Blockchain Protocols
Blockchain protocols are lowering the carbon footprint
As an alternative to central banks and endless money printing, Satoshi Nakamoto published Bitcoin: A Peer-to-Peer Electronic Cash System (Bitcoin, 2008). Bitcoin is today a global phenomenon widely used by millions. Unfortunately, because of a design choice, enormous amounts of valuable energy are wasted each year to secure the bitcoin network in what is called the “proof of work” process.
Annual emissions from Bitcoin are of great concern as more than 70 Million tons of carbon are released from Bitcoin into the atmosphere as per the latest estimates (Digiconomist, 2022), making it a catalyst for the climate emergency.
As an evolution to proof of work design, current blockchain networks have been able to reduce their amount of energy used to securitize their networks by up to 99.95% (Ethereum Foundation, 2022), hence dramatically reducing their carbon emissions as well.
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