Tezos blockchain notices power saving after PoS switch: PwC report

Tezos is a privacy-focused blockchain network. It released the carbon footprint report of PricewaterhouseCoopers Consulting SAS (a French member company of the PwC member company network).

The PwC report reflects the significant improvement in energy efficiency of Tezos since the proof-of-work (PoW) mining consensus shifted to the proof-of-stake (PoS) consensus.

PwC’s report highlights a significant reduction in carbon emissions Tezos Network 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 fully prepared to meet their needs and provide efficient, safe and reliable operations,” the marketing agency Blokhaus Said Reid Yager, director of global 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 with Bitcoin and others (Bitcoin) At 130 TWh and Ethereum (Ethereum) At 26 TWh. 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 helped the Tezos network reduce its carbon footprint, but also opened up new avenues for non-fungible tokens (NFT) and decentralized finance. Tezos has been selected by Red Bull Racing, Honda and McLaren Racing 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. In addition to Tezos, another blockchain network ZCash (ZEC) that focuses on privacy. Moving to PoS. Most blockchain networks that perform conversions hope to avoid the energy consumption FUD associated with PoW mining consensus.