Tezos blockchain records 70% increase in energy efficiency in 2021: PwC report
The annual energy consumption of the Tezos network is estimated to be equivalent to the footprint of just 17 people.
Tezos, a privacy-focused blockchain network, released its carbon footprint report from PricewaterhouseCoopers Advisory SAS, a French member firm of the PwC network.
The PwC report reflects drastic improvements in energy efficiency for Tezos both in terms of reduced carbon footprint and lowers energy consumption.
The PwC report highlighted a significant decline in carbon emission by Tezos network despite a rise in network activity. The Tezos blockchain accounted for 50 million transactions while, according to the report, the whole network constituted an energy footprint of 17 world citizens.
The energy efficiency for each transaction on the network increased by 70% while the estimated electricity requirement per transaction was 30% lower than in 2020.
“As more brands and companies factor energy consumption into business decisions, an energy-efficient blockchain like Tezos is well poised to meet their needs and deliver efficient, secure and reliable operations,” said Reid Yager, global director of communications at Blokhaus, a marketing firm associated with Tezos.
The annual energy consumption of the Tezos network is estimated to be at 0.001 Terawatt hours (TWh), which is negligible when compared to the likes of Bitcoin (BTC) at 130 TWh and Ethereum (ETH) at 26 TWh. Tezos consumes nearly 2.5 g CO2 equivalent per transaction
Related: French retail giant will launch Tezos-based stablecoin
Tezos has also seen some development in terms of network activity and new partnerships across the Decentralized finance and Non-Fungible Token (NFT) market. It has been selected by Red Bull Racing, Honda, and McLaren Racing as their NFT launch platform. It was also awarded as the blockchain of choice by Art Basel Miami Beach for its ecosystem exhibition.
Proof-of-stake (PoS) based blockchain networks have made significant strides toward fulfilling the ESG goals especially after the recent market FUD around Bitcoin network energy consumption.