Ripple Labs has recently announced that the enterprise is working on going net-zero carbon emissions by 2030. For this purpose, RippleX, the international fintech payment gateway, has partnered with Energy Web, XRP Ledger Foundation, and Rocky Mountain Institute. The main purpose of this partnership is to bring down the carbon emission down to zero.
The first stage of achieving this target would be to measure the carbon emission measures for Ripple Labs. The venture would also be focused on researching new methods to cure carbon footprints and investing in the available technology to reduce its carbon footprint. Due to the increasing propaganda about Bitcoin using a lot of energy resources, it has become a top priority for the government to shut it down or enforce other restrictions.
Every cryptocurrency has its time of glory and shine. However, Bitcoin has taken the shape of a real currency that could be bought, sold, and traded online without any hassles. This convenience makes it much more adaptable and flexible. Ripple Labs executives have said in the past that Bitcoin would not be able to survive for much longer due to its proof of work consensus. Brad Galinghouse, CEO of Ripple Labs, has said recently that XRP is better than Bitcoin.
He favors his statement by claiming that Bitcoin is not a very energy and cost-effective method for consensus and better energy conservation. Garlinghouse also mentioned that XRP is specially designed to work well with RippleNet’s ODL service. This service would allow the developers to integrate with green energy transfers and make payments more scalable.
Ripple Labs Partners for Green Energy Think that Waste of Electricity can be Minimized
The better and higher production of electricity is considered to be a major winning point for any economy, under the current scenario where Bitcoin farms are facing big debates for using a lot of carbon footprint. However, the cryptocurrencies that can deploy the proof of stake protocol would be able to cut down on these emissions. As per some careful estimates, green energy projects can save up to $26 trillion in the next year.
This number is also good organically since it would stop deforestation and decrease damages done by these issues. The Ripple CEO also added that cryptocurrencies like Bitcoin use as much energy as big countries like Portugal. It should be noted that Bitcoin is often referred to as the boomer coin due to its inability to absorb new technology upgrades.