Filecoin goes green with new data-storage solution with carbon offsets

Filecoin’s latest initiative is spearheading a cleaner future for Web3 technologies

Filecoin, the data storage solution powered by the blockchain has announced the launch Filecoin Green which is backed by CO2.Storage, the first Web3 data storage solution that intends to enable transparency for carbon offsets.

Filecoin Green is a Protocol Labs initiative that aims to make Filecoin more sustainable while building new tools to measure and reduce environmental impact. This new free storage utility aims to address the inefficiencies of more traditional storage solutions for all types of digital environmental assets, including that of carbon offsets and renewable energy credits.

Filecoin Green is working with numerous partners such as Toucan, Flowcarbon, and Ripple to ensure their data is transparent and verifiable. CO2.Storage will enable carbon credit providers to define their own data schemas and store data through content-addressing on Filecoin and The InterPlanetary File System.

Creating a greener Web3 space 

Filecoin Green and Protocol Labs founder, phD, Alan Ransil spoke on the new data storage saying, “CO2.Storage pushes beyond existing Web2 carbon market infrastructure to increase the verifiability of carbon credits and interoperability between different systems. “By using Web3 tools, Filecoin Green and our partners are laying the foundation for a more transparent, and scalable voluntary carbon market. Together, we’re ushering in the next generation of Regenerative Finance systems that will make environmental efforts as impactful as possible”.

Flowcarbon co-founder, Phil Fogel also commented on the shared ambition, saying “Flowcarbon is dedicated to improve market efficiency by better connecting corporations, individuals, and project developers to incentivize positive climate action through robust carbon markets. “CO2.Storage will allow us to follow through on this promise, verifying the quality of our credits for transparency across all of our partnerships”.

Awareness regarding carbon offsets and trying to create more sustainable solutions is something that more cryptocurrencies will be looking to combat. Ethereum has already cut down its energy consumption by 99% by transitioning from its old proof-of-work consensus mechanism to the much more sustainable proof-of-stake method. 

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