Telos Blockchain Commits Investing in Carbon Sequestration Projects
There is now a carbon-neutral smart contract alternative for the “billion-plus” worldwide residents that celebrate and support Earth Day, according to Telos Blockchain (TLOS). RedShaw Advisors Ltd.’s Plannet Zero, a carbon risk and procurement consultancy business, has helped Telos commit “to purchase sequestration initiatives that would nullify the greenhouse gases of the blockchain’s total lifetime.”
A “biochar, which irreversibly eliminates carbon from the environment,” rather than “purchasing emission mitigation credits,” is being used to negate emissions. For a while now, “the Telos core developers have indeed been seeking to tap into the perfect spot that becoming Net Zero represents.”
Decarbonization has reduced Telos’ energy use “to less than 0.000002 kWh per transaction,” according to the company’s website. To put this in perspective, Bitcoin consumes 2,258.49 kWh of energy for every transaction, Ethereum consumes 238.22 kWh, while Visa consumes only 0.01 kWh every transaction.
This was “a wonderful step, and the team is quite pleased of this success, but it was still short of the aim of becoming ecologically invisible,” as stated in the press release.
Plannet Zero “worked with Telos to determine their carbon footprint by performing a study to estimate the energy usage of the Telos blockchain during the chain’s lifetime.”
In late 2018, this research “dated back to the first block ever produced.” In the meanwhile, Telos is “continue to work closely with Plannet Zero to confirm Telos’ emissions profile and purchases of carbon reductions.”
Additionally, Telos has already earmarked the monies necessary to “continue sequestering the comparable emission of carbon using the blockchain in the future.”
One of the pledges made was to “first negate our previous carbon footprint, then to continue neutralising our current impact as required.” This means that Telos will now be “a Net Zero Layer 1 blockchain that is still ludicrously fast, economical and not crowded, genuinely neutral and decentralised, simple to install and devoid of any front running / MEV.”
“DApps that operate on the tEVM will be running carbon neutral smart contracts by default,” said AJ Dinger, Telos’ Head of Business Development. The Telos Blockchain’s neutrality extends to all users that manufacture and trade NFTs or currencies on the platform. There’s more to this accomplishment than the sum of its parts!”
Not only has Telos partnered up with Plannet Zero in order to offset its own carbon footprint, but it is also “the last phases of achieving all carbon neutral standards for Scope 1 and Scope 2 emissions as well as operating scope 3 emissions for every element of Telos”
In order to comply with BSI PAS 2060, the offset must be “complete and fully compliant, and validated by BSI.” As of 2018, Telos Blockchain (Tlos) has been “a third-generation smart contract platform that supports interoperability with Solidity, Vyper, and Native C++ smart contracts.”
When it comes to EVM/Solidity, Telos offers “complete support with set low-cost gas rates and no front running.”
With Telos, “fee-free transactions are possible through its comprehensive native C++ smart contract support.”
A Net Zero Blockchain can still “sustainably support hundreds of millions of transactions per day, produce blocks in 0.5 second intervals (on first-in-first-out basis, eliminating front running on the network), and securely validate transactions via a credibly neutral and globally decentralised block producer network.” The chain.
“The throughput required to support and expand the burgeoning Metaverse / Web 3.0 better than any other blockchain,” according to the Telos Blockchain creators.
“The platform was purpose-built to give speed, scalability, cost-effectiveness, genuine decentralisation, and end-user fairness,” according to Telos’ creators.
With “a proprietary WASM runtime environment on the backend,” Telos uses “tight C++ on the frontend.”
“A Decentralized Autonomous Organization formed as a Promoting and Funding Body to Advance the Telos Blockchain Network and Provide Support to Network Applications” has been stated by the Telos Foundation.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.