On August 24, a recent Messari report on the regenerative finance movement highlights that Polkadot would have a low carbon footprint among blockchain protocols and has a strong community of web3 developers..
Annual energy consumption of Layer 1 networks – Source: Messari
Bertrand Pérez, CEO of the Web3 Foundation commented: “We are increasingly concerned about countless aspects of traditional business models. Sustainability is undoubtedly one of them, and that is why we continuously work to seek a greener and more sustainable future within the crypto world.”.
He also stressed: “On the other hand, data privacy remains a concern for many today. Right now there are big organizations that control your data and provide you with services that use it. When you use a service, and even more so if it is free, it means that you are the product. These organizations have information about your life and that is why we are moving towards a decentralized future, where everyone will have control over their lives and their data. We are proud to foster dialogue about Web3 and have one of the most active developer communities in this space.”.
Polkadot currently has 21 parachains, 250+ dapps, 2,500 nodes (including 297 active validator nodes). It would meet the standard for green blockchains thanks to the “named consensus mechanism“, Nominated Proof of Stake (NPoS), with a much lower energy consumption compared to Proof of Work, which generates a high energy consumption due to the competition between miners to solve the cryptographic algorithms to validate the transactions in the blockchain. Whereas Proof of Stake implements randomly chosen validators to make sure the transaction is reliable and secure.
Úrsula O’Kuinghttons, Director of Alliances and Communication of the Web3 Foundation declared: “The carbon market continues to lack transparency, making it significantly more difficult for companies and ecosystems to engage in the process of making important and necessary environmental change. That is why we are committed to trustworthy projects and technologies that contribute to a greener future”.
Lastly, he noted:This recognition is proof that we are working to minimize energy consumption in the crypto ecosystem, offsetting carbon emissions in a unique way.”.
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