The World Economic Forum (WEF) has established the Sustainable Cryptocurrency Coalition to assess the role of digital assets and blockchain in combating climate change.
The Crypto Sustainability Coalition comprises 30 companies, education groups and other institutions, including cryptocurrency projects Solana, Avalanche, Circle, NEAR Foundation, Ripple and Stellar Development Foundation. They will investigate the impact of the Web3 sector on energy consumption, how cryptocurrencies and mining are bad for the environment, and how the latest technologies can be used to improve the climate and transition to renewable energy sources.
The organisation will also conduct research related to the purchase of carbon credits – blockchain-based certificates issued by the government for the use of one tonne of carbon dioxide. Coalition members will explore how blockchain will make the process more transparent and trustworthy, and how effectively it will reduce carbon emissions into the atmosphere.
“What makes the Web3 sector unique is that it uses technology to support and reward the community for its actions. This means we can directly coordinate the work of many people without involving a centralised controlling body,” said Brynly Llyr, head of blockchain and digital asset development at WEF.
A few months ago, WEF members expressed concern about the impact of meta-villages on the younger generation. Children and teenagers are more interested in games and virtual reality, so they are the ones who will interact with meta-villages, where they may encounter violence and cruelty.
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