Crypto

According to a PwC Report, the Tezos Blockchain Saw Power Savings After Switching to POS

Tezos Crypto Blockchain

According to a report by PwC, the Tezos blockchain saw power savings after switching to PoS.

The Tezos network has shown significant energy savings since it was switched to proof-of-stake.

PricewaterhouseCoopers Advisory SAS, a French member business of the PwC network of member firms, produced a carbon footprint report for Tezos, a privacy-focused blockchain network.

Tezos has seen significant increases in energy efficiency after switching from a proof-of-work (PoW) mining consensus to a proof-of-stake (PoS) consensus, according to the PwC analysis reported.

Despite increased network activity, the Tezos network’s carbon emissions have decreased significantly, according to the PwC analysis. According to the analysis, the Tezos blockchain accounted for 50 million transactions, and the entire network had an energy footprint of 17 global people.

The energy efficiency of each network transaction increased by 70%, while the predicted electricity need per transaction was reduced by 30% compared to 2020.

“As more brands and companies consider energy consumption when making business decisions, and 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-affiliated marketing firm.

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When compared to the likes of Bitcoin (BTC) at 130 TWh and Ethereum (ETH) at 26 TWh, the Tezos network’s annual energy consumption is predicted to be 0.001 Terawatt hours (TWh). Tezos uses roughly 2.5 grams of CO2 per transaction.

The switch to PoS has not only reduced Tezos’ carbon footprint but has also opened up new opportunities in nonfungible tokens (NFT) and decentralized finance. Red Bull Racing, Honda, and McLaren Racing have chosen Tezos as their NFT launch platform.

For its ecosystem display, it was also named the blockchain of choice by Art Basel Miami Beach.

Due to scalability challenges and energy consumption concerns, the number of blockchain networks switching from PoW to PoS has increased significantly. Aside from Tezos, another privacy-focused blockchain network, ZCash (ZEC), is switching to PoS. The majority of blockchain networks that are making the switch are attempting to avoid the energy usage stigma associated with the PoW mining consensus.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.