Web3 is for the Public Good

This article was initially written by @LaserDing @karljweaver1 @abbagarba1

Web3 is for the Public Good

This article was initially written by @LaserDing @karljweaver1 @abbagarba1

It is hard to define precisely what Web3 is, and it seems to be a moving target among even die-hard blockchain industry executives. As new pieces of stuff such as DeFi, GameFi, and NFT are booming one by one, If it’s one thing we all agree on, Web3 is evolving into uncharted territory. From crypto-native environments into digital-native ecosystems, It’s very much traces the same path as the early days of the Blockchain, where tech executives from the physical world were waiting to see the massive real Web3 killer application be revealed.

Kelvin Kelly, one of the greatest futurists in our era, just before the turn of the Century (1999), wrote New Rules for the New Economy. One of his underlying themes in the book can be further elaborated on “New Economy for the New Tech.” New tech, with efficiency increase, unlocks new economic forms and business models. This will eventually lead to marginal innovation.

Web3, as a new evolutionary technology term, is regarded as an integration of tokens, the blockchain, and smart contracts and is classified as a “Relations of Production” innovation category. Each “era teach” generational technology advancement didn’t occur suddenly or haphazardly; instead, it took shape gradually, integrating different convergent technologies into one amalgamated, yet powerful masterpiece. We can view this clearly from the early steam engines, then Internal Combustion Engine automobiles, leading up to the present day where the sophistication that goes into an Apple iPhone with all the technology jam-packed into a small space.

Web3 is a tool for massive human cooperation and collaborations in the digital world. Individuals maintain an online presence globally, which allows technology workers to manage their jobs seamlessly, with low costs and more trust enabled by smart contracts. Hence, we believe Web3 will unlock business models that were previously considered uneconomical, such as open access to unregulated common resources, including carbon emission collection procedures (under suspicion of exploitation) and sorely needing advanced D-MRV collection solutions. While this market usually depends on non-profit organizations, Web3 might offer a business model to make it profitable.

As human beings, we face an existential crisis caused by climate change, and that is why carbon capture/credits/offsets take on significant value as an asset with global consensus. Carbon emission quotas are widely accepted as tradable assets and are regularly included in balance sheets. The carbon credit/offsets markets for carbon digital assets do experience listing difficulty on markets due to their non-standard commodity nature. Carbon assets are hard to measure “digitally,” making the verification process lengthy and costly to onboard. For small-sized owners of solar panels, it is quite a tedious process to monetize their solar panels. Currently, the estimated total of residential solar panel energy output sits at around 100GW generation, worldwide. So it means a large amount of supply needs to be unlocked and monetized for the distributed renewable energy owners.

Arkreen Network is a Web3-enabled data network for globally distributed residential solar PV panels interconnected with a sophisticated monetization path for tokenizing digital assets to boost carbon-neutral earth. Enabled by Web3 (economics) and the integration of both The Internet of Things and Blockchain technology, arkreen is building a network to economically collect trustless distributed renewable energy generation data, and then convert that data into Renewable Energy Certificates(RECs) for sale to anyone desiring to offset their carbon footprint to claim carbon neutrality.

Carbon is a common resource and should be converted into an asset for market trading, so as to accelerate decarbonization. Enabled by Web3 methodology, Arkreen Network will unlock a large number of long-tail carbon assets for the public good.

By Arkreen on January 16, 2023.