Enjin will switch completely to green, carbon neutral NFTs by 2030Enjin will switch completely to green, carbon neutral NFTs by 2030. The high energy consumption of cryptocurrencies is still at the top of crypto-based discussions this year with experts and enthusiasts offering solutions. Enjin Coin joins the growing list of blockchain solutions and coins to build a roadmap that will deliver on their carbon-negative promise.
Bitcoin’s energy consumption peaked at 80 terawatt hours of electricity per year, competing with countries such as Finland and Argentina in energy consumption. This development by Enjin Coin is positive for the market and Enjin’s new blockchain will have to start in the right way. Tezos XTZ has started to rise.
Climate change has been at the center of almost all United Nations meetings and resolutions over the past decade. The world is changing due to human activities and carbon neutrality must be strived for in almost all sectors in order to repair the damage already caused and to achieve sustainable development goals.
Crypto in bad times
Cryptocurrencies have been seen in a bad light due to the high energy consumption of Bitcoin and other altcoins. Many coins like Enjin coins have promised to change the trend of high energy consumption due to mining by either changing its mechanism to become energy efficient or sponsoring mining with alternative energy.
Enjin goes green
Enjin has set out a roadmap to enable carbon neutral NFTs by 2030 as part of its pledge to become energy efficient when it joins the Climate Accord.
Enjin Coin is a member of the United Nations Global Compact, a pact that aims to empower companies to pursue sustainability and innovative policies. Enjin plans to do this by deploying NFTs to drive sustainability and improve equity.
Enjin hopes to deploy carbon neutral NFTs to combat climate change by deploying them to companies that capture carbon and reduce wealth, another of the United Nations’ goals. Enjin Coin previously joined the Crypto Climate Accord and is committed to achieving zero emissions of electricity and has praised its JumpNet blockchain for being already carbon negative. Wat is crypto?
Crypto Energy Consumption: A Harsh Reality
Blockchain technology brought many benefits as it was a huge step leading to DeFi. Cryptos achieved monetary decentralization and empowered the people, but all this came at a price: the environment.
Bitcoin and other cryptocurrencies based on Proof-of-Work systems use large amounts of energy for their mining operations, most of which come from fossil fuels that are harmful to the environment.
As a result of the Proof-of-Work mechanism, energy consumption has increased rapidly, leading to blockchains moving towards Proof-of-Stake and other less energy-consuming mechanisms.
Bitcoin, which is at the top, consumes about 80 terawatt hours of electricity annually according to a Cambridge University Report. This means that Bitcoin is essentially equal to Finland’s total energy consumption and consumes more than Argentina and the Netherlands.
On the other hand
The news from Enjin Coin and blockchains about the commitment to become carbon neutral will not slow down China’s crypto mining clamping. The fossil fuel dependence in crypto is deep and could last for a long time. However, Enjin can deliver on their 2030 promise.
Enjin Coin: What is it all about?
Enjin is an umbrella development that comes with many solutions and utilities. The first development, the Enjin Network, is a social network with 20 million users where they can chat, create virtual stores, etc.
Enjin makes it possible for game developers to tokenize in-game items on the Ethereum blockchain. Enjin Coin is an ERC token that makes it possible to buy and sell NFTs for real value. NFTs can be minted with the Enjin platform, which gives it many advantages, including making it anti-inflationary, scarce and transparent.