As the prices of Bitcoin (BTC) have risen this year, so have the concerns about the energy consumption of cryptocurrency mining. Due to the Proof of Work (PoW) protocol for mining, some estimates suggest that the Bitcoin network uses almost as much energy as Argentina. Therefore, many skeptics are quick to blame the digital currency for carbon emissions and climate change. As a result, although some cryptocurrencies don’t use mining at all, the industry as a whole is often quick to receive blame for its environmental impact.
Some suggest that up to 70% of this energy should come from renewable energy to help reduce the environmental impact. Rather than being burned once, renewable energy can be generated from sunlight, plant growth or other natural phenomena. Therefore, it can be naturally replenished, unlike fossil fuels, which are being burned more quickly than they are being filled.
The energy industry was at one time simple in nature, with utility companies operating in the middle of the system and determining where and when to build generating capacity. Now, utilities and regulators have since attempted to position themselves as customer-focused. Unfortunately, the reality is that they were only rephrasing a narrative rather than living up to their mission. As a result, the cost of energy is often associated with control and certainty.
Distributed Energy Resources (DERs) allow users to take part in what is known as a global technology revolution that is shaping the power balance between consumers and central authorities. With DER, users can take back control of the cost of energy consumption and achieve more socially responsible energy supplies.
Green Life Energy Global Ltd (GNL) is a team that aims to work off DER to keep things green with the power of blockchain. With their main product, they provide users with the ability to make payments based on renewable energy and recycling projects and services, sharing assets and sending money between friends and family.
They share their mission is to “make the world a better place for everyone.” As “one of the world’s first atmospheric restorers,” they continue to plant trees and encourage other members of their community to do the same.
Helping the planet
Green Life Energy Global's main product is the Green Life Energy GNL token, a digital asset based on the Binance Blockchain (BNB). With this token, GNL is evolving the entire financial sector related to energy and recycling payments. The project will provide renewable energy to households and other cryptocurrency miners by accepting payments in the native currency -- GNL. As a result, the GNL team aspires to define zero-carbon electricity, tree planting, waste processing plants, ecological fuel and a global climate change research center.
Taking the lead from blockchain technology, the GNL Energy Token is designed to settle transactions in a few seconds with Automatic LP features. Each trade that occurs contributes to an automatically generating liquidity pool, RFI, allowing holders to earn passive rewards, farming and staking.
The project will also include a GNL wallet, which will provide users with a platform to swap GNL with over 100 different cryptocurrencies. The team intends for the wallet to be a fast and straightforward way for beginner and advanced users to control their digital assets.
GNL expects the project to be lengthy, with many big plans for the future. Among them are plans to extend their efforts worldwide. While they admit that other companies operate in this space, they are unique in using the blockchain at scale.
The project is currently being led by co-CEOs John Wood, a forestry and arboricultural contractor with more than seven years of experience with biomass energy and recycling and Simone Daniele, who has a degree in computer science and telecommunications. GNL is still in phase one of the development, although plans for the near future include the launch of a GNL trading competition, NFT distribution, partnerships with renewable energy and recycling companies and bamboo merch released to their storefront.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.