USHERING IN A GREENER BLOCKCHAIN WITH BROKOLI NETWORK
Cryptocurrency has really come far from its very dark origins. While digital currencies were initially denounced as instruments for crime and speculators by the mainstream financial world, the industry made substantial headway in establishing itself as a legally and (possibly) transformative space.
Blockchain, a digital ledger technology, is notable for its cryptocurrencies application. The technology was introduced in 2008 as a public Bitcoin transaction ledger and hundreds of cryptocurrencies in various fields, including provider chains, digital content, patents, intelligent contracts, governance and electronic voting were developed with the aid of this technology.
With its ability to decentralize data and processes while assuring high level safety, Blockchain plays a significant role in several internet of things. In fact, because of its applications in suppliers, health, insurance, travel, retail and even energy, blockchain technology is considered mainly an important component of the future of business. It also has several downsides and restrictions, just like all new technologies.
Bitcoin (BTC) and ether (ETH) have seen enormous price and user growth, but the implications of wide cryptocurrency use remain uncertain. Many skeptics and environmentals have highlighted worries, in particular, about the cryptocurrency mining energy usage, which may lead to higher emissions of carbon and climate change.
Much of the environmental impact of crypto comes from computer energy, through a process known as "Proof of Work" to produce new digital coins. This demands a great deal of computing power. Going by some measurements, the server farms that compete to generate new Bitcoins use as much electricity annually as a small country, like Chile or Belgium.
The BBC reported in 2021 that Bitcoin, the most extensively used cryptocurrency network, is using 121 terawatt-hours of electricity a year—more than Argentina's whole country. The Ethereum Network uses as much power as the whole Qatar nation, according to Digiconomist, a cryptocurrency analysis site.
Coal and other fossil fuels are now a world-wide power source for both crypto-monetary mining and other businesses. The carbon dioxide produced during this process contributes significantly to climate change. CNBC reports that bitcoin mining amounts to approximately 35.95 million tonnes, roughly the same quantity as New Zealand emits every year.
As well since energy usage, cryptocurrency mining also produces a substantial amount of technological waste as equipment becomes outmoded. This is particularly true of Application-Specific Integrated Circuits, the most common cryptocurrency specialist hardware.
These circuits cannot, unlike other computer hardware, be utilized in any other way and quickly become obsolete. The bitcoin network produces 8 to 12 thousand tons of electronic garbage per year according to Digiconomist.
Brokoli as a Solution
Unless the DeFi community does solve the sustainable issue, DeFi will not achieve worldwide adoption due to its influence on the environment. According to a Harvard study, every $1 created in crypto-currency is accountable for $0.66 in damages to health and climate.
What is Brokoli?
Brokoli is the ultimate DeFi multi-chain sustainability layer. Brokoli fuses DeFi and GameFi to encourage people to make their good influence, to own it and to exchange it.
The project includes three linked components that all serve one purpose in offsetting DeFi's carbon footprints;
- Brokoli’s core: This is the environmentally friendly gateway into the most popular DEXs and dApps.
- API: With this feature, each blockchain (centralized or decentralized) platform can implement Brokoli API so that customers can opt for a tiny climate charge, which compensates for their transaction size.
- Digital Forest / Brokoli Impact Credits: These are obtainable NFTs which are based on trees financed by users.
Users receive NFTs based on trees they have funded the planting of by using our products and completing daily quests. Digital NFT forests will be tradable as Brokoli Impact Credits.
Brokoli as the Future of DeFi
Brokoli Network is striving to attain net zero carbon emissions in blockchain in response to the goals set out in the Paris Agreements. Brokoli is going to make climate action part of each DeFi transaction.
The reality is different however. The recent Harvard study shows how $1 of the produced bitcoin coin value is liable for $0.66 in damages to health and the climate. While blockchain is now working against global realisation in order to implement greener practices in all economic sectors, Brokoli Network desires digital currency as part of the sustainable future.
Truly, DeFi apps improve the financial world's inefficiencies. For this reason Brokoli Network is developing a non-custodial system which compensates for daily digital transactions in terms of carbon footprint. Brokoli Network will implement decentralisation in the decision-making process of how the carbon emission offset
What Brokoli Network is saying in a nutshell
"We are taking the green revolution on the blockchain.
Our vision: becoming the ultimate sustainability standard in blockchain: no project will be taken seriously without Brokoli's climate-positivity badge".