With the increasing focus on climate change, the crypto industry is under constant scrutiny due to its high energy consumption. However, a significant change is on the horizon with the EOS Network Foundation’s recent initiative to transform EOS into a climate positive blockchain network. This groundbreaking move is a first in the crypto universe and is sure to ignite discussions in an industry often criticized for its energy usage.
EOS: A Pioneer in Climate Positive Blockchain
Since its inception five years ago, EOS has maintained outstanding environmental standards. As a Proof of Stake (PoS) chain, EOS has always had a lower energy consumption compared to Proof of Work (PoW) networks like Bitcoin. EOS has consistently offset its annual carbon emissions, estimated at 242 tonnes of CO2. The next step in its evolution involves further measures to combat climate change. EOS is now set to offset three times its energy consumption, effectively neutralizing the emissions of two additional PoS networks.
While these efforts might seem minor in the grand scheme of environmental conservation, EOS’s new direction signifies more than just carbon capture. By positioning itself as an ultra-green blockchain ecosystem, EOS is likely to attract projects that share its commitment to sustainability. This could lead to the development of new applications operating on the EOS network, focusing on sustainability.
Blockchain’s New Era
The trajectory of the crypto industry has been intriguing, evolving from being barely on the environmental radar, to drawing criticism, and now becoming an ally in the fight against climate change. Criticisms peaked in 2017 as digital asset prices skyrocketed and Bitcoin’s energy consumption, rivaling that of a small nation, became contentious. The emergence of second-generation blockchains, including EOS, built on Proof of Stake, has eased the environmental criticism the industry previously faced.
With the industry’s shift towards web3, blockchain networks are now being utilized for hosting IoT and edge computing, and for applications ranging from sustainable fishery projects to tracking plastic disposal. These are the kind of use cases that may be well-suited to the green and carbon-positive EOS network.
Collaboration for a Sustainable Future
The partners EOS has collaborated with to establish its environmental credentials might not seem obvious initially. However, a closer look reveals their history of supporting similar initiatives. Upland, a metaverse superapp, simulates various aspects of real life within a virtual environment, while Aerial is a significant sustainability platform. Upland has been actively involved in EOS’ carbon offsetting efforts to date.
With carbon positivity now a part of its strategy, EOS has added another feather to its cap. This gives proponents of crypto another example of blockchain’s sustainability. In this context, it’s worth noting that tools like cryptoview.io can provide valuable insights into the performance of such pioneering networks.
