This Web 3.0 Coin Makes Big Announcement: Price Jumps!

Filecoin (FIL), a popular Web3.0 coin project, launched the Web3 information storage solution for carbon offsets. The firm explained that its ambition is to address the shortcomings of this no-cost storage tool, traditional storage solutions.

A new breakthrough has come from the popular Web3.0 coin project

The developers designed Filecoin Green to reduce the environmental impact of Filecoin (FIL) and make it sustainable. Filecoin Green, a Protocol Labs startup, spearheaded an attempt to power Web3.0 coin technology with pure power. According to the announcement, the company is preparing to address the shortcomings of conventional carbon storage solutions. For this, it will combine the detailed tracking functionality of Blockchain with the information sharing infrastructure of Web3. The news also reflected positively on the Web3.0 coin price. FIL price rose with the positive mood in the market.

FIL 1-day price chart / Source: CoinMarketCap

In the middle, Filecoin Green has launched CO2.Storage, a Web3 information storage solution. Accordingly, it aims to provide transparency for carbon offsets. It will also consider traditional storage solutions for all types of digital assets, including renewable power loans.

It also announced that it has partnered with several companies that tokenize carbon offsets, such as Filecoin Green, Toucan, Thallo, Ripple, HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest as a module of the initiative. The information storage analysis will allow carbon credit providers to define their own data schemes. Additionally, it will enable it to store this data via content addressing in Filecoin and the Mid-Planetary Document System. Thus, it will help create a transparent system for carbon credits.

Green pursuits in the crypto space As you follow from , classical organizations are looking for appropriate ways to reduce their carbon emissions. For this, they include using Blockchain technology in their plans. That’s why carbon emissions and carbon credits have become a prominent bet. In 2021, the United Nations Environment Program and other governing bodies came to a head during Middle East and North Africa Climate Week. The main agenda of this meeting was to examine the potential of Blockchain to deal with climate change.

Organizations in the crypto space seek to beautify the ecosystem through donations to decarbonisation projects, tokenized carbon credits and carbon neutral blockchains. In this direction, several Blockchain companies are also taking action. Algorand announced in April 2022 that its blockchain is completely carbon neutral. Additionally, the chairman altcoin Ethereum switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022. As you know, the PoW consensus mechanism receives severe criticism because it is heavy. Ethereum’s switch to the power efficient PoS protocol has reduced power consumption by 99.9%. This has been a very valuable step for the altcoin and crypto world.

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