We recently talked BlueSphere Carbon, the world’s most efficient spot marketplace for environmental credits. The growing use of carbon credits and the ways that they allow Crypto companies to be more socially and environmentally responsible is a move that looks to have a big upside in the near future.
One of the biggest drawbacks of the crypto market is the energy use needed to produce a cryptocurrency like Bitcoin-BlueSphere feels like they have the answer.
Currently, Clean Carbon is a hot place to be in the Crypto Space. How does it feel to be one of the first to lead Crypto into a zero-waste space?
It feels good, Regenerative Finance (ReFi) is one of the few areas of crypto where people are developing blockchain solutions for their technology benefits versus just making a quick buck. The near-term solutions to the environmental problems we face are political, economic, and coordination problems, it follows that social coordination technologies such as blockchains can play a significant role in developing these solutions.
How will your Carbon Credit model work and can it scale?
At Bluesphere Ventures, our core business is being a broker of carbon offsets in the traditional carbon markets. At the same time, as one of the earliest adopters of cryptocurrencies, I believe that through the crypto community and decentralization technologies, we can actually improve on the current carbon credit models.
This is why I have kickstarted a project through Bluesphere, in partnership with a number of other organizations, to develop a new registry and credit standardization organization. We aim to be more inclusive, transparent and efficient than the current incumbent standards organizations in the voluntary carbon markets and to be a blockchain-native carbon offset system.
Unlike the current incumbents, we believe that these offsets should be available to all citizens versus just businesses. A ledger for Natural Capital conservation actually makes a perfect monetary system and community currency, I actually believe that this makes a lot more sense than Bitcoin.
Do you feel that energy-efficient Crypto is the future?
Yes I do. Contrary to popular belief, most cryptocurrency systems use less energy than traditional electronic payments rails do.
In the case of Bitcoin, this is obviously not true and I agree that its energy consumption won’t be sustainable. There are, however, newer Proof of Work algorithms that have a fraction of the energy consumption of Bitcoin, thus even a system with all the properties of Bitcoin could be developed which had an overall positive impact on the environment.
Related: XELS to Offer Carbon Neutral NFTs
Does BlueSphere Carbon see Crypto as a growth area in the carbon capture field?
Absolutely, the current batch of carbon standards and organizations are very slow-moving, it takes months to get accounts set up with them, and they deny parties accounts who they consider are not the right fit for buying or trading these credits and do this instead of focusing on making sure the offset projects they carry truly live up to their claims.
This is opposed to our philosophy, where we believe that the registry should be an open community-driven organization, and the focus of the organization should be to get the most accurate representation of conservation possible with respect to projects who want to join our registry.