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Elrond Becomes the First Carbon Negative European Blockchain, Leading a New Wave of Sustainable Innovation in Line with The European Climate Policy

ST. JULIAN'S, MALTA / ACCESSWIRE / August 5, 2021 / Elrond, the company leading a new wave of highly scalable and energy-efficient blockchain innovation, has announced that it has become carbon negative by offsetting more CO2 than its network accounts for.

"Humanity's ability to progress beyond what we thought possible not so long ago can continue only if we are conscious about our impact on the environment and the next generations. Climate change is a serious challenge, but one we can decisively solve if we act immediately" said Beniamin Mincu, Elrond CEO.

Blockchain technology has been architected to address complex economic problems but its most popular implementations are extremely energy inefficient, handling only a minuscule fraction of the internet's transactional needs while using more electricity than a medium-sized country.

By contrast, the Elrond Network's current capacity of 15,000 transactions per second, scalable beyond 100,000 TPS, brings a 1000-fold improvement in throughput and execution speed, while the energy required for processing a transaction is up to 6 million times lower.

Elrond is committed to ensuring that its technology is making a positive contribution to the planet and has partnered with Offsetra to permanently stay ahead of the blockchain's carbon footprint.

"By offsetting more CO2 that our blockchain is responsible for, we can stay ahead of ecosystem growth and make Elrond into a fertile ground for this generation of innovators to seed the foundations of a digital network of trust for the generations to come." the company's co-founder added.

The sustainability experts from Offsetra have conducted a rigorous analysis of the Elrond blockchain's carbon footprint by analyzing the energy consumption of more than 5,000 servers spread across 30 countries on 6 continents, the network linking them, and the additional impact generated by product development and operations.

The observed 6M kg CO2 footprint was offset by retiring carbon units equivalent to 7.4M kg CO2, netting a 25% positive impact on the environment for the Elrond blockchain. The network has thus achieved carbon negative status, through the first in a series of investments in verified green projects.

Taken in aggregate, the damage cost - incurred through repercussions on the environment - caused by the traditional financial industry and most blockchain implementations, could eventually send ripples of negative impact across time. By contrast, the positive impact of Elrond's carbon negative operations opens a radically different path. One that could be a robust and sustainable foundation for growth, that will preserve the very planet it achieves progress for.

Media Contact Details

Contact Name: Dan Voicu
Contact Email: dan.voicu@elrond.com

SOURCE: Elrond

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