Justin Sun explains how cryptocurrency could help reduce carbon footprints.

Justin Sun had announced to donate $1 million to Greta Thunberg's initiative to help combat climate change. Tron founder had claimed that cryptocurrency could help reduce carbon footprints through the creation of decentralized settlements.

Tron founder Justin Sun’s decision to donate $1 million to Greta Thunberg was met with a lot of skepticism. He also said that adopting cryptocurrency could help reduce carbon footprints. He recently explained how this is possible in an interview with Cointelegraph.

 

Decentralized settlements eliminate the need for paper documentation.

Justin Sun noted that decentralized settlement and decentralized finance are completely run by computers on cloud computing systems, which eliminates the need for any ledger documentation and management records kept on paper. He further mentioned that paper documentation also requires postal mailing that is done through transportation, and the whole KYC process also requires face-to-face interaction, which sometimes makes it necessary for people to travel. All of this will not be required when decentralized finance is utilized. 

 

Bitcoin mining emits carbon dioxide as much as Las Vegas and Vienna.

According to several studies, bitcoin mining emits as much as 22 megatons of carbon dioxide annually. The total emission is equal to produced by cities such as Las Vegas and Vienna. Justin Sun said that this emission could be reduced if the mining method of bitcoin is switched from Proof-of-Work (PoW) to the Point of Sale (PoS). Justin Sun’s contribution to Greta Thunberg’s initiative might be seen as a promotional stunt by some, but nevertheless, the funds will be used for a better cause. 

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here