Costa Rica will use Chia Network technology to track climate change – DiarioBitcoin

Costa Rica will use Chia Network technology to track climate change - DiarioBitcoin By Hannah perez

Chia Network, the “green cryptocurrency” network, partnered with the Costa Rican government to help it build an open source platform that tracks climate change.

***

Chia Network, the blockchain and smart transaction platform created by the founder of Bittorrent, Bram Cohen, announced this Friday a partnership with the government of Costa Rica with the aim of providing technological support to the country’s climate initiatives.

According to a statement, Chia has signed a Memorandum of Understanding (“MOU”) with the local government that will allow the National System of Climate Change Metrics of Costa Rica (SINAMECC) to use its technology to store climate data in a safe, sustainable and immutable way.

As detailed, The Costa Rican government will leverage Chia’s Blockchain technology to develop an open source software platform to effectively track climate change. Due to its open source nature, the platform will be shared for free with other countries and will operate national registries “to manage the carbon inventory, the climate registry and record the corresponding bilateral adjustments with exchanges to transfer credits between countries”.

See also  Three companies reach an agreement with the SEC and will pay USD $ 539 million after promoting token sale - DiarioBitcoin

Costa Rica signs agreement with Chia Network

Created in 2018, SINAMECC is the official platform of Costa Rica for the coordination of climate information and monitoring of the country’s national climate change policy.

As such, the new system for SINAMECC based on the technology of Chia will provide a tool so that Costa Rica can “improve your climate inventory management“. Too will serve to optimize transparency and helping other nations achieve the goals of the Paris Agreement, (which establishes measures to reduce greenhouse gas emissions).

The Minister of Environment and Energy of Costa Rica, Andrea Meza Murillo, highlighted in this regard that the association is a reflection of the leadership of the Central American country in climate matters and its deep commitment to transparency.

The Government of Costa Rica selected Chia as an open source partner due to […] to the platform’s commitment to secure, sustainable and inclusive Blockchain technology and immutable data storage “Murillo said in the statement, adding:

This is a critical step towards strong and transparent cooperation in climate action focused on environmental integrity.

Meanwhile, the president and chief operating officer of Chia NetworkGene Hoffman echoed these comments. In the statement, he stressed that the agreement with Costa Rica represented an honor, as well as one of the adventures “more exciting” from Chia till the date.

See also  Morgan Stanley sees metaverse as potential $ 8 trillion market

Uniting Costa Rica’s leadership in this initiative with the Chia blockchain will create real momentum to enable markets to help solve real-world global problems.“, He added in conversation with CoinDesk.

Chia seeks solutions to the challenges of climate change

The news comes just days after Chia Network announce that he is working together with world Bank in the development of a data exchange prototype for the Climate Warehouse. The initiative will facilitate the division “transparent exchange and reporting of climate project information and its emissions“, As reported in a statement.

Part of the World Bank’s Carbon Markets and Innovation unit, the Climate Warehouse It was created to help countries meet pre-set targets for carbon emissions that lead to climate change.

The team of Chia described the project as a “non-exclusive, open source, no-cost solution that we are developing for the public good“. Meanwhile, a spokesperson for the platform advanced to CoinDesk that the system will be operational in the first half of 2022.

Also known among members of the crypto ecosystem as “the green cryptocurrency“, the project Chia aims to reduce energy dependence on public blockchains. To do this, it seeks to minimize energy consumption compared to those networks that operate through a proof-of-work consensus mechanism. (PoW), What Bitcoin, through an innovative system that takes advantage of the free space stored on hard drives (GPU) for mining new coins.

See also  FDIC president points out that US regulators are working for banks to incorporate cryptocurrencies - DiarioBitcoin

Based in San Francisco, Chia raised USD $ 61 million in a financing round that took place at the beginning of the year and gave the platform a valuation of USD$ 500 million. The platform is backed by reputable investors within the ecosystem, including the fund Andreessen Horowitz.


Recommended reading


Sources: Business Wire, CoinDesk, CoinDesk

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

Leave a Comment

Your email address will not be published. Required fields are marked *