MultiversX Leads the Charge for a Greener Web3, Offsetting 25% More CO2 Than Its Network Emissions
September 28, 2023 – MultiversX, the leading blockchain infrastructure that has introduced one of the most performant and energy-efficient architectures in the industry, has announced that it has amplified its green blockchain efforts by now offsetting 25% more CO2 than its network and operation emissions, leading the way toward a more sustainable Web3.
A corporate carbon footprinting (CCF) analysis performed by Offsetra experts has determined that a total of 5,253 tonnes of CO2 emissions had to be offset by MultiversX’s blockchain network and its operations in order to achieve carbon neutrality. MultiversX went the extra mile by offsetting 25% more CO2, for a total of 6,569 tonnes, equivalent to 16,422,500 miles of driving or 16,422 Bitcoin transactions. This pledge will materialize as investments into Offsetra’s verified projects, focused on the protection of biodiversity and local communities. The full Offsetra report can be explored here.
The assessment took into account all blockchain and node operations, office and employee activity, as well as travel and accommodation.
Amidst a landscape where many blockchain implementations require excessive amounts of energy to function, the project differentiates itself through its energy-efficient Secure Proof of Stake consensus algorithm, powered by 3,200 validator nodes, and energy-conscious operations.
According to a report published last year by the White House Office of Science and Technology Policy (OSTP), the total global electricity usage for crypto-assets was estimated to range between 120-240 kWh per year. This is equivalent to 0.4%-0.9% of the annual global electricity usage, a range that exceeds the total annual electricity usage of many countries, such as Argentina or Australia.
From the ground up, MultiversX has been designed to operate with sustainable objectives in mind. Thanks to its novel technical feats, such as Adaptive State Sharding, the network, with a global infrastructure footprint of 10,000+ servers, is capable of processing 30,000 transactions per second at negligible costs. Minimum resource utilization translates to sharp economies of scale, with the MultiversX protocol able to scale with demand by adding more shards to the network. These impressive achievements are doubled by modest carbon emissions, ensuring a harmonious balance between efficiency and environmental responsibility.
In addition to its remarkable energy efficiency, MultiversX maintains its commitment to not only become carbon neutral but also contribute to a greener future. For the third year in a row, MultiversX continues to be used for millions of DeFi and NFT transactions while having a positive impact on the planet by offsetting 25% more CO2 than what the network is accountable for.
In our pursuit of progress, we must weave the fabric of innovation with the threads of environmental responsibility. At MultiversX, we’ve not only neutralized our blockchain operations, employee activities, and travel impact but surged ahead with a 25% carbon offset. Our commitment to a brighter climate future is unwavering, as we aim not just for balance but to tip the scales in favor of a healthier planet.
Beniamin Mincu, CEO of MultiversX
MultiversX is dedicated to pioneering solutions that not only address complex global issues but also make a positive and lasting impact on the environment. By setting an exemplary standard for sustainability in the blockchain industry, it envisions a future where technology and eco-friendly stewardship work hand in hand.
Full details on MultiversX’s environmental efforts: https://environment.multiversx.com/
About Offsetra
Offsetra works to provide consumers and businesses with an easy and intuitive interface for going carbon neutral by using verified carbon offset credits in its mission of raising awareness and inspiring climate action.
About MultiversX
MultiversX is a highly scalable, secure and decentralized blockchain network created to enable radically new applications for users, businesses, society, and the new metaverse frontier.
Media Contact:
Dan Voicu, Head of Communications: [email protected]
Distributed by STORM Partners. Contact Adrian Bono for interviews and quotes [email protected] or telegram @STORMPartners
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