VeChain’s generates the same emissions generated by 1 single Bitcoin
Source: Akarat Phasura – Shutterstock
- Top Asian intergovernmental blockchain expert praises VeChain blockchain’s green initiatives.
- Other bullish announcements in the VeChain ecosystem have failed to show an immediate impact on the price of VET.
VeChain has continued to gain recognition as one of the most environmentally friendly blockchain networks due to its low energy consumption and low carbon emissions.
The Proof-of-Authority (PoA) blockchain network was highlighted as one of the industry standards in sustainable blockchain networks by Andy Lian, a leading Asian intergovernmental blockchain expert, and serial entrepreneur and author.
“VeChain is working on #green initiative with the government of San Marino. It is #blockchain generates 4.58 tonnes of carbon emissions, which is equivalent to the emissions generated by the extraction of a single $BTC.” 🌱#VeChain $KNOW #Sustainability #SDG pic.twitter.com/yDyiPjXyg2
— eisenreich (@eisenreich) 18 November 2022
Lian noted in a report titled “Green and Sustainable Crypto – Is This the Way Forward?” that 4.58 tonnes, the amount of carbon emissions generated by the VeChain blockchain in a year, is equivalent to the emissions generated by mining a single Bitcoin.
He also praised the blockchain for pushing sustainability forward by working on green initiatives. One such initiative he highlighted is VeChain’s partnership with the government of the European microstate of San Marino to bring agricultural supply chains onto the blockchain.
VeChain works with green initiatives to increase stakeholder engagement, such as the one agreed with the government of San Marino, or to deliver the future of safe and traceable food,
With such initiatives, VeChain is poised to continue gaining market share as climate impact and ESG-conscious blockchain investors come on board. The trend is already setting in as Bitcoin’s high energy consumption due to its use of a proof-of-work consensus mechanism has been one of the pioneer cryptocurrency’s biggest criticisms.
To get rid of this weakness, the Ethereum blockchain also recently converted from a proof-of-work to a proof-of-stake blockchain. The transition cut the Ethereum blockchain network’s energy consumption by up to 99%.
VeChain also reached several milestones recently
Gaining recognition for its green initiatives has only been the latest achievement of the VeChain network. Earlier this month, the blockchain reached a historic milestone by upgrading to the Proof-of-Authority (PoA) 2.0 protocol.
read more: VeChain Reaches Historic Milestone, A New Era of Real-World Sustainability – Will VET Price Explode?
The upgrade solves long-standing challenges of scalability and low throughput in the VeChain blockchain ecosystem, allowing the network to create smart contract systems for various public and private enterprises it wants on board.
Another bullish announcement in the VeChain ecosystem came from non-fungible token-centric protocol Exoworlds. Exoworlds has announced an official partnership with blockchain gaming startup Space Games that includes content creation, strategy, marketing and other key growth techniques.
However, the ecosystem growth has not affected the price of the blockchain’s native token VET. The price of VET is trading at around $0.019, down 1.18 percent in the last 24 hours according to our data.
