An effort has been put in by the FilecoinGreen to power Web3 technology with verifiably clean energy to lessen Filecoin’s environmental impact and make it verifiably sustainable.
On 24 October Filecoin announced the launch of their sustainable Web3 data storage technology which will be the first-ever Web3 data storage solution to make all of the environmental factors that underlie carbon offsets transparently. The inefficiencies of conventional storage options for all kinds of digital environmental assets, such as carbon offsets, renewable energy credits, and others, are addressed by this free storage tool.
The startup intends to address the drawbacks of conventional carbon storage solutions by “marrying blockchain’s granular tracking functionality with the information-sharing infrastructure of Web3,” according to the statement.
In order to solve the traditional storage options for all forms of digital environmental assets, including renewable energy credits, Filecoin Green created CO2 storage, a Web3 data storage solution. This solution aims to offer transparency for carbon offsets.
Filecoin Green announced that as part of the campaign, it has teamed up with a number of businesses engaged in tokenizing carbon offsets, including Toucan, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest.
The Filecoin Network is an open-source, public cryptocurrency and digital payment system that offers blockchain-based cooperative digital data storage. And now it is being decarbonized through the Protocol Labs initiative known as Filecoin Green.
As a result of the data storage solution, a transparent system for carbon credits will be created. Carbon credit suppliers will be able to establish their own data schemas and store this data through content-addressing on Filecoin and the InterPlanetary File System.
According to Phil Fogel, co-founder of Flowcarbon,
“Flowcarbon is committed to improving market efficiency by better connecting businesses, people, and project developers to incentivize good climate action through robust carbon markets.”
“CO2 storage will help us deliver on this commitment by confirming the caliber of our credits for transparency across all of our agreements,” the company said.
As traditional companies and regulatory bodies start to consider blockchain technology as a practical means of lowering carbon emissions, the discussion of carbon emissions and carbon credits has gained a lof attraction.
Several blockchain businesses are also speaking out. Algorand declared its blockchain to be completely carbon-neutral in April 2022, and Ethereum switched to the energy-efficient proof-of-stake protocol in September 2022, reducing its energy use by 99.9%.
How this Filecoin data storage solution will work?
Usually, it is challenging to access and verify data related to carbon offsets, leading to older, low-quality credits. That do not adequately reflect the credit’s ability to reduce emissions. Users require clear and verified datasets that ensure the environmental legitimacy of the available credits in order to trust the quality of carbon credits. By allowing carbon credit suppliers to create their own data schemas. And store this data via content-addressing on Filecoin and IPFS, CO2 storage addresses this problem.
This procedure establishes a system of carbon credit transparency that Web2 infrastructure cannot provide for in standard storage methods.
According to Alan Ransil, Ph.D., founder of Filecoin Green at Protocol Labs, “CO2.Storage advances existing Web2 carbon market infrastructure to boost the verifiability of carbon credits and compatibility across multiple systems.
He further added: –
“Filecoin Green and our partners are establishing the groundwork for a more open and scalable voluntary carbon market by utilizing Web3 tools.
Together, we’re bringing about the next wave of Regenerative Finance systems that will maximize the impact of environmental activities.
With the increasing interest in cryptocurrency and web3.0, there is a big need for sustainable offers in the cryptocurrency market. With this initiative, it is expected that much more features like this will be introduced sooner by other companies as well.
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