Background:
The energy-intensive consensus system that underlies Bitcoin is known as “Proof of Work,” which uses up an incredible amount of energy.
Using clean, renewable energy for mining is essential for the sustainable development of human society. It has also led the blockchain industry to examine more efficient underlying mechanisms to tackle excessive energy consumption. Can alternate consensus mechanisms be a solution to this problem? How can blockchain technology help environmental protection and contribute to ecological sustainability?
Panellists:
Matthew Keller, Head of social impact at Algorand
Bill Kentrup, Co-founder & Head of Origination at Allinfra
Steven Haft Head of Global Partnerships & Climate Lead at ConsenSys
Moderator: Adam Elfarouq Farhat, Marketing & Partnerships at TokenInsight Research
▬▬▬▬ Contents of this video ▬▬▬▬▬▬▬▬
0:00 – opener animation
00:20 – intro
03:08 – According to an article in The Economic Times published this April, Bitcoin production is estimated to generate 22-22.9 million metric tons of carbon dioxide yearly, equivalent to about 1 per cent of global electricity consumption. What’s your perspective on making blockchain technology more environmentally friendly?
23:10 – We all know that crypto mining uses a massive amount of non-renewable resources, and renewable energy like solar energy and wind power can significantly reduce the environmental impact. Why isn’t there greater use of renewable energy in crypto mining? Are there any limitations to using renewable energy?
32:56 – Other consensus mechanisms like proof of stake, proof of history, and proof of authority have a reduced environmental impact. Ethereum 2.0 will upgrade to proof of stake soon. Are there other reasons that more and more protocols nowadays choose proof of stake?
40:15 – Blockchain technology can positively impact the environmental industry beyond the use of cleaner energy and a more sustainable consensus mechanism. How can blockchain technology help with environmental issues?
51:57 – What’s your vision of greener blockchains? How can different parties work together to achieve it?
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