Internet Computer

In recent years, the tech industry has faced growing scrutiny over its environmental track record, with blockchain technology, in particular, being singled out for its high energy consumption. However, the Internet Computer Protocol (ICP) has long been committed to reducing its carbon footprint. And with the introduction of Proof of Green last week, ICP’s efforts to spark a more sustainable Web3 future have received a significant boost.Complimenting their previous collaborations with green-tech startup Carbon Crowd, the DFINITY Foundation, a Swiss non-profit and major contributor to the Internet Computer blockchain, has now launched their landmark <a href="https://medium.com/dfinity/the-internet-computer-embraces-real-time-energy-reporting-and-the-proof-of-green-initiative-f78fc8787d31" rel="noopener noreferrer nofollow">Proof of Green (PoG) initiative</a>. The implementation of PoG creates standardized principles for transparently measuring, evaluating, and sharing information around blockchain carbon footprints, helping to promote environmentally responsible practices across the ICP ecosystem and the entirety of Web3.Last year, DFINITY partnered with Carbon Crowd to draft a grassroots <a href="https://dashboard.internetcomputer.org/proposal/55487" rel="noopener noreferrer nofollow">proposal</a> (which was overwhelmingly adopted by the ICP community) to promote sustainable practices within the ICP blockchain. This ultimately led to the <a href="https://assets.carboncrowd.io/reports/ICF.pdf" rel="noopener noreferrer nofollow">Internet Computer Footprint: IC Sustainability Report 2022</a>, which evaluated the blockchains’ current electricity usage and carbon footprint and offered recommendations on ICP’s journey toward mass decarbonization.An End to GreenwashingAgainst the backdrop of an increasingly urgent climate crisis, the need for a transparent, authentic, and trustless standard for blockchain emissions has become more important than ever.Recently, the <a href="https://commission.europa.eu/" rel="noopener noreferrer nofollow">European Commission</a> (EC) conducted a sweep of technology firms to <a href="https://environment.ec.europa.eu/topics/circular-economy/green-claims_en" rel="noopener noreferrer nofollow">investigate their claims of greenness</a>. The EC found that 42% of green proclamations were exaggerated, false, or deceptive. As a result, the EC has introduced new legislation that seeks to address misleading environmental pronouncements (known as “greenwashing”) which will provide greater protection to both consumers and the planet’s fragile ecosystem.The sustainability arena is evolving in a positive way.On Thursday, April 20th, Carbon Crowd officially announced a real-time carbon analytics dashboard for the Internet Computer blockchain. In the wake of mounting anxieties over technology firms misleading the public about their eco-friendliness, inventive solutions like Carbon Crowd’s Proof of Green campaign are positioned to become indispensable instruments in the battle against corporate eco-propaganda. By integrating energy usage data from ICP nodes with location-specific emission factors, the dashboard enables users to monitor the network’s electricity consumption and analyze its scope 2 carbon emissions. This pioneering effort represents a significant leap forward for all blockchains seeking to gain transparency into their carbon footprint and increase accountability around their sustainability goals.Proof of Green — Sustainability RoundtableCarbon Crowd’s highly-anticipated “Proof of Green” dashboard was unveiled last week in Zurich, at a Sustainability Roundtable co-hosted by DFINITY and the <a href="https://adorafoundation.org/" rel="noopener noreferrer nofollow">Adora Foundation</a>. The event attracted a wide range of ESG experts and Web3 thought leaders, who came together to explore the challenges of decarbonizing blockchain technology while providing guidance to stakeholders looking to adopt sustainable solutions for decentralized computing.Carbon Crowd’s PoG dashboard represents a pivotal moment in the industry’s pursuit of sustainability, serving as a catalyst for driving blockchain technology into the arms of an environmentally conscious future.<img src="https://miro.medium.com/v2/resize:fit:626/0*OdqQpnE0Q8H9d8Eu" />Proof of Green is now live!Ismael Velasco, Principal Engineer at Earthship Global and founder of the <a href="https://adorafoundation.org/" rel="noopener noreferrer nofollow">Adora Foundation</a> opened the proceedings with a captivating account of his personal journey into ESG and climate-conscious computing, which ultimately led him to discover the inherent greenness of the ICP blockchain. Consequently, he became intrigued by Carbon Crowd’s innovative approach to reporting on the environmental impact of ICP.Velasco highlighted the eco-credentials of several cryptocurrencies, shedding light on the growing importance of environmentally sustainable digital assets. According to Velasco’s analysis, four of the top 10 tokens currently in circulation meet the (somewhat elevated) standards required to be classified as highly efficient and sustainable, while an additional 16 of the top 50 cryptocurrencies can be qualified as “green”.Among these ecologically-friendly currencies, $ICP stands out as a strong contender in the race for the most eco-conscious cryptocurrency. As Velasco explained, $ICP’s inclusion on the list of green-friendly cryptocurrencies is a testament to ICP’s ongoing commitment to sustainability.Using the recent “ETH merge” as an example, he pointed out how shifts from energy-intensive and polluting proof-of-work consensus algorithms to more sustainable proof-of-stake mechanisms have come with significant costs. According to most estimates, ETH 2.0 has required hundreds of millions of dollars — with some estimates going into the billions.Sadly, the blockchain industry still faces huge challenges when it comes to developing environmentally-sound tech solutions that do not cost a fortune.“The blockchain industry can no longer afford to ignore the importance of environmentally sustainable practices. Everyone is hopping on the green wagon,” according to Velasco. “Technical innovations must now incorporate environmentally-conscious thinking and address ecological concerns.”He makes a valid point. The green economy holds considerable financial potential. Businesses involved in this sector are well-positioned for success. For example, it’s becoming increasingly clear that ESG-focused investments are regularly outperforming their peers. The transition towards environmentally sustainable practices presents a wealth of lucrative opportunities, with untold billions to be gained by those who successfully adapt their business models to incorporate green principles. Firms that fail to embrace this transformational shift run the risk of becoming obsolete. The key question is now this: how can we achieve greenness in a manner that balances the demands of responsibility and profitability?Velasco spoke to the escalating environmental scrutiny leading government officials are placing on Web3 initiatives. The White House is closely monitoring the environmental impact and energy consumption of blockchains, as evidenced by a recently commissioned <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/" rel="noopener noreferrer nofollow">executive order</a>. Additionally, there is a forthcoming Senate Bill that will require the regular reporting of energy consumption in digital commodity markets. (Notably, Ethereum and Bitcoin have already been classified as digital commodities under this proposed legislation.)Furthermore, the Securities and Exchange Commission (SEC) is pushing for enhanced disclosure on carbon footprint from Web3 firms, while the European Union will soon implement a range of measures that require blockchains and cryptocurrencies to declare their emissions, with significant penalties for violators.The regulatory landscape surrounding blockchain and cryptocurrencies is evolving rapidly, and firms operating in this space will need to remain vigilant and responsive to these changes.Roundtable Highlight: Unveiling of the Proof of Green DashboardAfter Velasco’s time under the spotlight, Orlando Hutchings, CEO of Carbon Crowd, presented the <a href="https://app.carboncrowd.io/" rel="noopener noreferrer nofollow">Proof of Green dashboard</a>, a highly-customizable analytic tool that conveyed a comprehensive and multi-dimensional view of blockchain energy usage. Hutchings explained, “Our aim is to provide the most accurate representation of emissions possible in real-time.” He demonstrated how the PoG dashboard captures and presents carbon footprint information through a battery of persuasive data visualizations, and how users can slice and dice data across different regional parameters to gather a more comprehensive/detailed analysis of emissions.<img src="https://miro.medium.com/v2/resize:fit:700/0*_gPk3UWXFD72Xp22" />A real-time birds eye view of global energy consumptionCarbon Crowd’s PoG measurement approach involves developing a set of rules and metrics that are fair, easily understood, and apply to a broad group of (inter-blockchain) stakeholders. “By measuring emissions accurately and universally, we can better understand the impact of blockchain technology on the environment, and mitigate negative environmental impacts across the entire space,” he emphasized.With a standard framework of emissions measurement — one that irons out proprietary technology idiosyncrasies — the blockchain industry will make significant strides in sustainability. When the world’s biggest blockchains finally learn how to effectively measure their carbon footprint and implement the means to decarbonize, they will inspire others to do the same. “They are going to have to say ‘We have measured ourselves, and we are starting to implement the means to decarbonize, and now we expect you to do the same,’” Hutchings disclosed.Carbon Crowd’s Proof of Green measurement methodology is quite straightforward. It involves determining the geographic distribution of all nodes globally and collecting data from the regional grid mixes in which they operate. For example, if there are 159 nodes in Switzerland, data is collected on the grid mix and power usage of each of those 159 nodes. By analyzing this data, the efficiency of each node can be calculated within a regional context. This data is then bundled together from all regions to create one overall number, which is reported on the dashboard.Dashboard users can see carbon emissions for a particular region, down to the level of individual subnets. Blockchains can then determine how altering their consumption patterns will yield a more positive environmental impact. For example, nodes can run compute-intensive processes at optimal times based on the intensity of energy usage in a particular region at a specific time.Dashboard users can see carbon emissions for a particular region, down to the level of individual subnets. Blockchains can then determine how altering their consumption patterns will yield a more positive environmental impact. For example, nodes can run compute-intensive processes at optimal times when the intensity of energy usage in a particular region is at a low point.<img src="https://miro.medium.com/v2/resize:fit:700/0*xoOQNO1acqKY8bAD" />Rich data visualizations aboundDecarbonizing the BlockchainThe blockchain industry’s growing impact on the environment has prompted the push to standardize carbon reporting. Through the promulgation of timely and trustable emissions data, the PoG initiative will establish a common set of measurements, metrics, data, and processes to evaluate the greenness of blockchain technology across devices, networks, and nations. Through the transparent and accessible provision of this green data, we can begin to properly incentivize eco-friendly practices — through recognition, reward, and regulation — and speed the world’s transition to a sustainable digital economy.With its unwavering devotion to reducing energy consumption and minimizing carbon emissions, ICP stands out as one of the most energy-efficient blockchains in operation. When compared to other competing blockchain projects (and even traditional Web2 technology stacks) the energy consumption of the Internet Computer is substantially lower: an ICP transaction uses only a fraction of the energy required for a single Google search; one Ethereum transaction requires almost 500 times more energy than an ICP transaction.With the help of Carbon Crowd, the Internet Computer Protocol will continue to set the gold standard for sustainability in the blockchain industry.By 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.

Proof of Green Has Arrived

Internet_Computer

2023년 4월 24일에 게재된 다른 기사

Solana price analysis: SOL price moves down to $21.37 as bears take control

Community Asks: Can You Change Your Outfit in Cryptopia?

Ethereum ICO participant’s address springs to life; transfers one Ether after more than 7.7 years

Former OpenSea exec’s NFT insider trading trial has started

Standard Chartered thinks Bitcoin will be at $100k by 2024

Uniswap price analysis: Bearish struggles at $5.38 as UNI faces downside pressure

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!