Internet Computer

Blockchain networks are notorious for consuming a significant amount of energy.The rise of blockchain technology has brought with it a surge in the electricity consumption required for its operation. This significant increase in energy demand has alarming environmental consequences, particularly in relation to the carbon emissions produced during the validation of blockchain transactions. As the use of blockchain technology continues to expand, tough questions are being raised about its long-term impact on our planet’s ecosphere.It is common knowledge that blockchains (most famously, the Bitcoin network) have been adding to the pressure on global wattage demand, thus, worsening the impact of climate change. Amidst mounting concerns over the environmental impact of blockchains, industry experts have devised various rating and scorecard methods to assess and optimize the technology’s ecological footprint.Amidst mounting concerns over the environmental impact of blockchains, industry experts have devised various rating and scorecard methods to assess and optimize the technology’s ecological footprint.Capturing Sustainability MetricsOne of the most prominent rating systems for measuring the ecological impact of blockchains is the Blockchain Sustainability Rating (BSR) developed by the Institute of Digital Business at the<a href="https://www.fhnw.ch/en/" rel="noopener noreferrer nofollow"> University of Applied Sciences and Arts Northwestern Switzerland</a> (FHNW). The BSR captures the environmental imprint of blockchain networks by analyzing their energy consumption and carbon footprint. Its assessments take into account various factors, including the network’s consensus mechanism, energy sources, and transaction throughput.Another popular scoring mechanism is the<a href="https://digiconomist.net/bitcoin-energy-consumption" rel="noopener noreferrer nofollow"> Bitcoin Energy Consumption Index</a> (ECI) created by<a href="https://digiconomist.net/" rel="noopener noreferrer nofollow"> Digiconomist</a>. The ECI provides a real-time estimate of the energy consumption of the Bitcoin network and compares it to the power utilization of entire countries. Using data on the energy sources powering Bitcoin, the ECI calculates the environmental impact of the cryptocurrency, factoring in the geographic location of mining activities.By providing transparency and accountability, these rating systems give us valuable frameworks for evaluating the sustainability of blockchain networks, helping Web3 developers and user communities make better-informed decisions on which ecosystems merit their consideration.Although there has been commendable progress made toward analyzing the sustainability of blockchain technology, further efforts are required to make metrics more resilient and streamline the consolidation of hundreds of disparate data points. In addition, existing measurement standards rely too heavily on certain parties to function, which runs contrary to the guiding principles of decentralization. Per Orlando Hutchings, co-founder of Carbon Crowd, “ Establishing a more open-source, trustless methodology must be the end goal for crypto/blockchain energy ratings.”Carbon Crowd — Opening the Door for More Innovation<a href="https://carboncrowd.io/" rel="noopener noreferrer nofollow">Carbon Crowd</a> is a London-based organization at the forefront of promoting environmental conservation in the blockchain industry. Using real-time carbon analytics and bleeding-edge rating methodologies, this visionary organization is helping to optimize the sustainability of leading cloud networks, blockchains, and IoT ecosystems — directing partners towards eco-friendly computing paradigms that are better recognized, regulated, and rewarded. Their recent efforts have been highlighted by the release of the <a href="https://assets.carboncrowd.io/reports/ICF.pdf%29." rel="noopener noreferrer nofollow">Internet Computer Footprint: IC Sustainability Report 2022</a>.Researched and written by the Carbon Crowd, with extensive support from the <a href="https://dfinity.org/" rel="noopener noreferrer nofollow">DFINITY Foundation</a>, this groundbreaking study meticulously measures and documents the <a href="https://internetcomputer.org/" rel="noopener noreferrer nofollow">Internet Computer Protocol’s</a> (ICP’s) current electricity usage and carbon footprint and includes a series of proposals for the network’s decarbonization in the future.<img src="https://miro.medium.com/v2/resize:fit:700/0*r6CcXhgmBC5L1qWr" />The ICP Footprint: twenty-three important pages of researchWith the assistance of Carbon Crowd, DFINITY has taken a new approach to measuring the environmental impact of the ICP blockchain. This measurement framework centers around four main pillars:• Geographical distribution of nodes• Emissions factor for each node’s region• Per-node energy consumption• Weighted emissions factor per regionCarbon Crowd recently implemented just-in-time emissions tracking — the first step to unlocking future green innovations on ICP. We can now engineer environmental responsibility into smart contracts, for example: surfacing carbon intensity data in canisters, which ensures that computational power is unleashed at times when the network can run “greener”; and the creation of green subnets, where computers can be run without producing any scope 2 emissions.It has become possible to measure the electricity draw of each individual node of the ICP network, minute by minute. With this unprecedented minutia of data capture, emissions dashboards will become considerably more accurate compared to those that rely on aggregated (electrical draw) data readings from machines running in isolation.Additionally, strict hardware requirements for node operators will make it easier to calculate embodied emissions (known as scope 3 emissions) in the near future.With the availability of more precise data sets, ICP projects are able to substantially improve their strategic decision-making, helping to ensure a more carbon-aware blockchain.The Sustainability Round Table — A New ApproachOn April 20th, DFINITY, Carbon Crowd, and the Adora Foundation will host a<a href="https://dfinity.zoom.us/webinar/register/WN_1p4ehHaLTO2eVtCxq1C7Jw" rel="noopener noreferrer nofollow"> Sustainability Round Table</a> where they will discuss the need for a trustless standard for Web3 emissions.The event will bring together a broad range of sustainability expertise: government organizations, regenerative finance (ReFi) startups, representatives from the energy sector, and thought leaders from various Web3 dApps and ecosystems will explore best practices for sustainable blockchain usage.Discussions will center around the challenges faced in decarbonising blockchain technology, as well as the responsibility of stakeholders in adopting sustainable solutions. Likewise, the DFINITY Foundation’s data-driven measures to enhance the long-term greenness of ICP promises to be a focal point of discourse.<img src="https://miro.medium.com/v2/resize:fit:700/0*fb1rA3lU2TT0EGFg" />Party time for the environmentally conscious!The Roundtable will be moderated by Emilio Canessa, Head of Special Projects at DFINITY. Speakers include:• Orlando Hutchings and Hamish Hutchings: Co-Founders of Carbon Crowd• Aisling Connolly: Senior Research Scientist, DFINITY• Ismael Velasco: Founder,<a href="https://adorafoundation.org/" rel="noopener noreferrer nofollow"> Adora Foundation</a>, a platform for social innovation that supports individuals, organizations, and communities in making a positive difference in the world.While the Roundtable will take place online, attendees based in Zurich have the added benefit of connecting with fellow blockchain sustainability enthusiasts in person — at a simultaneously held <a href="https://www.eventbrite.com/e/sustainability-round-table-viewing-party-dfinity-hq-tickets-611211127937" rel="noopener noreferrer nofollow">viewing party</a> located inside DFINITY’s headquarters.Whether participating virtually or in person, this collaborative gathering is open to anyone interested in promoting an environmentally responsible approach to blockchain computing. The event promises to be an excellent opportunity for experts and enthusiasts to exchange ideas and contribute to a greener future for decentralizationBy William LaurentWidely published in the areas of business, Web3, and crypto/blockchain tech, William hosts DFINITY&#39;s weekly Crypto is Community and Web3 in :53 Twitter Spaces.

Keeping it Green with Carbon Crowd

Internet_Computer

Other articles published on Apr 17, 2023

IOTA Tangle Powers Decentralized Data Marketplaces in Smart Cities in Billion-Dollar-Market

Filecoin price analysis: FIL obtains a bearish momentum at $6.12

Get Ready for the Ultimate Giveaway: CoinGabbar Offering 3.5 Billion DogelonMars Tokens!

Shiba Inu’s Shibaswap 2.0 Upgrade and Shibarium’s Impressive Surge in Adoption Mark Another Miles...

The Role of Testnets in Qtum's Evolution and Success

Singapore's Amber Group Evaluates Japan Operations, Plans HK Expansion

Join our free newsletter for daily crypto updates!