As a researcher with a background in blockchain technology and sustainability, I am thrilled to see the proactive steps taken by the Cardano Foundation in collaboration with the Crypto Carbon Ratings Institute (CCRI) to disclose sustainability metrics for the Cardano network. This initiative is not only in line with upcoming regulations outlined in the Markets in Crypto-Assets (MiCA) framework in the European Union but also sets industry benchmarks for energy efficiency and transparency.
The Cardano Foundation, in collaboration with the Crypto Carbon Ratings Institute (CCRI), has taken the initiative to disclose sustainability data for the Cardano blockchain network prior to the implementation of regulatory requirements outlined in the Markets in Crypto-Assets (MiCA) framework within the European Union.
“The goal of this initiative is to improve energy savings and increase network transparency.”
MiCA Compliance Update
As an analyst, I’d rephrase it this way: On July 2nd, I analyzed a comprehensive report published by the Cardano Foundation detailing the network’s sustainability metrics. This report adheres to MiCA’s standards for crypto asset issuers and service providers to disclose environmental impact data. Collaborating with CCRI, we meticulously gathered data and employed advanced blockchain monitoring techniques.
The report highlights that Cardano utilizes a proof-of-stake consensus protocol, leading to substantial reductions in energy consumption compared to conventional proof-of-work systems. It provides detailed metrics such as total annual electricity consumption, carbon footprint, and marginal power demand per transaction per second within the Cardano network. These metrics are in accordance with preliminary regulatory technical standards put forward by the European Securities and Markets Authority.
As a crypto investor, I’m excited about the recent initiative led by Frederik Gregaard, CEO of the Cardano Foundation. He emphasized its importance, pointing out how it aligns with upcoming EU regulations and has the potential to set industry standards for Environmental, Social, and Governance (ESG) practices. With MiCA regulations set to take effect, the crypto industry now has a six-month window to implement these essential ESG requirements.
About MiCA
The European Union’s MiCA regulation serves as an all-encompassing system designed to harmonize crypto asset regulations among member states. Its objective is threefold: strengthening consumer safeguards, promoting financial resilience, and encouraging innovation within the cryptocurrency sector, by supplying clear-cut instructions for both issuers and intermediaries.
A key feature of MiCA (Markets in Crypto-Assets) regulation is its strong emphasis on sustainability. Crypto asset entities are mandated to reveal extensive sustainability information, including energy consumption and carbon emissions. This provision aims to boost transparency and promote environmental responsibility among industry players. The implementation of MiCA started in June 2023, with strict enforcement anticipated by the end of 2024.
Cardano Price Movement and Upcoming Hard Fork
I’ve noticed an uptick in the price trend for Cardano’s native token, ADA. In the last 24 hours, its value has increased by around 2.3%, bringing it closer to the $0.41 mark. As an analyst, I share the optimistic outlook held by my colleagues. We believe that ADA could continue climbing and potentially reach a price of $0.82 in the near future.
As an analyst, I’ve observed a recent price movement in ADA that aligns with a falling wedge pattern. This technical formation is typically followed by a strong breakout and increased bullish momentum. Yet, it’s essential for ADA to successfully hold crucial resistance levels to validate this trend reversal.
An uptick in activity occurs mere days before the anticipated hard fork of Cardano named Chang. This event intends to boost decentralization within the network. The Chang hard fork plans to release approximately 1.5 billion ADA through a voting mechanism akin to a Decentralized Autonomous Organization (DAO), thereby enhancing the power of the Cardano ecosystem.
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2024-07-02 13:33