{"id":245247,"date":"2019-12-31T07:34:23","date_gmt":"2019-12-31T12:34:23","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=245247"},"modified":"2019-12-31T07:34:23","modified_gmt":"2019-12-31T12:34:23","slug":"justin-sun-explains-how-crypto-can-reduce-the-global-carbon-footprint","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/justin-sun-explains-how-crypto-can-reduce-the-global-carbon-footprint","title":{"rendered":"Justin Sun Explains How Crypto Can Reduce the Global Carbon Footprint\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Justin Sun, the chief executive of the TRON Foundation, made a splash in the cryptocurrency space earlier this month, when he pledged $1 million to climate environmental activist Greta Thunberg and her mission to help save the world from the effects of climate change.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the time, Sun took to Twitter following the famously unsuccessful cop25 UN Climate Conference in Madrid and asserted his belief that cryptocurrencies will help in the implementation of a decentralized Internet, which will go on to reduce the global carbon footprint significantly.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Since then, there have been questions about how this could work. The million-dollar donation isn\u2019t a new thing, but several parties have asked just how crypto could have a role to play in combating climate change and reducing the global carbon footprint.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">PoS Mining and a Decentralized Internet Infrastructure\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Speaking with industry news medium Cointelegraph, Sun explained that decentralized settlements and finance could run by computers and cloud computing systems. Essentially, the mass adoption of decentralized Internet infrastructure can help to reduce the reliance of people on paper documentation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cDecentralized finance systems are available to everyone in the world! Bank the unbanked. Today, the traditional finance system is limited, expensive, and not cost-effective. Enormous resources and steps are required just to open an account. Imagine having to serve a heavily populated country and all the wastage that ensues,\u201d he added, while making the point that decentralized systems have become more accessible.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sun also pointed out that Internet documents don\u2019t need to be transported via vehicles and physical means. Since everything is sent over digital networks, travel frequency is reduced, and the toll of the travel industry on the environment is lessened as well.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also touched on blockchain and cryptocurrency mining. Crypto detractors have argued that mining has had a sustained terrible effect on the environment. Earlier this year, a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/m.economictimes.com\/news\/science\/bitcoin-use-causing-huge-co2-emissions-study\/articleshow\/69821838.cms\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from the Technical University of Munich revealed that Bitcoin mining emits over 22 megatons of carbon dioxide annually.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To remedy this, Sun recommended that the industry switch to the Proof-of-Stake (PoS) morning system. Ethereum, the largest and most popular blockchain platform, is currently working on switching from the traditional Proof-of-Work (POW) to POS, as the company sees it as a way to bring innovation to staking, reward claiming, and mining the Ether asset.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Is Bitcoin Mining Less Environmentally-Destructive Than We Thought?\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">There\u2019s been much talk about mining and its contribution to the carbon footprint. While the Munich Technical University has a 22 megaton peg, the New Scientist revealed a different figure.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">report<\/span><span data-preserver-spaces=\"true\">\u00a0published last month, Susanne Ko\u0308hler and Massimo Pizzol of Aalborg University in <a href=\"http:\/\/insidebitcoins.com\/news\/bitcoin-mining-is-dangerous-just-not-as-bad-as-its-been-made-to-look\/242875\">Denmark<\/a> explained that the figures on mining-related carbon emissions had been greatly exaggerated. They argued that most of these estimated was based on the assumption that carbon emissions were the same throughout China.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, an analysis of the Chinese mining landscape by the researchers showed that mining contributes just 17.29 megatons of CO2.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The jury\u2019s still out on the precise impact of mining on the environment, but what everyone seems to agree on is that PoS blockchains could help ameliorate this.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Justin Sun, the chief executive of the TRON Foundation, made a splash in the cryptocurrency space earlier this month, when he pledged $1 million to <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/justin-sun-explains-how-crypto-can-reduce-the-global-carbon-footprint\" title=\"Justin Sun Explains How Crypto Can Reduce the Global Carbon Footprint\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":240854,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[10116,10115],"class_list":["post-245247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-greta-thunberg","tag-sun"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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