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Web 3.0 doesn’t have the best time in the limelight, which is mostly related to the taxing nature, strong Bitcoin and Ethereum mining activities. And while the web may exist in a virtual space, its effects are real because of the energy required to run it.
However, the Web 3.0 ecosystem is extremely diverse, and many projects are focused on direct action projects to change and combat climate change.
What is Web 3.0?
Before we delve into how new Web 3.0 projects counter longstanding convictions against blockchain technology, it helps to understand where the bad rep comes from.
In the last 40 years, the internet has seen three iterations: Web 1, Web 2, and Web 3.
Web 1 began in the mid-1990s, with mostly static websites and limited scope for engagement. Web 2 arrived in the 2000s with interactive websites and UGC (User-generated Content). Unfortunately, web 2 also has some big players like Facebook and Google who own your information and have the right to sell your data to third parties.
The 2020s became the jumping-off point for Web 3, which represents decentralization. In fact, no single entity stores your personal data or verifies transactions. It sounds safer and puts users in control of their information, but it comes with environmental repercussions.
The energy it needs I am a Bitcoin is about 86,000 to 286,000 kilowatt-hours, which is about 59 days worth of power for an American home. With many people using cryptocurrencies for transactions, Web 3.0 projects must strictly adhere to sustainability values.
How Web 3.0 can improve society
All said, there are benefits to adopting Web 3.0 and blockchain technology in all sectors of society, from trade and finance to government, healthcare, and research.
- It allows scientists and researchers to classify large amounts of data related to viruses and store them securely while tracking the supply and logistics of vaccines to ensure that no fakes are being circulated (as in the case of Covid-19 vaccines).
- Smart contracts enable users to lend or borrow money in a trustless environment.
- Web 3.0 helps businesses conduct trade and international transactions at high speeds with increased security and opportunities to scale.
- Governments can use Web 3 to provide more targeted information to citizens when there are warnings for natural disasters or local crimes.
- Governments can also make requests for official documents (driver’s licenses or a Covid test report).
- Greater transparency of transactions because more validators are required to verify a transaction before it is added to the digital ledger, making actions such as charitable donations and real-estate investments more reliable.
- Bringing users closer to art, concerts, movies, and more with NFTs and the metaverse.
How Web 3.0 projects help the environment
The benefits highlighted above barely scratch the surface, and they are essential in an ever-changing world. Keeping this in mind, some of these projects bring users all the benefits of Web 3.0 and blockchain technology without emissions and negative effects.
KlimaDAO
Like many social impact DAOs (Decentralized Autonomous Organizations), ClimateDAO is focused on activist investment, but with a twist.
They pool money from users, buy shares in publicly traded companies, and use their positions to effect change in these companies through proxy voting, initiation proposals and action, and advocate for better corporate social responsibility with new sustainability initiatives.
Plastics
Plastiks is an NFT marketplace that connects plastic producers and recyclers using a smart contract approach. The market combines NFTs with actual recycling data from waste management companies, setting a new standard for tracking and recovering plastics.
Megatech
Megatech combines state-of-the-art solar energy technology, revolutionary storage technology, and a dynamic financing model to ensure high profitability for its users with short turnaround times. Their solar plants provide high returns to token holders and will continue to grow as Megatech’s Project Beta begins.
Project Beta is a 60MW solar farm that will include 100MWh technology with the opportunity for users to sell green renewable energy at peak rates to blue-chip listed corporations that have already signed and committed for offtake.
In addition, Megatech works with several entities in the renewable energy space, and their initiative is 100% compliant with ESKOM (National Energy Commission).
Thanks to their partnership with Binance Smart Chain (BSC), users also benefit from smart contract functionality, high speed, and low fees while earning crypto and supporting sustainable energy solutions.
A new, sustainable internet
It is good to see that more and more people are aware of the environmental impact of certain actions and are speaking out against them. It is even better to see how these projects have addressed those concerns without losing the essence of Web 3.0 and blockchain technology.
After all, if Web 3 is an evolution of Web 2, given that it should also be a more sustainable option.