DOVU - Carbon Offsetting the crypto industry
The uncomfortable truth about building a business on public blockchains such as Bitcoin (BTC) and Ethereum (ETH) is the environmental impact of proof of work coins. Although all DOV tokens are already mined we do rely on ETH to fuel our transactions on-chain. Our DOV token is also available within exchanges to be swapped for BTC and other tokens, therefore we are part of the problem.
A single BTC transaction has the same carbon footprint as 631,849 VISA transactions or 42,123 hours of watching YouTube.
The DOV is a token built on Ethereum and as you can see below there are carbon benefits using ETH vs BTC, however, it is an unacceptable burden on our planet. Our community has to come together and work on solutions.
“That’s just a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue. There are real consumers—real people—whose need for electricity is being displaced by this stuff,” says Vitalik Buterin, the 24-year-old Russian-Canadian computer scientist who invented Ethereum when he was just 18.
As ETH moves to a more energy-efficient model of Proof of Stake, a combination of ETH and DOV tokens could see all ETH transactions offset simply and efficiently. All Crypto exchanges should utilise our API and become carbon neutral, there are no excuses.
We created DOVU to reward positive behavior and with investment from Jaguar Landrover, we focused on mobility, rewarding green driving, and sharing of data. Whilst this is still a valid cause we have made the decision to move our focus on utilising our technology and platform to address the pressing issue within our core industry.
As of 17th June 2020, there are 904,928 ETH and 292,000 BTC transactions per day, if you then add on the other major tokens it is clear that we have a carbon problem that needs a solution. Bitcoin Energy Consumption Index
All crypto transactions should be offset and we will work with our industry to look at ways to address the reduction in energy consumption of public blockchains and coins/tokens.
Utilising our API all crypto transactions can be automatically offset, a DOV token will be issued and then redeemed within our HUB against a Gold Standard approved carbon offsetting project.
Visit https://dovu.earth to see the projects we support.
Our API is available and rewards developers for building products based on our protocol.
Here is the link to our API