engine to switch entirely to green carbon neutral nfts by 2030. climate change has been at the center of almost every united nations meeting in resolution over the past decade due to human activities the world is changing and efforts to become carbon neutral in nearly all sectors are necessary to repair the damage already done and achieve the sustainable development goals cryptocurrencies have been frowned upon due to the high energy consumption of bitcoin and other altcoins many coins like the engine coin are committed to changing the trend of high energy consumption due to mining by changing its mechanism to become energy efficient or by sponsoring mining with alternative energy hello everyone and welcome back to daily crypto facts your get to go place to know everything about cryptocurrency today's video we will talk about engine to switch entirely to green carbon neutral nfts by 2030.
What do you think how is it going to happen wait let's not think much and watch the video till the end to find out what lies ahead but before we begin with a video please take a moment to subscribe to the channel and don't forget to hit that bell icon so you get notified when i come back with another amazing video without any further ado let's jump into the video engine coin is a member of the united nations global compact a pact aimed at enabling companies to adopt sustainable and innovative development policies engine has a road map to allow carbon neutral nfts by 2030 as part of its commitment to become energy efficient when it joins the climate accord engine plans to do this by deploying nfts to foster sustainability and improve equality engine hopes to deploy carbon neutral nfts to fight climate change by employing them with carbon capture companies and reducing wealth another of the un's goals engine coin joined the crypto climate accord earlier pledged to achieve zero electricity emissions and held its jump net blockchain as already carbon negative a hard reality is that blockchain technology brought many benefits as it was a huge step leading to defy cryptos have achieved monetary decentralization giving power to the people but all of this has come 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 environmentally harmful fossil fuels thanks to the proof-of-work mechanism power consumption increased rapidly leading blockchains to switch to proof-of-stake another less power-consuming mechanism bitcoin being at the top consumes around 80 terawatt hours of electricity per year according to a report from the university of cambridge this means that bitcoin is essentially equivalent to the total energy consumption of finland and consumes more than argentina and the netherlands on the flip side news from engine coin and blockchains about the pledge to go carbon neutral will not slow down china's crackdown and crypto mining the reliance in fossil fuels and crypto are run steep and can continue for a long time engine could however meet its commitment for 2030.
Engine is an umbrella development that comes with many solutions and utilities its first development the engine network is a social network of 20 million users to chat create virtual shops etc engine coin is an erc token that allows you to buy and sell nfts for real value engine enables game developers to tokenize game items on the ethereum blockchain nfts can be created with the engine platform which gives it many advantages including making it anti-inflationary rare and transparent proof-of-work blockchain data verification method has made it possible to build the two most critical decentralized networks to date bitcoin and ethereum however the consensus method is designed to consume horrendous amounts of electricity and much more sustainable options have arrived since bitcoin was first born 12 years ago in the short term a hard fork of ethereum is planned to become a proof-of-stake network ethereum will introduce sharding in the medium term which will further reduce the width of nodes required to verify each transaction in the long run we hope as a society to move away from fossil fuels engine is driven by a mission to solve our partners and users most pressing problems and in turn contribute to the betterment of our broader society humanity is facing the greatest challenge of all time each month matters and we must meet this moment with the urgency it deserves engine has already created and launched the erc 1155 token standard which saves up up to 90 gas in projects when printing nfts this in turn alleviates the weight on the ethereum network which reduces mining rewards giving miners less incentive to spend money on electricity therefore engine decided that now is the time to take things to the next level and they started with executing the following points 1.
Decarbonize new minted tokens on april 6 we will launch jumpnet the certificate of authority blockchain which operates on five nodes consuming 30 million watts per year this will allow the engine ecosystem creators to print nfts on a network that consumes zero .0000 two electricity on the ethereum blockchain jumpnet carbon negative nfts our eco-friendly forever free ethereum scaling solution later in 2021 we will launch affinity a proof-of-stake blockchain managed by around 1000 nodes and validators infinity will consume about 4 quadrillion 60 trillion watts per year which is point 15 of the electricity used by ethereum thanks to its pos infrastructure infiniti's carbon footprint will not increase even if it becomes more popular and the value of the network rises over time both solutions will help relieve pressure on the ethereum blockchain and operate more sustainably 2.
Tokenize the physical economy while the environment impact of proof of work is significant the carbon created to generate this electricity pails compared to the carbon produced through the physical economy blockchain infrastructure compatible with ar and vr technologies enables physical industries such as fashion to move into the digital space creating a pair of genes in the physical world costs our atmosphere 33.4 kilograms of carbon that humanity will have to repay for years to come at engine we work with various brands games and apps to create a more sustainable physical world by allowing people to tell their stories and express their identities through fashion nfts and virtual space three decarbonize existing tokens thus here we will launch our bridge from ethereum to jump net which will allow nft holders to move their tokens into a network that accounts for less than point zero zero zero two percent of the carbon that ethereum currently makes also jump net and affinity are collectively designed to act like a carbon nft vacuum cleaner sucking in tokens from other blockchains they incentivize network participants to move their tokens between intelligent contracts and jump debt and affinity they benefit from low fees and block rewards for their contribution to the engine economy 4.
Upgrade to carbon neutral nodes the carbon footprint of any blockchain naturally results from the unsustainable way we generate electricity fossil fuels are the most inefficient form of solar energy imaginable plants capture sunlight and convert it into chemical energy through photosynthesis which animals then consume fossil fuels such as coal and natural gas are formed when decaying plant and animal matter layers are subjected to intense heat and pressure below the earth's surface over millions of years we then burn this fuel and convert the energy into electricity as a society we must power all major technologies directly with solar energy starting with our blockchains that's why engine will work with jump net partners and affinity ecosystem developers to transition to carbon neutral nodes by 2030.
5. promote carbon reduction and removal technologies the affinity network has a treasure trove that can fund projects and technologies that serve them better using a decentralized governance process network participants can propose and vote on treasury grants to support worthwhile projects engine and its community are focused on creating solutions that can make the world better the infinity treasure will be an opportunity for all of us to support carbon reduction and decarbonization technologies invest in humanity's most valuable asset planet earth what do you think will be the future of engine if you believe in favor of engine becoming the best green cryptocurrency or otherwise share your views in the comments section below if you found the video helpful give us a thumbs up and don't forget to share the video with your friends and family thanks for watching thanks for watching