PricewaterhouseCoopers Advisory SAS, a French member business of the PwC network, published a carbon footprint analysis for Tezos, a privacy-focused blockchain network.
Tezos’ energy efficiency has improved dramatically, according to the PwC assessment, both in terms of carbon footprint reduction and energy consumption reduction.
Despite an increase in the network activity, the PwC analysis found that Tezos’ carbon emissions have decreased significantly. According to the analysis, the Tezos blockchain processed 50 million transactions and had an energy footprint equivalent to 17 global citizens.
The network’s energy efficiency grew by 70%, while the predicted electricity need per transaction was 30% lower than in 2020.
“More brands and businesses consider energy consumption in their business decisions. Hence, an energy-efficient blockchain like Tezos is well-positioned to meet their needs. And deliver efficient, secure, and reliable operations”, said Reid Yager, global director of communications at Blokhaus, a Tezos marketing firm.
Tezos’ annual energy consumption projected to be 0.001 Terawatt hours (TWh). Which is insignificant when compared to Bitcoin’s (BTC) 130 TWh and Ethereum’s (ETH) 26 TWh. Tezos uses roughly 2.5 g CO2 each transaction.
The platform has also witnessed some growth in network activity. As well, new partnerships in the Decentralized Finance and Non-Fungible Token (NFT) markets. It has been the choice to be the NFT launch platform by Red Bull Racing, Honda, and McLaren. For its ecological display, Art Basel Miami Beach named it the blockchain of choice.
After the current market FUD surrounding Bitcoin network energy consumption, proof-of-stake (PoS) based blockchain networks have made substantial progress toward achieving the ESG targets.