Bitcoin (BTC) mining is estimated to emit 65.4 megatons of CO2 per year. This is the conclusion reached in 2021 by a group of European climate and economic researchers in the report “Revisiting Bitcoin’s carbon footprint”. This emission is comparable to the carbon footprint of an entire country like Greece, which emitted around 56.6 megatons of CO2 in 2019.
Estimation of the global carbon footprint of the Bitcoin network. Source: Cell.com
However, it should be noted that cryptocurrencies and blockchain technology, when used appropriately, can make a positive contribution to the environment. Recently, the World Economic Forum (WEF) highlighted the potential of blockchain technology as an essential tool in the fight against climate change. In a white paper published on April 25, the WEF highlighted the myriad benefits of integrating blockchains into the climate action community. Specifically, the paper highlighted the transformative power of blockchain to support market transparency and facilitate equitable access to climate initiatives.
Industry pioneers are already proposing use cases for cryptocurrencies to make the world greener, often using green tokens (or green cryptocurrencies) to facilitate the transition to renewable energy sources through to blockchain-based incentives. Individuals can participate in decentralized energy markets and trade renewable energy tokens.
Other organizations use non-fungible tokens (NFTs) as a way to raise awareness about sustainability and climate change. Artists, influencers, and content creators can use their creative skills to develop educational NFTs that inform and engage audiences. These NFTs can be infographics, interactive experiences, or virtual exhibits that highlight environmental issues, sustainable practices, and the importance of conservation.
An interconnected solution
While there are many ways to position Web3 platforms and features as a way to improve climate change, the missing piece is to tie all of these solutions together into an interconnected ecosystem. For example, creating a single entry point for NFTs, gaming goals, and centralized shopping malls would attract a wider range of participants and encourage collaboration on a more global scale. Additionally, by aligning incentives with the overarching goal of putting the environment first, tokens can motivate users to participate in sustainable efforts and contribute to an ecosystem that enforces that goal.
An ecosystem that shows a concrete example of the concept illustrated above is Chimpzee, a Web3 project that aims to support charities such as the WILD Foundation and One Tree Planted s through various Web3 options.
Chimpzee’s mission is to revolutionize charitable giving by providing multiple ways for individuals to receive various benefits while having a positive impact on animal conservation and climate change. The project’s green initiative has a strong focus on safeguarding the Earth’s environment, aiming to raise awareness and transform the traditional approach of supporting organizations dedicated to endangered species and the fight against climate change. .
The Chimpzee ecosystem incorporates various features such as the Chimpzee Store, NFT Marketplace, and Zero Tolerance Game, all interconnected. The Chimpzee Shop acts as the central hub of commerce within the ecosystem, allowing users to use CHMPZ tokens to purchase diverse and exclusive products. The NFT market offers users the opportunity to earn rewards by sharing a portion of the trading fee profits with active traders on the platform. Additionally, the Zero Tolerance game offers players a fun way to earn CHMPZ coins by reaching pre-determined milestones.
Fight against climate change
Chimpzee has since announced the start of its presale phase, where participants will have the chance to participate in special promotions. Its approach aims to encourage early investors and supporters to actively participate in the project and contribute to its success by receiving additional benefits.
After the pre-sale period, Chimpzee plans to develop a mobile app that uses artificial intelligence (AI) to generate personalized Chimpzee avatars. Users will be able to create their own Chimpzee avatar through this AI-powered app and receive a personalized NFT passport. By purchasing this personalized NFT Passport, users will also get access to different benefits and rewards.
Additionally, Chimpzee has already started donating to charities ahead of Phase 2 of its roadmap. The team successfully planted over 1,000 trees as part of the One Tree Planted initiative and donated $15,000 to the WILD Foundation to help protect one of the last herds of elephants adapted to the desert.
According to Chimpzee, a considerable amount of tokens and proceeds from the project will go towards donations to organizations that focus on animal protection and the fight against deforestation to combat climate change. This approach further highlights the role of blockchain in supporting sustainability efforts.
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