Polygon Shares Update Revealing Carbon Neutrality Achievement

By June 22, 2022Layer2
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Layer 2 scaling solution Polygon has shared some progress on its mission to become a carbon-neutral platform.

The blockchain protocol has inked a new partnership to offset the greenhouse emissions derived from its activity, essentially making it a more eco-friendly network.

Polygon’s Eco-Friendly Journey Continues

Earlier this week, Polygon Studios shared a press release confirming it had achieved network carbon neutrality.

Per the release, the blockchain protocol has managed to retire $400,000 in carbon credits. This represents 104,794 tonnes of greenhouse gasses – the entirety of the Polygon network’s carbon emissions since its launch.

The milestone was reached thanks to a partnership between Polygon and KlimaDAO – a decentralised autonomous organisation built by developers, environmentalists, and entrepreneurs that trade in the on-chain carbon market.

Polygon explained that the partnership has helped ensure transparency and accessibility to the credit markets, allowing them to stay the course. KlimaDAO analysed the Polygon network’s carbon footprint to identify emissions hotspots and build a proper mitigation strategy. Aftewards, Polygon Studios purchased $400,000 worth of tokenised credits via the on-chain carbon market, retiring them using KlimaDAO’s offset aggregator tool.

The update is part of Polygon’s Green Manifesto, which the blockchain studio released in April.

At the time, Polygon explained the need for blockchain and Web3 solutions to help create a cleaner, more energy-efficient internet landscape. To date, Polygon has pledged over $20 million to initiatives that seek to improve the energy efficiency of its network – and, by extension, the internet as a whole.

Sandeep Nawal, Polygon’s chief executive, explained that they had reinforced their commitment to energy efficiency in the long run. As he explained, the world is currently facing a significant energy crisis, and blockchain technology must play a broader role in mitigating this problem. Polygon is hoping to be a leader in this space, and they hope to build more initiatives in the future to address this problem.

All Aboard The Green Train

Carbon neutrality has recently been a reinforced focus for many in the blockchain space.

Last year, Tesla CEO Elon Musk announced that the company would no longer be accepting Bitcoin for payments due to the asset’s carbon footprint.

As Musk pointed out, Tesla couldn’t continue to support a payment network affecting the environment with every transaction. He argued that his firm suspended BTC payments until Bitcoin became more carbon neutral.

While Tesla’s move was the first match that sparked a months-long market downturn, it forced many in the blockchain space to consider ways to reduce cryptocurrencies’ and blockchains’ carbon emissions. So far, there have been several notable developments.

Back in April, crypto-friendly payment processor Block teamed up with Tesla and crypto mining hardware company Blockstream to use solar power in Bitcoin mining processes. Per the reports, Tesla will provide a 3.8 megawatt solar PV array and 12 megawatt-hours Megapack to a Block-funded, Blockstream-operated Bitcoin mining facility in Texas.

Adam Back, Blockstream’s chief executive, said his firm would examine results to gauge the feasibility of operating such an initiative on a broader scale. Part of this will include creating a publicly accessible dashboard that reveals real-time project performance metrics. This includes the total cost runs, power output, and amount of mined BTC.

At the same time, blockchain developers have also ensured that their projects conform to carbon neutrality standards. With technology being taped as one of the pillars of tomorrow’s internet landscape, it is important for blockchain to remain carbon-neutral in the long run.

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Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.

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