ZUG, Switzerland, September 10, 2021 (GLOBE NEWSWIRE) – In support of the Crypto Climate Agreement (ACC), Protocol laboratories and Energy web today announced a successful showcase of an open source solution for decentralized purchasing of renewable energy by crypto miners. In this solution showcase, six Filecoin storage providers purchased verified renewable energy from 3 degrees using Zero energy web, a public search engine on renewable energies. The solution will ultimately be applicable to any blockchain to allow any crypto miner to easily provide proof of green mining.
CCA is a private sector-led initiative to decarbonize the crypto industry with decentralized open source solutions and promote industry best practices. Energy Web is a co-organizer of the CCA and Protocol Labs and 3Degrees are supporters of the CCA.
In the showcase announced today, renewable energy purchases are recorded in Filrep, a reputation system used by customers to store data on the decentralized Filecoin network. Integrating Energy Web Zero’s renewable energy data into the reputation system allows customers to factor renewables into their decision when choosing a storage supplier. Each record on Filrep points to a verification page in Energy Web Zero, indicating where the energy was produced, documenting the renewable energy source and providing an attestation certificate proving ownership of the corresponding renewable energy credits.
Over the next year, Protocol Labs and Energy Web will create a set of open source solutions that will make it easy for all Filecoin storage vendors to find and purchase renewable energy on Energy Web Zero. Filecoin storage providers and clients will be able to verify the supply to substantiate their environmental claims, as it is anchored on the public energy web chain, making it traceable to existing renewable energy records as well as individual projects by solar, wind and hydroelectric power.
The complete cross-chain solution to be rolled out in mid-2022 will create a unique decentralized identifier (DID) on the web energy chain for each Filecoin storage provider that chooses to participate and will link the renewable energy purchases of storage providers to their respective DIDs. This link between the DID of a given Filecoin storage provider and the verified green mining of Filecoin will allow that storage provider to reflect their zero carbon status in the Filecoin reputation system and trace energy attributes from the customer to the provider. from storage to individual renewable energy projects.
This cross-chain solution under development can be extended to miners from other ecosystems as the underlying technical architecture will take advantage of the verifiable and interoperable hash links that are the basis of Web3 technologies such as IPFS and all blockchains. The project will therefore support the development of renewable and verifiable cryptocurrency mining projects such as Green hashrate.
Protocol Labs and Energy Web will share progress updates over the coming months before releasing commercial-ready open source solutions.
About the Energy Web
Energy Web is a global, member-driven, non-profit organization accelerating the low-carbon, customer-centric energy transition by unleashing the potential of open source digital technologies. We allow any energy asset, owned by any customer, to participate in any energy market. The Energy Web Chain, the world’s first enterprise-level public blockchain tailored for the energy sector, anchors our technology stack. The Energy Web ecosystem includes major utilities, grid operators, renewable energy developers, corporate energy buyers, IoT / Telecom leaders and others.
To learn more, please visit https://energyweb.org.