Bitcoin came to the fore with environmental problems caused by mining in May, and even experienced a correction that affected the market in general. Now these 5 altcoin projects aim to find solutions to climate change with Blockchain technology.
What can blockchain technology do?
Recently, China and India, which sat on the table at the 2021 United Nations Climate Change Conference, agreed to “step down” coal power instead of “phasing out” it. While this decision has sparked controversy, it is now thought that Blockchain technology could be a force for good despite the mainstream media narrative.
As an example of projects working on it, Etherisc operates in Kenya, where it helps farmers mitigate crop damage caused by extreme weather conditions. Michiel Berende, Etherisc’s Chief Inclusive Officer, said in a recent statement:
Blockchain can help us beat climate change by unlocking new ways to mitigate, combat and deal with its impacts.
Activities of altcoin project Etherisc in Kenya
Etherisc is working with regional partners to provide Blockchain-powered crop insurance to 17,000 smallholders in Kenya, with 6,000 farmers receiving mid-season payments this year. “Blockchain projects make a difference in the real world” and “serve as proof of his natural ability to steer climate crises,” according to Berende, the project’s Chief Executive.
Etherisc is not alone in tackling the crisis
While COP26 has just standardized its carbon emissions trading rules, the Klima DAO started the process in earnest months ago.
- The Air Conditioning DAO aims to accelerate the price rise of carbon assets, making fossil fuels and other polluting industries less attractive over time.
- Algorand has successfully demonstrated that a Blockchain can be carbon negative, while Chia developed the “Proof Of Space and Time” consensus mechanism that uses 0.16% of Bitcoin’s annual energy consumption.
- As for Bitcoin, Blockstream CEO Adam Back now argues that major crypto mining “actually” reduces carbon emissions.
cryptocoin.com These projects that we have mentioned can contribute to the fight against climate change, even by combining with NFTs, which, according to experts, are seen as causing pollution. For example, Crypto Trunks helped turn the narrative around as the first carbon-negative NFT project earlier this year.
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