Elrond Becomes First Carbon Negative Blockchain In Line With European Climate Policy

Elrond Becomes First Carbon Negative Blockchain In Line With European Climate Policy
Elrond Becomes First Carbon Negative Blockchain In Line With European Climate Policy

Elrond Becomes First Carbon Negative Blockchain In Line With European Climate Policy – Elrond is leading a new wave of highly scalable and energy-efficient blockchain innovation. Today we are proud to announce that Elrond has become carbon negative by offsetting more CO2 than our network accounts for.

What’s big and instrumental, is that every Maiar transaction, NFT or DeFi product on our network will have a positive impact on the environment. Elrond thus becomes a fertile ground for this generation of creators and innovators to seed the foundations of a digital network of trust for the generations to come.

“Humanity’s ability to progress beyond what we thought possible not so long ago can continue only if we are conscious about our impact on the environment and the next generations. Climate change is a serious challenge, but one we can decisively solve if we act immediately” said Beniamin Mincu, Elrond CEO.

Blockchain technology has been architected to address complex economic problems but its most popular implementations are extremely energy inefficient, handling only a minuscule fraction of the internet’s transactional needs while using more electricity than a medium-sized country.

By contrast, the Elrond Network’s current capacity of 15,000 transactions per second, scalable beyond 100,000 TPS, brings a 1000-fold improvement in throughput and execution speed, while the energy required for processing a transaction is up to 6 million times lower.

We are committed to ensuring that our technology is making a positive contribution to the planet, so we have partnered with Offsetra to permanently stay ahead of our blockchain’s carbon footprint.

The sustainability experts from Offsetra have conducted a rigorous analysis of the Elrond blockchain’s carbon footprint by measuring the energy consumption of more than 5,000 servers spread across 30 countries on 6 continents, the network linking them, and the additional impact generated by product development and operations.

The observed 6M kg CO2 footprint was offset by retiring carbon units equivalent to 7.4M kg CO2, netting a 25% positive impact on the environment for the Elrond blockchain. The network has thus achieved carbon negative status, through the first in what will become a series of investments in verified green projects.

Taken in aggregate, the damage cost – incurred through repercussions on the environment – caused by the traditional financial industry and most blockchain implementations, could eventually send ripples of negative impact across time.

By contrast, the positive impact of Elrond’s carbon negative operations opens a radically different path. One that could be a robust and sustainable foundation for growth that will preserve the very planet it achieves progress for.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Haruna Magaji 2589 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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