PwC Report: Tezos Blockchain Records 70% Increase in Energy Efficiency in 2021

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By Shiela Bertillo

Tezos, a privacy-focused and open-source blockchain network, released its carbon footprint report from PricewaterhouseCoopers Advisory SAS, a French member firm of the PwC network.

The PwC report shows drastic improvements in energy efficiency for Tezos both in terms of reduced carbon footprint and lower energy consumption. According to the report, despite the surge in its activities accounting for 50 million transactions, the annual energy consumption of the Tezos network is estimated to be equivalent to the footprint of just 17 people.

As per the report, the energy efficiency for each transaction on the network increased by 70% while the estimated electricity requirement per transaction was 30% lower than last year.

“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.

Tezos is a Proof-of-Stake (PoS) blockchain that uses more than 2 million times less energy to operate than Proof-of-Work blockchains such as Bitcoin or Ethereum.

For comparison, the annual energy consumption of the Tezos network is estimated to be at 0.001 Terawatt hours (TWh), which is minimal when compared to Bitcoin (BTC) at 130 TWh and Ethereum (ETH) at 26 TWh. Moreover, tezos consumes just nearly 2.5 g CO2 equivalent per transaction

Accordingly, PoS-based blockchain networks have made notable progress toward fulfilling the ESG goals especially after the recent market FUD around Bitcoin network energy consumption.

Consequently, Tezos has also seen some development in terms of network activity and new partnerships across the Decentralized finance and Non-Fungible Token (NFT) market. Recently, it was selected by Red Bull Racing, Honda, and McLaren Racing as their NFT launch platform; as well as being awarded as the blockchain of choice by Art Basel Miami Beach for its ecosystem exhibition.

Last week, Gaming giant Ubisoft launched the Ubisoft Quartz platform, a platform for its in-game non-fungible tokens (NFT) items, built on the Tezos blockchain. The platform is the first step in the video game firm’s aim to enter and develop their own metaverse. (Read more: Ubisoft Launches Tezos-powered NFT Platform)

Note: TZAPAC, the ecosystem arm of Tezos in Southeast Asia, is supporting BitPinas with its #tezmasPH NFT-minting campaign.

This article is published on BitPinas: PwC Report: Tezos Blockchain Records 70% Increase in Energy Efficiency in 2021

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BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.