Polygon pledges to become carbon neutral in 2022 and have also set aside a $20 million sum to offset its huge carbon footprint. The network believes that this could set forth an industry-wide movement that is great for the environment. Polygon has released a Green Manifesto, which they are calling a smart contract with planet Earth. That’s quite ingenious, don’t you think? Let us know below!
Polygon’s green manifesto to become carbon neutral in 2022
Polygon has been a sidechain to Ethereum, and it has been trying to build effective scaling solutions for the network. Its proof of stake mechanism makes the project a lot more sustainable; however, it’s not carbon neutral. Therefore, they aim to offset their footprint and reduce their environmental impact. This implies that every transaction is recorded, and its environmental impact is compensated, whether it is an NFT coined by an artist, a DeFi trade that enables individual economic sovereignty, or a token connected to a project built on our network. They also aim to become the first climate-positive project.
To make this possible, Polygon is collaborating with KimaDAO, which provides carbon offsetting tech for on-chain usage. They will give Polygon tools to find the carbon footprint of the network. This will allow the project to work towards offsetting the impact. They say that most of the emissions come from bridging activities that involve Ethereum’s mainnet transactions. Polygon has reported 90,645 tonnes in CO2 emissions between Feb 2021 and Feb 2022.
About Polygon network
Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain, enabling quick transactions with cheap costs. MATIC is the network’s native cryptocurrency, utilized for fees, staking, and other purposes. Polygon employs a number of technologies to build this fast parallel blockchain and connect it to the main Ethereum blockchain. It has a proof-of-stake consensus technique to generate new MATIC and protect the network, which implies that staking is one way you may make money with MATIC you own. The project has recently got listed on Robinhood and has pumped 8% after the same.
Do you think as Polygon pledges to become carbon neutral other projects will follow in its footsteps? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Coinbase accused of serious insider trading after the recent token listing announcement.
