Tezos blockchain notices power saving after PoS switch: PwC report

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Tezos, a privacy-focused blockchain network, released a carbon footprint report from PricewaterhouseCoopers Consulting SAS, a French member company of the PricewaterhouseCoopers network.

The PwC report reflects the significant improvement in Tezos’s energy efficiency since the Proof of Work (PoW) shift to the Proof of Stake (PoS) mining consensus.

The PwC report highlights one Tezos network carbon emissions have dropped significantly Although network activity has increased. The Tezos blockchain has performed 50 million transactions, and according to the report, the entire network constitutes the energy footprint of 17 global citizens.

The energy efficiency of each transaction on the network has increased by 70%, and the estimated electricity demand for each transaction is 30% lower than in 2020.

“As more and more brands and companies incorporate energy consumption into business decisions, energy-efficient blockchains like Tezos are ready to meet their needs and provide efficient, safe and reliable operations,” the global marketing company Blokhaus Said Reid Yager, Director of Communications. Companies related to Tezos.

The annual energy consumption of the Tezos network is estimated to be 0.001 terawatt hours (TWh), which is Negligible compared to Bitcoin and the like (Bitcoin) At 130 TWh and Ethereum (Ethereum) 26 terawatt hours. Tezos consumes nearly 2.5 grams of CO2 equivalent per transaction

related: French retail giant will launch Tezos-based stablecoin

The changes in PoS not only help the Tezos network reduce its carbon footprint, but also open up new avenues for non-fungible tokens (NFT) and decentralized finance. Tezos has been selected by Red Bull Racing, Honda and McLaren as their NFT release platform. It has also been voted the blockchain of choice by Art Basel Miami Beach for its Ecosystem Exhibition.

Due to energy consumption issues and the complexity of scalability, the number of blockchain networks from PoW to PoS has increased significantly. ZCash (ZEC) is another privacy-focused blockchain network that is turning to PoS. Most blockchain networks that switch to POS hope to avoid the energy consumption FUD associated with PoW mining consensus.