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Community driven internet browsers have attempted to take on the demand of paring the payments made in bitcoin
Popular internet browsers of their time, usually famous as Mozilla Firefox, actually are different entities. Firefox is the actual internet browser, and its parent company is Mozilla, a community-driven, non-profit internet company. Since it’s a non-profit company, it seeks donations from its users, and with the emergence of cryptocurrencies, the range of its donations expanded to accept donations in digital assets.
The company started taking donations in crypto, including bitcoin, ethereum and all other possible mediums. But later on, the company started facing several issues regarding bitcoin donations, so the firm is not making efforts to satisfy its community’s environmental consciousness by accepting donations only in proof-of-stake cryptocurrency.
Since January, Mozilla has stopped all crypto donations looking at the demands but now has opened them again after reviewing and assessing the community sentiments and conducting research on energy usage by different crypto. The company has found out that cryptocurrencies based on proof-of-stakes blockchain networks consume less than 1% of energy or electricity as bitcoin. However, the report mentioned that consumption varies among themselves according to efficiency.
After a review, Mozilla announced in a blog that the company was changing its policies regarding donations to cope with its climate commitments. The blog said that Mozilla would not accept proof-of-work cryptocurrencies that are more energy-intensive. It stated that cryptocurrencies based on proof-of-work could significantly increase their greenhouse gas or GHG footprint due to their intensive energy consumption.
The company made it clear that the move was also made on the basis of its self-imposed climate commitments in Jan 2021 that aimed for Mozilla to reduce its greenhouse gas footprint significantly year over year until the company becomes carbon neutral. The decision of Mozilla not to accept Proof-of-work crypto donations makes sure that their fundraising activities also go hand in hand with their commitment to emissions.
So eventually, Mozilla is blocking all transactions in bitcoin by rejecting all proof of stakes in crypto, along with Ethereum, at least until the smart contract blockchain turns itself into proof-of-stakes. The company stated that it would provide a list of cryptocurrencies that would be accepted by the end of the second quarter of this year. Some of these coins are assumed to be among the most popular proof-of-stakes chains, including BNB Chain (BNB), Avalanche (AVAX) and Solana (SOL).
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
