Elrond makes history as first carbon-negative blockchain in Europe

Elrond announced that it has become carbon negative by offsetting more CO2 than its network accounts for, Invezz learned from the company’s press release. They are ushering in a new wave of highly scalable and energy-efficient blockchain innovations. Currently, the network has capacity of 15,000 transactions per second, scalable beyond 100,000 TPS. This constitutes a thousand-fold improvement in execution speed and throughput. At the same time, up to 6 million times less energy is required to process a transaction.

Elrond CEO Beniamin Mincu said:

Elrond blockchain generates 25% positive impact on the environment

Elrond partnered with Offsetra to stay ahead of the blockchain’s carbon footprint in line with its commitment to ensuring that its technology is making a positive contribution to the environment. Offsetra, an expert organization on sustainability, analyzed the energy consumption of more than 5,000 servers spread over tens of countries on six continents, the additional impact generated by product operations and development, and the network connecting them.

It emerged that Elrond’s blockchain generated 25% positive impact on the environment after observing that 6M kg CO2 footprint was offset by retiring carbon units of 7.4M kg CO2. Thus, the network has attained carbon negative status. This investment sets a precedent as the first in a verified green project.

Preventing negative impact over the long term

Taken in sum, the cost of damage inflicted on the environment by most blockchains and traditional financial institutions could ultimately have a negative impact over the long term. Thanks to the example set by Elrond's carbon negative operations, the future could be decidedly more positive.