Web3 is a buzzword happening all around at the moment and we have done a lot of work with it! With our ebook, many interviews and our Web3 platform, we cover it all. However, one specific area that captivates our attention is the environmental impact of Web3.
“The power of the community is a key sustainable trend to watch out for in 2023 and is an important factor for brands to understand”. Dr Jane Thomason.
Technology offers a range of advantages and drawbacks when it comes to environmental impact. On one hand, it has the power to educate and raise awareness about sustainability, helping create a movement that enables individuals to better comprehend its importance. Increasing awareness is crucial in addressing the pressing environmental challenges we face today and Web3 technology holds immense potential in aiding this. Furthermore, Web3 presents opportunities to collaborate with specific communities, acknowledging their unique stories, history, and cultural significance. The key to success in the Web3 realm lies in fostering a strong sense of community. By collectively tackling environmental issues within this ecosystem, we create a beneficial cycle that enriches us all.
“How to make blockchain sustainable before further development should be at the forefront of everyone's mind.” Dr Jane Thomason
Aside from raising awareness, Blockchain and crypto companies, particularly those that operate on proof-of-work consensus algorithms such as Bitcoin, require significant amounts of energy to process and validate transactions. However, not all blockchain networks or cryptocurrencies produce the same level of energy consumption. Companies such as Crypto carbon rating institute create great reports with comparisons between different blockchains and energy consumptions. This helps choose a crypto that fits what you are trying to do but also has the lowest energy consumption.
“The exponential growth of tech is changing the world in ways that we have never seen and we are able to be at the forefront of it. We are able to shape it so that it makes the world a better place.” Dr Jane Thomason
If you want to remain at the forefront of the sustainability and crypto landscape, take a look at these sustainability forecasts for the year ahead, from Dr. Jane Thomason:
The Web3 community is increasingly focused on addressing the environmental impact of blockchain mining. There is a growing consensus among Web3 miners to adopt renewable power resources, recognising that reliance on non-renewable energy is not sustainable and therefore, “we will see Web3 miners adopting renewable power resources, with a general consensus to move forward in this industry.”
Regenerative finance: By adopting regenerative finance principles, individuals and institutions can channel their financial resources towards projects that support environmental regeneration, social justice and a more sustainable and inclusive economy.
Also, we can expect to see policy changes to be implicated within this industry through the coming years.
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Sophie is a Web3 Technologist building sustainable and profitable enterprises
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