Filecoin Unveils Web3 Data Storage Platform for Carbon Offsets October 26, 2022 October 26, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 26, 2022 by Kelly Cromley

Filecoin Unveils Web3 Data Storage Platform for Carbon Offsets

Filecoin Green, a Protocol Labs project aimed to decrease Filecoin’s ecological effect and transform it into certifiably sustainable, has pioneered an attempt to fuel Web3 infrastructure with demonstratively green energy. As stated in the statement, the business plans to overcome the problems of conventional carbon storage systems by “combining the granular monitoring capability of blockchain with the data0sharing architecture of Web3.”

Filecoin Green has introduced CO2.Storage, a Web3 information storage platform that aims to promote openness for carbon offsets, effectively solve storage options for all forms of digital ecological assets, and facilitate the creation of green energy offsets.

As a component of the campaign, Filecoin Green stated that it has teamed with a number of organizations engaged in tokenizing carbon credits, including Toucan, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest. The file storage platform will let carbon credit institutions to build their own information models and save these schemas via content-addressing on Filecoin and Interplanetary File System (IPFS), therefore establishing an open system for carbon offsets.

Greenhouse gases and carbon credits have risen to prominence as conventional companies and governmental bodies turn to blockchain technology as a potential means of decreasing greenhouse gas emissions. At the Middle East and North Africa Climate Week in 2021, the United Nations Environment Program and other governing agencies examined blockchain’s possibilities for combating climate change.

Blockchain-monitored contributions to carbon capture programs, tokenized carbon credits, and carbon-neutral blockchains are also being considered by groups in the cryptocurrency field, according to an August 10 story by Cointelegraph.

In April this year, Algorand stated that their blockchain was totally carbon neutral, while in September 2022, Ethereum reduced its energy use by 99.9% by migrating to the energy-saving proof of stake (PoS) covenant.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.