Bitcoin Is Bad For The Environment…or Is It?

This is the current narrative around cryptocurrency as a whole. Most people don’t understand how it works, and so they choose to write it off.

It’s a scam! A total pyramid scheme.

I saw that one a lot recently on Twitter.

In reality, it is none of those things. Cryptocurrency and Web 3.0 will change our lives forever. It’s not happening in the far-off future. It’s happening now. Some of it has already happened, and because we don’t fully understand its capabilities doesn’t mean progress will stop.

“We use energy for things we value.” — Paul Gambill, co-founder, and CEO ofNori.com

Listening to crypto podcasts are part of my life now. One that I like is Crypto 101. The hosts break things down in a digestible way, and they always have fascinating people on to interview.

Paul Gambill is one of those guys.

He’s trying to solve global warming using carbon credits, NFTS, and a native token built on the Ethereum blockchain. He’s addressing the problem of double-counting carbon credits.

Don’t give up on me now; this is where it gets good.

Double counting is where two parties lay claim to the same carbon removal. It happens all the time. Countries are trying to meet the standards they’ve set according to the Paris Accord, and, so is everyone else.

Gambill described it as paper getting pushed around with not a lot happening. So much for saving the earth.

Everyone swaps CO2 removals, but he’s trying to affect global warming directly and make the earth a cleaner place to live. This is what Nori seeks to do.

When a supplier sells a ton of CO2 removed from our environment on the Nori market, an NFT is created. They call this aNori Removal Tonor NRT. It gets sold to the buyer and is immediately retired. The buyer is never allowed to re-sell that carbon; they own it forever, stored in their wallet.

The native Nori token (aiming for Q2 2022) will equal the price of one ton of CO2. The cost of the Nori token will become the carbon reference price. That’s the tradable commodity. Who removed the carbon, and who gets to take the credit?

No more double counting.

Nori makes its revenue by charging a 15% transaction fee to the buyers.

He wants to pay people to remove carbon emissions. They seek to put an end to double counting. What good is meeting your carbon clean-up goal when everyone is just laying claim to the same ton that was removed?

Answer: Not much.

Nori is open to new methods of carbon removal as well. There are many ways we can currently remove CO2: planting trees, storing it in soil, kelp farming, direct air capture, or storing it in cement.

What else?

Have an idea? I’m sure they’d love to hear it.

The sooner people realize that cryptocurrency and web 3.0 can help us solve global problems, the better.

Some exciting people are doing innovative things to help extend the life of our planet.

Sure, there are scam artists who have made off with a lot of money by creating tokens they never planned on actually delivering, but scam artists are a part of life. They don’t exist solely on the blockchain, and bitcoin is not a pyramid scheme.

The more you explore the cryptocurrency space, the more you’ll be inspired by the innovation coming our way.

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