Evergreen DAO Islamic Coin
The Evergreen DAO is a non-profit virtual foundation focused on long term sustainability and community impact. It effectively works as a crypto endowment. In some cases described below, Evergreen DAO also may fund activities necessary for the Haqq network evolution. Key decisions are made by a council that consists of Haqq network validators whose contribution to the network stability and security is the greatest.
Development of green cryptocurrency projects
In 2022, the development of green cryptocurrency projects continued as more and more industry companies focused on sustainability to reduce carbon emissions. The paradigm shift was driven by a number of forces, including user demands for faster and more energy-efficient blockchains, growing investor awareness of climate change, and growing government concerns about energy consumption in the crypto sector.
Mohammed Al-Kaff Al-Hashmi, co-founder of Islamic Coin, spoke to Cointelegraph about how the sector has evolved to meet new needs.
“In 2022, green projects will follow three main vectors. The first is reducing energy consumption and emissions — for example, Ethereum reduces consumption by 99.9%, and Polygon presents itself as carbon neutral. The second is ReFi, a new trend in regenerative finance that is experimenting with financial incentives to reduce carbon emissions.”
Al-Hashmi noted that his network has adopted a new emissions reduction model to meet its environmental goals: “In the case of Haqq [the blockchain that issues Islamic Coin], the protocol automatically deposits 10% of the amount issued into a special Evergreen DAO, a non-profit virtual fund focused on long-term sustainability and societal impact.”
“Today, a regular banking transaction consumes an order of magnitude less electricity than a blockchain-based transaction, but we are betting on the development of more energy-efficient mining hardware and faster blockchain protocols. If successful, green crypto projects are likely to receive strong support from both governments and potential users.”
The future of eco-friendly crypto projects
Eco-friendly cryptocurrency projects are here to stay. They are designed to be more environmentally friendly and are becoming increasingly popular among users due to their scalability and lower gas fees.
The benefits they provide are likely to lead to the development of more environmentally friendly blockchains while encouraging improvements to existing ones. Nevertheless, 2022 stands at the threshold of a new era where green crypto projects are becoming more common.
