Green pursuits in the crypto space
As you follow on Kriptokoin.com, traditional organizations are looking for appropriate ways to reduce their carbon emissions. For this, they include using Blockchain technology in their plans. Therefore, carbon emissions and carbon credits have become a hot topic. In 2021, the United Nations Environment Program and other governing bodies met during the Middle East and North Africa Climate Week. The main agenda of this meeting was to examine the potential of Blockchain to combat climate change.
Organizations in the crypto space seek to improve the ecosystem through donations to decarbonisation projects, tokenized carbon credits and carbon neutral blockchains. In this direction, several Blockchain companies are also taking a stand. Algorand announced in April 2022 that its blockchain is completely carbon neutral. Also, the leading altcoin Ethereum switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022. As you know, the PoW consensus mechanism is heavily criticized for being energy-intensive. Ethereum’s switch to the energy efficient PoS protocol has reduced energy consumption by 99.9%. This was a very important step for the altcoin and crypto world.
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