ConsenSys has co-launched the Ethereum Climate Platform
ConsenSys is an Ethereum-software startup which helped develop the Merge. It will unveil the Ethereum Climate Platform (ECP), along with 18 other companies, at COP27’s UN Climate Change Global Innovation Hub. COP27 will be held in Sharm el-Sheikh (Egypt) from November 6 through November 18. The platform is for Ethereum ecosystem and will aim to reduce energy consumption that the blockchain experienced before ConsenSys and the Merge events in September. PoW was a competition between miners to solve cryptographic problems and add transactions to the digital ledger. Ethereum uses validators to approve and add blocks onto the blockchain under PoS. This consumes less energy. Ethereum’s energy consumption has dropped by 99.9% since the Merge.
“The Merge raised climate mitigation standards across the entire corporate and financial sector” Lubin stated in a press release.
Officials have criticized mining for causing environmental harm. The European Commission declared in October that it was ready to close down crypto mining if Europe faces a severe energy crisis this winter. The European Union and other regulatory bodies have also advocated for limiting PoW within the EU. DISCLAIMER – The information on this website is intended to provide general market commentary but does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comChubbiCoinCu NewsPost Views: 59Tags: ConsenSysETHEthereummarketThe Merge