The weather being a pleasant 15 degrees Celsius over New Year’s is yet another stark reminder that climate change is creeping up on us. As we struggle to keep ignoring the detrimental effects of climate change, 73% of global consumers want to change their consumption habits to minimise their carbon footprint. To combat Bitcoin’s humongous energy usage, which equates to Norway’s annual consumption, altcoins such as HUH Token are turning green to reflect consumer interests. But how can we ensure that these cryptocurrencies are as sustainable as they claim to be, especially amidst research showing that 98% of North American brands are guilty of greenwashing?
According to the Coin Telegraph, greenwashing is a form of deception by which a business exaggerates or completely invents the extent of its green energy usage. From fashion brands to fossil fuel companies, a variety of industries have been exposed as engaging in greenwashing, particularly within their marketing and advertising.
Neither is the crypto market immune – Tesla CEO, Elon Musk, and Twitter’s ex-CEO, Jack Dorsey, agreed that it was possible for Bitcoin to become eco-friendlier and shed its image of being environmentally destructive. Responding to a report by Square titled ‘Bitcoin is Key to an Abundant, Clean Energy Future”, they concur that crypto miners have energy demand profiles that are well-suited to balancing intermittent power supplies. However, UK legislators supposedly cast doubt upon Bitcoin’s green potential by proposing that the finance ministry should consider implementing mandatory green labels for investments. But crypto is ultimately about decentralising finance and taking away control from governments, meaning state efforts to erase greenwashing wouldn’t affect the unregulated crypto sector.
Alternatively, blockchain technology could be better utilised to expose greenwashing tactics than the law. VeChain, the blockchain platform aiming to improve supply chain and business processes, is streamlining consumer consciousness by providing users with total provenance and traceability, effectively ruling out any attempt for businesses to greenwash. By allowing manufacturers to add sensors to their products, like RFID tags, data can then be recorded onto VeChain. In further efforts, VeChain also launched a Digital Carbon Footprint SaaS Service based on the VeChainThor public blockchain. VET has since been going upward in value, reaching its all-time high of $0.2782 last year. In November 2021, technical analysis predicted VET to increase by 63%, undoubtedly indicating the practicality of its services.
Meme coins in particular are jumping on the sustainability train. While Dogecoin consumes significantly less energy than Bitcoin, there is still more work to be done as Musk joins Dogecoin developers to make it eco-friendlier. For instance, mining processes could shift towards renewable energy sources and computer calculations streamlined during minting and trading.
Meanwhile, HUH Token hasn’t hesitated to take environmental action and has already partnered with Eden Reforestation Projects to plant 1 million trees. Despite only launching a month ago on PancakeSwap, HUH have enjoyed a 6000% increase since as well as 15,000 wallet holders. HUH’s promising start accompanied by its philanthropic efforts suggests that sustainability and value go hand-in-hand for crypto. The market can finally separate itself from Bitcoin’s shadow of environmental degradation, and set a new standard for altcoins. Moreover, hundreds of social media influencers are rumoured to start promoting HUH later this month, meaning its value might skyrocket again soon. In this age of conscious consumerism, HUH is leading the wave of sustainable crypto, with VeChain generating transparency on supply chain management.
Information on HUH Token can be found here:
HUH Official Swap- https://swap.huh.social/