Hackernoon logoThe Undeniable Importance Of Climate-Neutral Blockchains by@jitendra-naik

The Undeniable Importance Of Climate-Neutral Blockchains

Elon Musk announced that they would accept Bitcoin as a payment method to buy Tesla cars. Tesla is searching for a cryptocurrency that uses <1% of Bitcoin's energy per transaction. Bitcoin miners are using fossil fuel for Bitcoin mining. Some exiting blockchains like NEAR protocol and Algorand have zero carbon footprint. NEAR Protocol is more than 200,000 times more carbon efficient than Bitcoin. To protect our environment and fight against global warming, we have to plant more and more trees, reduce the uses of all the products with any carbon footprint, and focus more on eco-friendly products.
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Jitendra Naik Hacker Noon profile picture

Jitendra Naik

Blockchain & Cryptos content creator, Blockchain ambassador

If you are the person who doesn't t care or doesn't have any idea, why should a Blockchain be climate neutral? Then stick with this article, and I'm sure you will start caring about this soon, so let's start with an example;

When Elon Musk announced that they would accept Bitcoin as a payment method to buy Tesla cars, it hugely impacted the price of Bitcoin, and we saw the price of Bitcoin touched a new high.

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And another tweet from Elon Musk pushed the price of Bitcoin into a downtrend when they announced that they suspend the Bitcoin payment method because Bitcoin isn't climate-neutral. After all, the Bitcoin miners are using fossil fuel for Bitcoin mining. Tesla is currently searching for a cryptocurrency that uses <1% of Bitcoin's energy per transaction to accept as a payment method for Tesla buying.

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Except for taking Bitcoin as a payment method, blockchain technology has an enormous use case, so many blockchain projects are building their products to serve human beings in various ways. So if you consider Bitcoin's blockchain, which is based on Proof of Work consensus, requires a high amount of energy, and some mining farms and individual miners mining Bitcoin using the power produced from fossil fuels like coal, natural gas, and petroleum.

World's environment is getting polluted every minute because as a human being, we are generating greenhouse gases directly or indirectly when we use any product in your daily life which is called carbon footprint in a single word. For instance, if you are eating meat or wearing a dress, then it has some carbon footprint, so at the level of an individual human being, we should reduce our carbon footprint to save our environment.

What is Climate-neutral?

In simple terms, if an entity is emitting zero GHS or throwing out more Co2 from the environment than it is producing, then we can call it Climate-neutral. There are many carbon finance consultancy like the South pole, which is helping companies to become Climate-neutral. 

Basically, to become a climate-neutral blockchain you have to track and calculate your carbon footprint then you have to focus to replace any component that can run using reversible energy source or eco-friendly fuel, and you have to focus on plantation or fortification to generate more and more oxygen than the carbon you generating.

What is a Climate-neutral blockchain?

It doesn't matter that a blockchain is proof of work or proof of stake because energy must be required to run a blockchain. But, yes, PoS are more energy-efficient than PoW, which means PoS blockchain has less carbon footprint than PoW, but if I tell you that some exiting blockchains like NEAR protocol and Algorand have zero carbon footprint. where NEAR generates a carbon footprint of 174 tons of CO2 per year. Therefore, NEAR Protocol is more than 200,000 times more carbon efficient than Bitcoin.

So if you are an environment lover and same time you love the blockchain technology, then you have to focus on the eco-friendly blockchain because, in the long run, it going to create a significant impact on the environment.

In a simple term, a blockchain grows when the number of transactions in the blockchain increase and when the blockchain grows the carbon footprint also grow and to neutralize the growth of carbon the climate-neutral blockchain plant more and more tree so I think the person who supports plantation and fortification should wish the growth of a climate-neutral blockchain.

To plant a tree never cost huge but I believe when you pant a tree for a cause then many people will join with you for that cause. Global warming is now knocking on our door and maybe a climate-neutral blockchain can help us to control our climate by involving us in their vision toward more green.

Conclusion-

This conclusion is my own opinion so don't take it as financial advice. To protect our environment and fight against global warming, we have to plant more and more trees, reduce the uses of all the products with any carbon footprint, and focus more on eco-friendly products. As tesla cars are eco-friendly, maybe that is a cause because of which they change their mind on Bitcoin payment method and searching for an eco-friendly cryptocurrency, so now it is time to go with an eco-friendly blockchain.

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