HomeEthereumEthereum Climate Platform launches to address the network's prior PoW emissions

Ethereum Climate Platform launches to address the network’s prior PoW emissions

-



Ethereum Climate Platform launches to address the network’s prior PoW emissions

Months after the Ethereum Merge, where the network shifted to the more eco-friendly proof-of-stake (PoS) consensus, the Ethereum community is now shifting its focus to redress the network’s former proof-of-work (PoW) carbon emissions since its launch. 

At the COP27 climate action event, Web3 firms, civil society leaders and the United Nations Framework Convention on Climate Change (UNFCCC) announced the formation of the Ethereum Climate Platform (ECP) that aims to counteract the carbon footprint of the Ethereum network since it launched in 2015.

Led by software company ConsenSys and climate-focused blockchain firm Allinfra, the founding members of the coalition includes a number of organizations, including Microsoft, Polygon, Aave, Enterprise Ethereum Alliance, Global Blockchain Business Council (GBBC), Huobi and Laser Digital.

Using Web3 technologies, funding mechanisms and governance protocols, the newly-formed group will invest in climate projects that promise to mitigate Ethereum’s past emissions.

According to Ethereum co-founder and ConsenSys CEO Joseph Lubin, while the Merge set a high bar for climate mitigation, the climate crisis still requires “more radical change.” Furthermore, Yorke Rhodes III, the co-founder of blockchain at Microsoft, also expressed their company’s excitement to contribute. “Core to our collaboration on this initiative is to assist the Ethereum community to chart an informed path forward,” the executive explained.

Related: Environmental groups want Bitcoin to follow Ethereum’s example in moving to proof-of-stake

Back on Sept. 15, the Ethereum network completed its shift to the long-awaited PoS consensus. According to the Ethereum Foundation, the Merge will make the network more energy efficient by 99.95%. The update also aims to set the stage for more upcoming scaling solutions like sharding.

The Merge was the initial step in a five-step process previously outlined by Ethereum co-founder Vitalik Buterin. After the Merge, the next step in Ethereum’s list of upgrades is called The Surge, where the network will implement sharding, a way to improve the blockchain’s capabilities to access and store data.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Blockchain-based supply chain platform canned by IBM and Maersk

Although the TradeLens platform will officially go offline in Q1 2023, Maersk said it's not given up its effort to digitize the supply...

Bankruptcy court told FTX and Alameda owe BlockFi $1B… but it’s complicated

While BlockFi has attempted to separate itself from FTX and Alameda in its bankruptcy proceedings, it has many financial ties to firms owned...

Bankman-Fried on the hook in Texas, called to appear at Feb. hearing

The Texas Securities Board has asked the judge to consider leveling a cease-and-desist order, administrative fines, and forced refunds against SBF and FTX...

Metaverse exploitation and abuse to rise in 2023: Kaspersky

Cybercriminals will flock to the Metaverse next year to prey on unsuspecting virtual world participants according to a report by cybersecurity firm Kaspersky....

Most Popular

spot_img