Tezos Blockchain Finds Energy Savings After PoS Transition

The change to the proof-of-stake has significantly reduced energy consumption in the Tezos (XTZ) network.

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XTZ, a privacy-focused blockchain network, has released its carbon footprint report from PricewaterhouseCoopers Advisory SAS – a French subsidiary of PwC’s network of member firms.

The PwC report reflects the dramatic improvements in energy efficiency for XTZ since moving from Proof-of-Work (PoW) mining consensus to Proof-of-Stake (PoS).

The PwC report highlights a significant decrease in the XTZ network’s carbon footprint despite the increase in network activity. The XTZ blockchain accounts for 50 million transactions, while the entire network is reported to have an energy footprint of 17 global citizens.

The energy efficiency per transaction on the network has increased by 70%, while the estimated electricity demand per transaction is 30% lower than in 2020.

Reid Yager, Global Communications Director at Blokhaus, said, “As more brands and companies incorporate energy into their business decisions, an energy efficient blockchain like XTZ has emerged that is ready to meet your needs and operate efficiently, safely and reliably guarantee” XTZ affiliate.

The annual energy consumption of the Tezos network is estimated at 0.001 terawatt hours (TWh), which is negligible compared to Bitcoin (BTC) with 130 TWh and Ethereum (ETH) with 26 TWh. Tezos uses almost 2.5 g of CO2 equivalent per transaction

Related: French retail giant to launch Tezos-based stablecoin

The move to PoS not only helps the Tezos network reduce its carbon footprint, it also opens up new avenues in the area of ​​unavailability tokens (NFTs) and decentralized financing. Tezos was selected by Crimson Bull Racing, Honda and McLaren Racing as their NFT launch platform. It was also recognized by Art Basel Miami Seashore as the blockchain of choice for its ecosystem exhibition.

Due to issues with energy consumption and the complexity of scalability, the number of blockchain networks moving from PoW to PoS has increased significantly. In addition to Tezos, there is ZCash (ZEC), another blockchain network geared towards data protection. switch to PoS. Most of the blockchain networks making the switch are trying to move away from the FUD energy consumption associated with the PoW mining consensus.