In December 2019, Tron (TRX) founder Justin Sun pledged to donate US$1 million to Greta Thunberg, the young Swedish environmental activist who has made headlines around the world. Sun recently explained his rationale for adopting blockchain technology and promoting cryptocurrency as solutions that can help address the climate crisis.
According to Cointelegraph, Sun said that as decentralized finance platforms and decentralized settlements are carried out using cloud computing systems, paper documents are no longer a necessity.
“Decentralized settlement and decentralized finance are completely run by computers on cloud computing systems, thus eliminating the need for ledger documentation and management records kept on paper,” he revealed.
Moreover, with information stored on a digital system, there is less need for transportation, which accounted for 8% of total carbon emissions worldwide.
“These types of records require postal mailing which is done through transportation. The whole Know Your Customer process also requires face-to-face interaction, which sometimes makes it necessary for people to travel. All of this will not be compulsory when decentralized finance is utilized,” Sun added.
Additionally, Sun disclosed that by using a Proof-of-Stake (PoS) system instead of the Proof-of-Work (PoW) mining methods, a large amount of energy consumption could be cut.
“By adopting a [PoS] system, it drastically reduces the massive energy consumption used in traditional [PoW] mining method used by Bitcoin,” he said.
Sun also emphasized that decentralized financial systems can be accessed from anywhere in the world.
“Decentralized finance systems are available to everyone in the world! […] I truly believe blockchain must be in our future if we want to eliminate wastage and make a difference.”
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