- Elrond is leading sustainable innovation in the blockchain industry.
- The company has successfully become carbon negative.
- To keep on this track it struck a partnership with Offsetra.
Elrond is leading a new wave of highly scalable and energy-efficient blockchain innovation. The company says that it has become carbon negative by offsetting more CO2 than its network accounts for. This is a revolutionary milestone to bringing sustainability to blockchain innovation.
Initially, blockchain technology’s architecture posed a challenge. While it could address the complexities of the world’s economic problems it did so by weighing heavily on the matter of energy consumption. Some instances saw that handling just a few transactions via the internet led to consuming energy enough to run a medium-sized country.
In contrast, the Elrond Network’s current capacity of 15,000 transactions per second is scalable beyond 100,000 TPS. In fact, it does so whilst bringing a 1000-fold improvement in throughput and execution speed. As a result, the energy consumed for processing a transaction is up to 6 million times lower.
The CEO of Elrond, Beniamin Mincu spoke on this matter,
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.
To add emphasis, the company’s co-founder also shared their point of view. By offsetting more CO2 than the blockchain is responsible for, it can stay ahead of ecosystem growth. This, in turn, will turn Elrond into a fertile ground for this generation of innovators. Thus, laying the ground for them to seed the foundations of a digital network of trust for future generations.
To ensure that Elrond will continue to be a technology that is sustainable and will contribute positively to the planet, it struck a partnership with Offset. This way it can ensure a permanent commitment to staying ahead of the blockchain’s carbon footprint.
Accordingly, the sustainability experts from Offsetra have conducted a rigorous analysis of the Elrond blockchain’s carbon footprint. It did so by analyzing the energy consumption of more than 5,000 servers spread across 30 countries on 6 continents. In addition, it also analyzed the network linking them and the additional impact generated by product development and operations.
The observed results were astounding. The 6M kg CO2 footprint was offset by retiring carbon units equivalent to 7.4M kg CO2. This net worth is of a 25% positive impact on the environment for the Elrond blockchain. Hence, the network has earned the carbon-negative status. This makes it the first in a series of investments in verified green projects.
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