10 August 2023

Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx

The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...

Tezos Excels As An Energy-Efficient Blockchain According To New PWC Report

Tezos Energy Consumption at a glance: Average energy footprint of 17 world citizens. Tezos consumes approximately 2.4E-4 g CO2 eq. per unit of gas. Tezos consumes approximately 2.5 g CO2 eq. per transaction. Annual energy consumption is estimated at 0.001 TWh

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

The PWC Report

  • Tezos, with over 50 million transactions in 2021, had an average carbon footprint of 17 world citizens.
  • Tezos network’s annual energy consumption is estimated at 0.001 TWh — the network represents approximately 2.4E-4 g CO2 eq. per unit of gas and 2.5 g CO2 eq. per transaction.
  • With a similar number of bakers and a larger service offer in 2021 than in 2020, the impact of the Tezos blockchain for each transaction appears to lower over time — Tezos is becoming more efficient with energy consumption as the number of transactions increases.

Tezos, an energy-efficient and self-upgradable Proof of Stake blockchain, released today the carbon footprint of its protocol.

Tezos Energy Consumption at a glance: 

  • Average energy footprint of 17 world citizens. 
  • Tezos consumes approximately 2.4E-4 g CO2 eq. per unit of gas 
  • Tezos consumes approximately 2.5 g CO2 eq. per transaction.
  • Annual energy consumption is estimated at 0.001 TWh 

The low carbon footprint of Tezos means developers and users can prioritize innovation without compromising sustainability. As a platform designed to evolve through its on-chain governance mechanism, the efficiency of Tezos is not by accident, but by design.

The Tezos blockchain has increased in energy efficiency on a per transaction basis by at least 70%, with the estimated electricity requirement per transaction being less than 30% in 2021 than what it was in 2020.

The ability to evolve through upgrades means that as transactions continue to grow on Tezos, its energy consumption will continue to decrease, something no other blockchain is able to accomplish. 

In accordance with the requirements of ISO 14040 and 14044 standards, the Tezos Life Cycle Assessment (“LCA”) – conducted by Price Waterhouse Coopers (PWC) Advisory SAS – a French member firm of the PwC network of member firms – (“PwC”) looked at the energy consumption and carbon footprint of nodes on the Tezos network and was subject to a critical review by an independent expert hired by Nomadic Labs.

The LCA findings should be read in conjunction with the limitations and disclaimers outlined in the report (full report available here) and notably, the limits relating to the scope studied, data collection and available life cycle inventories in existing databases.

Most recently, Tezos has been selected as the blockchain of choice by Art Basel Miami Beach for the award-winning Tezos Ecosystem Exhibition, Red Bull Racing Honda, and McLaren Racing for their NFT collectible platforms, and EVE Online for their integration of NFTs into the legacy MMORPG video game.

The Tezos network has grown considerably as NFTs, DeFi, and other blockchains use cases have attracted mainstream attention. 

The LCA focused on three functional units related to running a node; making a single transaction; and consuming one gas unit for a smart contract. To consider the increase in the Tezos’ adoption rate in 2021, the year 2020, and the period January to mid-November 2021 extrapolated to one year were studied.

The LCA findings should be read in conjunction with the limitations and disclaimers outlined in the report and notably, the limits relating to the scope studied, data collection, and available life cycle inventories in existing databases.

The report can be downloaded here.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

Upload Article

Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.

Hidden
Hidden
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Banner Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: pdf, doc, docx, Max. file size: 128 MB.
Submit Article: Suitable Formats = PDF, WORD
By Uploading an article, you are accepting all to all copyright and information that is to the best of your knowledge true and accurate.
Agree(Required)

Other News

View More

Oxford 2 Upgrade for the Tezos Blockchain: Private Smart Rollups, Easier Baking, new Timelocks 

Tezos, a leading blockchain platform renowned for its self-amending capabilities and community-driven governance, has successfully activated Oxford 2, its fifteenth core protocol upgrade. The Oxford 2 upgrade includes enhancements to Smart Rollups and chain security and ensures Tezos remains at the forefront of blockchain innovation.

Read More

Tezos Blockchain Enhances SaaS: Transforming Company Register Management with Izikap

Nomadic Labs recently spotlighted the launch of Izikap, a novel SaaS platform developed by the Xelians group. This platform, operating on the Tezos blockchain, represents a significant advancement in the digitalization and management of company registers. The introduction of Izikap marks a paradigm shift from traditional paper-based systems to a more efficient, digital, blockchain-powered approach.

Read More

Etherlink: The Enshrined Layer 2 EVM Smart Rollup Is Set for Mainnet Launch in March 2024

Etherlink, the Tezos blockchain’s latest Layer 2 solution, is set to redefine the landscape of decentralized applications (DApps) with its upcoming mainnet launch in March 2024. This EVM-compatible, optimistic rollup distinguishes itself from other external Layer 2 platforms like Arbitrum, Optimism, and Polygon, due to its unique enshrinement within the Tezos blockchain.

Read More