The Ethereum community is currently moving to correct the network’s previous proof-of work (PoW), carbon emissions. This occurred many months after Ethereum Merge. It was when the network moved to the proof-of stake (PoS), which is more favorable to the environment.
The formation of the Ethereum Climate Platform was announced by Web3 firms and leaders from civil society at the COP 27 Climate Action Event. The platform aims to reduce the carbon footprint left by the Ethereum network since its inception in 2015.
A variety of organizations are founding members of the coalition, including Microsoft and Polygon, Aave as well the Enterprise Ethereum Alliance, Global Blockchain Business Council (Huobi), Laser Digital, and Aave. ConsenSys, a software company, and Allinfra, a blockchain company that focuses on climate change are leading the coalition.
The new organization will invest in climate initiatives that could reduce Ethereum’s historical emissions. It will make use of Web3 technology and finance methods as well as governance protocols.
Joseph Lubin (co-founder of Ethereum, CEO of ConsenSys) stated that despite the high standard set by Merge for the prevention and mitigation of climate change, the current climate situation requires “more radical reform.” Yorke Rhodes III, who helped to develop blockchain at Microsoft and was one of its cofounders, also acknowledged that the company wanted to help. The CEO explained that their main goal in working together on this project was to “help the Ethereum Community chart a educated path ahead.”
The Ethereum network completed the transition from a PoS consensus to PoS on September 15, 2018. This was a long-awaited event. According to the Ethereum Foundation, the Merge will make the network 99.95% less energy-intensive. This upgrade will also lay the foundation for future scaling options such as sharding.
The Merge was the first step in an Ethereum process that Vitalik Buterin, co-founder of Ethereum, had previously described as having five stages. The Surge, the next phase of the improvement process, is following the Merge. The Surge will include sharding which is a technique to increase the blockchain’s ability to store and access data.