Tezos, as a proof-of-stake blockchain, already has an inherent advantage over proof-of-work blockchains when it comes to energy efficiency. Proof-of-stake blockchains like Tezos use significantly less energy than proof-of-work blockchains, which require extensive computational power to mine blocks.
By promoting clean NFTs, Tezos is encouraging artists and creators to adopt sustainable practises and reduce their environmental impact. This not only helps to minimise the carbon footprints associated with NFTs but also promotes a culture of sustainability in the blockchain industry.
Tezos is making a significant effort to promote sustainability and reduce its impact on the environment. By focusing on clean NFTs and other sustainable practises, Tezos is leading the way towards a more environmentally friendly blockchain ecosystem, serving as an excellent example of how blockchains can incorporate sustainable practises into their operations and work towards a more environmentally friendly future.
Dhruvil Shah - Vice President of Technology – Liminal, a wallet infrastructure and custody solutions platform
Blockchain technology is widely perceived as the next big thing which is capable of transforming various industries. It is important to note that the Blockchain industry has started to take its carbon footprint very seriously. The majority of the firms operating in the crypto ecosystem are actively working towards touching net-zero emissions by the year 2030.
Proof-of-stake model is already revolutionizing blockchain-based transactions by reducing energy consumption significantly and ensuring the highest standards of security at the same time. Ethereum, the world’s leading blockchain has already migrated to the proof-of-stake model while advanced blockchains like Polkadot and Cardano are already using the proof-of-stake mechanism.
The introduction of CBDCs, which are based on blockchain technology, is another step towards reducing the pressure on Earth’s natural resources. CBDCs work like a digital form of physical currency and can be transacted through a digital wallet for various transactions. CBDCs eliminate the need to print, store and transport physical currency thus reducing the impact on the environment and creating a greener future for our coming generations.
Shivam Thakral, a Blockchain expert and CEO of BuyUcoin
Blockchain as a technology is poised to enable a greener and a more sustainable future. The latest advancements in the field of Blockchain and its applications have delivered highly energy efficient models for various businesses. Blockchain is the foundation of central bank digital currencies (CBDCs) and mass use of CBDCs will ease the pressure on earth’s natural resources from which paper, ink and other raw materials for physical currencies are sourced. Smart contracts and IOT devices are already creating a industry wide impact by saving energy and creating a better future for our planet.
At the organisation level, BuyUcoin is has pledged 3% of its annual budget to invest in blockchain powered carbon offsetting solutions over the next 3 years which is a part of our continued efforts to reduce the carbon footprint of our organisation. We are actively working towards implementation of proof-of-stake model within our infrastructure which is another bold step towards making our organisation sustainable and environment friendly.
Majority of our workforce is working remotely which adds a new dimension to our carbon reducing goals. The carbon generated through daily commute is negligible in a remote work model while shared power/internet makes our operations very lean and eco-friendly. Our Bring your own device policy (BYOD), helps in containing e-waste and our internal communication campaigns always motivate employees to make their footprint on mother earth as light as possible.
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