TL; DR failed
- Filecoin offers a solution for Bitcoin against its energy critics.
- This system provides a database to measure the amount of energy consumed and the amount that can be renewed.
- Intends to measure the environmental impact of non-renewable energy sources.
Filecoin may give Bitcoin a way to show its energy critics how much energy it consumes. Through the Filecoin Green project, the company can map the power consumed in the bitcoin mining process. The company has launched an open source dashboard to demonstrate its commitment to renewable energy. This system is essential in clearing the dirty image of bitcoins. But only if they use it.
It’s up to Bitcoin miners to decide if they can use it, said Alan Ransell, the system’s creator. But he added that bitcoin can create significant databases through the system. Databases can highlight their energy consumption. In addition, it can record the use of renewable energy. He added that open source solutions such as the Filecoin dashboard could be used to set up such a system.
The system knows that data storage is decentralized and consumes a lot of energy. Also, Web 2 Focus is a high-powered consumer platform. The Filecoin system has decided to estimate the energy consumed. However, he believes that energy is not renewable unless it is certified through Renewable Energy Certificates (RECs).
Crypto carbon footprint
Filecoin has a mission. The company plans to measure environmental impacts on a more decentralized Internet. Also, giving people from different positions in the value chain to reduce these effects. There is a valid system at the center of its activity. This system is verifiable and can work much better than Web 2.
Veteran bitcoin miners worried about giving energy critics a chance feel a little upset. However, this system is similar to Bitcoin in many ways.
This system relies on proof of storage consensus. Energy consumption is related to precious resources at the company headquarters. Examines system files and validates them over time to verify file storage.
The drive is on to use renewable energy
So far, you can not find proof of stock version that uses zero energy to store files. It is about a non-mining consensus that acquires new blockchain networks. But Filecoin is energy efficient. So setting up the system helps stimulate renewable energy. This is a big and bold move that makes the company an important player in the electricity markets. It also provides a strategic position to boost green energy.
Ransell stated that Filecoin has adopted a unique strategy in making renewable energy claims. Unlike Bitcoin, they have deviated from the use of proof-of-work networks. Filecoin claims appear to be related to polls, which means they represent the entire network.
According to Ransill, the available data is crucial for use as a basis. However, the industry must focus on access to renewable energy sources. The industry must be truly committed to rigorous testing to obtain a credible source.