Enjin, the leading next-gen NFT ecosystem provider, has joined the Crypto Climate Accord. It is now part of the organization’s campaign to decarbonize the cryptocurrency industry. In solidarity with the green movement, Enjin confirmed that its JumpNet blockchain is now carbon negative.
Crypto Climate Accord Leading the Charge
The Crypto Climate Accord is the blockchain industry’s response to environmental concerns, particularly energy use. The $1.5 Trillion cryptocurrency market collectively uses approximately 150 TWh annually. To put things into perspective, the industry uses more electricity than Poland, Norway, Egypt or Sweden. In contrast, Disneyland only uses 1 TWh for the entire year.
The state of the energy consumption is unacceptable that’s why there’s been a clamor to address it right away by implementing green options. For example, more projects shifted to PoS consensus protocol instead of PoW which uses more energy.
Crypto Climate Accord was established to lead the charge to a more sustainable blockchain future. It is a private sector-led initiative for the entire crypto community, focused on decarbonizing the cryptocurrency industry in record time. More than 45 companies and individuals back CCA.
Doug Miller, Global Markets Lead at Energy Web, expressed his delight in the pace of Enjin. He said, “We are happy to see Enjin join this fast-growing community of companies that want to build solutions to decarbonize the crypto sector. The race is on for someone like Enjin to lead the way with delivering proof of green NFTs while promoting standard energy and carbon industry practices.”
Enjin’s Going Green Plan
Enjin is stepping on the gas pedal in terms of execution. It announced that its JumpNet blockchain is already carbon negative. In March, the company said it planned to enable carbon-neutral NFTs by 2030 so Enjin is nine years ahead of schedule.
Enjin CEO Maxim Blagov echoed the call to address environmental concerns. He said, “The creation of new forms of technology should never come at the cost of destroying our environment. Carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”
Being carbon-negative means that JumpNet now uses less energy than the average U.S. household and 99.99% less electricity than Ethereum. Furthermore, the blockchain now offsets a higher amount of carbon than it produces.
What’s next?
In addition to decarbonizing newly created tokens, Enjin’s environmental sustainability plan includes two things. First, supporting the tokenization of the physical economy and the second is decarbonizing existing digital assets. Other measures are tech-intensive like upgrading to carbon-neutral nodes and incentivizing carbon reduction technologies.
It is clear at this point that reducing carbon footprint is now an industry standard. Hence, green projects like Tezos and Polygon are making a killing by being early adopters. Other projects are also following their lead. For example, Tyler and Cameron Winklevoss’ Gemini exchange has purchased carbon credits to reduce Bitcoin’s carbon footprint.
On July 8, Enjin will join fellow CCA member Gryphon Digital Mining to speak on a United Nations Interregional Crime and Justice Research Institute panel. You can be part of this discussion if you register here.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
