Blockchain And The Environment: How Do We Make Web 3.0 Green?
Web 3 will power the future – we’re sure of it. At Meta Hollywood, we’re super excited about the expansion of this young technological ecosystem. But this doesn’t mean the system is perfect, especially not in its current form.
Is Web 3 environmentally friendly? While the newest iteration of the internet isn’t inherently bad for the environment, most cryptocurrencies (the digital currencies which power Web 3.0) aren’t yet sustainable.
In fact, crypto uses a heap of energy, due to the massive amount of computing power needed to process transactions.
Recent estimates show Bitcoin alone (the original and most popular digital currency) uses 204,5 TWh of electricity annually. That’s a jaw dropping amount of power: equivalent to that used by the whole of Thailand in the same time period.
It’s clear these issues need to be addressed, and pronto. So how can we make Web 3 more sustainable? As we transition towards a more environmentally friendly, regenerative world, could blockchain technology actually help, rather than hinder us, in the battle against the climate crisis?
Before we get stuck in and consider how we make Web 3 green, let’s rewind quickly and remind ourselves where we’re at.
What Is Web 3.0?
Web 3 is the name for a new version of the internet – one that promotes decentralization, autonomy and anonymity.
This new internet is technically still in construction but as we say, we’re all pretty stoked about it.
Rather than Web 3.0 being a single entity, it’s more of a collection of applications, associated via their ability to utilize new technologies.
As well as returning autonomy to internet users, Web 3 promises to reduce our dependency on technological conglomerates – the Amazons and Googles of the world. If you’ve ever heard the phrase “if something is free – you’re the product” – well, this is the concept that Web 3 aims to change.
In Web 3.0, everyone owns their own data. It can’t be sold or traded by shady firms, used to mine personal information, or inform advertisers exactly which lawnmower will be top of the Christmas wish list.
But how does this new internet work? The secret lies in the technology that powers it all: blockchain.
What Is Blockchain Technology And How Is It Powered?
Blockchain technology underpins the entire Web 3 ecosystem. Without blockchain, there is no Web 3.0.
A blockchain is a ledger, or a distributed database. This is shared among the nodes of computer networks. This node could be a switcher or a router, server or printer – we’re talking about physical devices here.
So, blockchain stores information in digital formats, maintaining a secure record of transactions, while power is divided between all users operating on the network.
This system then operates without the need for a third party. So cryptocurrencies remove the need for a bank, for instance.
Blockchain And Carbon: Could Blockchain Be A Secret Weapon In Fighting The Climate Crisis?
Blockchains are particularly interesting for the eco movement, because they facilitate the tracking and verifying of transactions and interactions.
From reducing losses in the energy system, to improving transparency in supply chains, to paying farmers to plant trees, promoting regenerative agriculture and recycling initiatives – there are a hundred ways in which we can utilize blockchain for the good of the planet.
So who’s doing what? Let’s take a look.
Make Web 3.0 Green: Projects We’re Following
Many Web 3 projects are taking tangible action to support regenerative projects – from protecting endangered species to reforesting the Amazon.
Here are some of the innovative projects we’ve got our eye on, from NFTs to DAOs:
Crypto Coral Tribe
Crypto Coral Tribe is an NFT collection aimed at driving marine and wildlife conservation.” Proceeds from the project’s first pledge are set to help plant 3000 corals across three continents.
EcoLabs
EcoLabs is a DAO producing both digital and physical creative projects around sustainability. Projects to date include the Phoney Plants NFT project and The World After Us short documentary.
EarthFund
EarthFund is a DAO governed by the 1Earth utility token, which organizes a decentralized community “looking to tackle humanity’s biggest problems”. A real democratic and hopeful movement, EarthFund lets token holders vote for and crowdfund “world-changing projects” – including the EarthFund Carbon capture project.
Regen Network
Regen Network is creating new tools to explain and modernize how we relate to our environment. This includes building solutions such as tokenized carbon credits and pioneering public ecological accounting systems. Pretty cool, we’d say.
Save Planet Earth
Save Planet Earth is another notable NFT project – and registered non-profit – dedicated to channeling funds towards vital ecological causes. The mission? To “safeguard the air we breathe, the water we drink, and the places we treasure”. Sounds about right to us.
Toucan Protocol
Toucan Protocol is building carbon market infrastructure to scale climate action “bringing programmable carbon to Web3, while unlocking its potential for a regenerative economy.” This includes the creation of tokenized carbon credits – the foundation for a new, DAO powered, carbon-backed currency.
Web 3 As A Solution: Moving Towards A Sustainable Future
Each of these sustainable projects is a small but vital piece of a sprawling, complex puzzle. While Web 3.0 can – and will – be part of building sustainable solutions for the future, the system needs to get its own house in order.
Bitcoin mining is undoubtedly still a huge issue. However, there’s been a promising amount of progress in ‘greening’ crypto already. One thing about Web 3 is that it is, first and foremost, community driven. And where we work together, we find solutions.
Currencies themselves are being built to consume less energy (hey there, Solana and Cordano!) while Ethereum – known to be particularly energy heavy – has just completed its merger.
This is a huge step forward for the green technology agenda: the second largest digital currency will now consume 99.9% less energy than it previously did.
There’s a long way to go, sure. But blockchain as a technology has huge potential in the fight against the climate crisis.
We believe Web 3 can change the world. Perhaps it can help save it, too!
