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Release of the Ethereum Climate Platform to cut emissions from mining

WikiBit 2022-11-29 18:55

Abstract:The Ethereum industry is currently refocusing its efforts to address the network's earlier proof-of-work (PoW) carbon emissions, which happened several months after the Ethereum Merge, when the network switched to the more environmentally friendly proof-of-stake (PoS) consensus.


  Web3 companies, representatives of civil society, and the United Nations Framework Convention on Climate Change ordered the formation of the Ethereum Climate Platform at the COP 27 climate action conference. The objective of this system is to lessen the carbon footprint that the Ethereum network has left behind since its first introduction in 2015.


  Several diverse organizations, including Microsoft, Polygon, Aave, the Enterprise Ethereum Alliance, the Global Blockchain Business Council, Huobi, and Laser Digital, are among the founders of the group. The blockchain business Allinfra and the software company ConsenSys, which specializes in addressing climate change, are leading the collaboration.

  The newly formed organization plans to employ Web3 technology, finance procedures, and governance protocols to engage in climate projects that have the ability to diminish Ethereum's historical emissions.

  The Merge set the bar pretty high for the avoidance of climate change, but according to Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, the scenario still calls for “more radical transformation.” Yorke Rhodes III, a key figure in the advancement of blockchain at Microsoft and one of its co-founders, accepted the company's duty to serve. The CEO gave an explanation, stating that “helping the Ethereum community in charting an intelligent road ahead” is the most crucial component of their collaboration on this initiative.

  The Merge became the first step of a cycle that Vitalik Buterin, the other co-founder of Ethereum, had originally described as having 5 phases in total. The Surge, which follows the Merge on the list of advancements, is the following stage. The platform will implement sharding, a technique for enhancing the blockchain's ability to retrieve and process data, during the Surge.


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