Filecoin Green is a Protocol Labs initiative developed to make Filecoin verifiably sustainable while bringing about the best tools available to reduce environmental impacts. The initiative aims to spearhead a future of Web3 powered by verifiably clean energy.
Filecoin Green’s launch of CO2.Storage, the first Web3 data storage solution to facilitate transparency for extensive environmental attributes underlying carbon offsets, aims to address the inefficiencies of traditional storage solutions for all types of digital environmental assets, like carbon credits.
The Protocol Labs initiative is to decarbonize the Filecoin Network, an open-source, public cryptocurrency and digital payment system that provides blockchain-based cooperative digital data storage.
To trust the quality of carbon credits, users need transparent and verifiable datasets which can guarantee the environmental legitimacy of credits for sale. CO2.Storage undertakes this issue by enabling carbon credit providers to define their own data schemas and to store this data through content-addressing on Filecoin and IPFS.
Dedicated to tokenizing carbon offsets to ensure that their data is transparent and verifiable, Filecoin Green initiative has partnered with various companies such as Toucan, KlimaDAO, Flowcarbon, Moss, dClimate, Hyphen, Nori, Regen Network, BitGreen, Senken, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest.
Rising above the current Web2 carbon market infrastructure in the sense of the verifiability of carbon credits and interoperability between different systems, Alan Ransil, founder of Filecoin Green at Protocol Labs states:
“By using Web3 tools, Filecoin Green and our partners are laying the foundation for a more transparent and scalable voluntary carbon market. Together, we’re ushering in the next generation of Regenerative Finance systems that will make environmental efforts as impactful as possible.”
Filecoin Green will incentivize its network to reduce emissions by merging the granular tracking functionality of blockchain with the information-sharing infrastructure of Web3. Beyond its network, Filecoin strives to use these tools to help other blockchains and legacy industries improve their sustainability management and energy use. Hopefully, their effort will lead to a more environmentally friendly blockchain ecosystem.