Can Web 3.0 Help Humanity and the Planet?
Harnessing blockchain technology as a force for good
💬 Missed our last event? We got you covered....
We tackled the big question can web 3.0 help humanity and the planet? What did we learn?
Below is a summary from Steph Dickson's (one of our founding members) keynote and some brief takeaways from the panel, but if you want the full picture we suggest checking out the recording over here in our community.
Once you're all caught up - drop some comments under the recording and share your thoughts or takeaways.
👩🏻💻 Blockchain and web3 tech have the power to drive positive impact and system change at immense scale. For example...
Decentralisation changing the incentive system to benefit the entire network
Aligning finance with the protection of nature
Hanging wealth distribution
Enabling universal basic income
👩🏻💻 BUT the huge environmental impact of certain blockchains is a huge issue (e.g. Bitcoin, chains using Proof of Stake). Why? Because...
If Bitcoin becomes widely adopted, it could produce enough carbon dioxide emissions to warm the planet above 2 degrees.. yikes! (according to a report in the journal Nature Climate Change)
While some Bitcoin miners are driving the adoption of renewables, others have started buying US coal plants... we need to phase out coal entirely not resurrect old fossil fuel plants!
👩🏻💻 So we have to balance the longer-term systemic benefits of the technology against today's urgent need to reduce fossil fuel consumption. And luckily some things are changing...
The Ethereum Merge (eth2.0) is almost here where the switch from PoW to PoS will be happening. To put this in perspective looking at the relative energy consumption per transaction: if Bitcoin is the Burj Khalifa, Ethereum PoW is the Leaning Tower of Pisa, Ethereum PoS is a screw!
And there are so many blockchains and cryptos that are greener that already exist and are secure for a myriad of different purposes - like Stellar, Algorand, Celo, Near, even Polygon is cleaning up.
👩🏻💻 There are also some seriously cool industry-led stuff brewing. Like...
Crypto Climate Accord - on a mission to make crypto greener by powering it entirely with renewables
Kevin Owocki's GreenPill movement and pledge to get people to donate 1% of their net worth to funding public goods
👩🏻💻 As so eloquently said by one of our panellists Maanasa Gopal, we're basically at the year 1999 of web1.0 - we're right at the precipice. We can build things differently to harness this technology for the betterment of humanity and the planet. I'm inspired by the very clever humans around the world using their intelligence, time, creativity and innovation to build better and smarter for the world.
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Till next time.