How blockchain platforms are contributing to environmental sustainability

blockchain

How blockchain platforms are contributing to environmental sustainability

The digital method of producing money (mining) is fast expanding, and the world is embracing the concept of using digital means to become wealthy.

While this is a positive development, various studies have revealed that the computer mining required to create bitcoins consumes a significant amount of energy. This results in the release of tons of greenhouse gases (GHG) into the atmosphere.

Following the rise of carbon emissions over the past few decades, the world as we know it is currently confronting a climate change disaster.

Carbon emissions fell to a new low of 5.8% in 2020 because of the COVID-19 pandemic, but are predicted to rise to 4.8 percent this year, 2021, edging closer to the peak of 2019.

Coal’s gravitational pull on markets like China and India is unquestionably greater than the adoption of renewable energy sources.

According to a recent study published in Nature, bitcoin operations in China would produce 130 million tons of greenhouse gas by 2024, which is more than the Czech Republic’s entire economy produces in a year.

Another study from the University of Cambridge found that bitcoin mining consumes 121.36 terawatt-hours (TWh) of energy per year, which is already more than Argentina (121 TWh), the Netherlands (108.8 TWh), and the United Arab Emirates (113.20 TWh), and will shortly overtake Norway (122.20 TWh).

The report claims that if bitcoin were a country, it would require more electricity annually than Finland and Switzerland.

However, blockchain, the framework in which cryptocurrencies work, is moving in the direction of improving the environment through projects that help combat global warming.

Such initiatives are becoming more common, and several blockchain and charity token companies are making significant contributions to high-impact environmental initiatives.

Governments, corporations, non-governmental organizations (NGOs), and the general population, through community-based programs, are all major actors in the fight against climate change.

The goal is to reduce carbon emissions to zero by 2050, making the globe a greener place. This can be achieved in numerous ways, ranging from agreements such as the Paris Accord –which restricts carbon emissions for every member country to keep the world’s temperature increase below 2°C above the pre-industrial level.

But while some of these projects considerably reduce carbon emissions, it has become evident that innovative technologies such as blockchain also have a crucial role in going green.

The decentralized nature of blockchain enables an ecosystem in which anyone may engage and contribute to a good cause like environmental preservation.

Given the underlying decentralized design, noble activities launched on a blockchain network have a greater reach than traditional ecosystems.

Therefore, many blockchain-based projects have taken up the responsibility of giving back to society through charity programs.

Environmental impact-focused Blockchain platforms
Aquari

Aquari is a cryptocurrency-powered environmental conservation organization dedicated to restoring earth’s bodies of water to their wonderful, healthy state for all living beings. Each transaction is subjected to a 10% tax on its total value.

The tax was split into three parts: 4% was burned to provide liquidity, 3% was redistributed to all Aquari holders, and 3% was sent to a contribution wallet to support the Aquari Non-Profit Organization’s work.

Aquari uses the power of bitcoin to address this time-sensitive issue. Capital raised from a proportion of coin transactions is used to purchase equipment, hire specialists, hire laborers, and ensure that most project requirements are met.

Scientists, researchers, and persons with experience in ocean/lake clean-ups are being aggressively sought by Aquari. Volunteers and those interested in helping coastal communities are urged to join the company so that it can organize local beach clean-ups and other possibilities.

Pangea Ocean Clean/SeaChain

The Pangea Ocean Cleanup Project which has migrated to SeaChain is working to fund river barriers as a short-term solution to the situation.

The long-term goal, on the other hand, envisions the creation of a green-blockchain network that provides solutions for the plastic economy, such as tracking plastic, validating the authenticity of recycled materials, and calculating the effect to give plastic credits.

Their goal is to clean up the water and start an environmental movement. the company has funded over $500k and organized 40 beach cleanups in ten countries to date. $POC is a circular economy method for combating ocean pollution that is both sustainable and circular.

It uses river barriers to halt and recycle rubbish, which will be tracked and confirmed via the blockchain. The barriers produce revenue by creating and selling plastic offset credits; in the meantime, the waste will be recycled and sold to manufacturers as part of the firm’s line of recycled products.

World of Waves

World of Waves ($WOW) is a Binance Smart Chain-based cryptocurrency. $WOW, like most tokens, has a built-in transactional tax that is triggered with every transaction.

This transactional tax is 11 percent and is divided down as follows: All holders receive 3.3 percent; 3.3 percent goes to the liquidity pool, and 4.4 percent goes to the $WOW charity wallet.

As the charity wallet increases, cash is taken out on a regular basis for donations that are decided by the community and are aimed at ocean conservation and aquatic species preservation. With its investors, the $WOW team will always be the most transparent developer team in the industry.

World of Waves’ objective is to bridge the gap between blockchain technology and charity organizations. $WOW will play a key role in preserving nature, preserving wildlife, and making life in this world sustainable for all living things. Its ultimate goal is to return the earth to its previous beauty as it deserves.

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