Protocol Labs, an open-source R&D lab that builds protocols, tools, and services to radically improve the internet including Filecoin and IPFS, has joined the Crypto Climate Accord (CCA). Alongside ConsenSys, the Web3 Foundation, and CoinShares, among others, Protocol Labs joins over 170 leading organizations helping advise, develop, and scale solutions in support of the CCA.
Aligned in the mission to transition the blockchain industry to renewable energy, as an official supporter, Protocol Labs is committing to driving the development of Web3 initiatives toward net-zero emissions. Launched in 2021 and co-convened by nonprofits by Energy Web, the Alliance for Innovative Regulation, and RMI, the Crypto Climate Accord was inspired by the Paris Climate Agreement and serves as a private sector-led initiative to accelerate the development and adoption of open-source decentralized solutions and good practices that decarbonize the crypto industry.
As a new member of the CCA, Protocol Labs collaborated with Energy Web on the first showcase of an open-source solution to decarbonize Filecoin, the world’s largest decentralized storage network. Building an open-source solution for renewable energy purchasing by crypto miners, the showcase saw six Filecoin storage providers purchase verified renewable energy from 3Degrees using Energy Web Zero, a renewable energy search engine. Integrating renewable energy data from Energy Web Zero into the Filrep reputation system allows clients to factor renewables into their decision when choosing a storage provider. Each record on Filrep points to averification page in Energy Web Zero, showing where the energy was produced,
documenting the renewable source, and providing an attestation certificate proving ownership of the corresponding renewable energy credits. In other words, this solution makes it easy for Filecoin storage providers to decarbonize and prove their green credentials
to boost their reputation.
Angie Maguire, Head of Growth and Marketing at Protocol Labs, said, “Numerous
projects in the ecosystem are already seeking to address the environmental impact of the blockchain space, choosing Filecoin as the best place to build projects for the NFT economy, digital identity, decentralized finance, and data preservation.
We are laser-focused on developing solutions to support and encourage use of renewable energy sources among storage providers and set the standard on energy consumption transparency, so clients on the network can make an informed decision.”
Introducing a sustainable alternative for artists and patrons in the booming NFT market, Protocol Labs and ConsenSys introduced a new NFT protocol to the market called Palm earlier this year.
Palm operates on its own energy-efficient Ethereum sidechain and has an accompanying $PALM token. The first artist to come on board with Palm is world-renowned artist Damien Hirst, who released a collection entitled ‘The Currency Project”.
