The following is an op-ed by Maria Eisner, the ESG & Sustainability Lead at Concordium.
As Web3 strives for mass adoption, layer 1 protocols should treat users – especially their developers – like consumers. They must prioritize a positive, valuable experience for each person interacting with the protocol.
So, when traditional consumer statistics come to light, layer 1 protocols should take heed: a PWC report found that 32% of customers will leave a brand they love after a bad experience.
A report by McKinsey and NeilsonIQ also found that products making environmental, social, and governance (ESG)-related claims “averaged 28% cumulative growth over the past five-year period, versus 20% growth for products that made no such claims.” This data is directly applicable to Web3.
Speed, convenience, consistency, and sustainability values attract users while lacking these qualities drives users away. Luckily, when layer 1 protocols implement green initiatives, they often directly incentivize heightened use. On the contrary, when blockchain protocols are energy guzzlers, developers, and users are deterred from engaging with the platform.
On a practical level, energy-intensive networks are even forced out of operation in certain circumstances. For example, this summer, we saw that Bitcoin miners had to shut down as a Texas heat wave drove up power prices and threatened the power grid. This is a recurring industry event. As shown below, less dramatic examples of sustainable initiatives positively influencing user adoption are plentiful.
Perhaps there is a contention that proo
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Author: Maria Eisner Pelch
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