A major change to the way that Velas processes up to 75,000 transactions every second is set to radically reduce energy consumption, benefiting people, businesses, and the planet.
October 3, 2022, Leading blockchain protocol Velas today announced an important step on its journey to net zero carbon. This is part of the company’s commitment to tackling the challenge of climate change.
The announcement signals a move to a new innovative model that changes the way that transactions are processed across its industry-leading blockchain protocol. Effectively, this shifts from a highly energy-intensive ‘Proof of Work’ model to a much more energy-efficient approach that combines ‘Delegated Proof-of-Stake (DPoS)’ with ‘Proof-of-History (PoH)’.
Whilst the technicalities of this shift may not be widely understood outside of the sector, the impact of these changes will ultimately matter to everyone. This is because they will deliver a reduction in energy usage across the blockchain that will eliminate the carbon emissions generated by the protocol.
Today’s announcement is just the latest move from the blockchain protocol in its efforts to develop new ways of working that maintain transaction speeds at scale, whilst reducing the impact on the environment. It represents a significant shift that will lead to a more sustainable infrastructure that benefits businesses, communities, and the wider planet.
Today’s announcement is not the first time that Velas’s net zero approach has been in the spotlight. It builds on recent certification that confirmed that Velas has achieved carbon neutrality by offsetting the carbon produced since it was founded. ‘Climate+ Certification’ was recently awarded by Gold Standard, a Swiss organization specializing in assessing the progress that businesses are making on climate change against a range of measurements.
However, the shift to DpoS transactions announced today goes much further. It represents a major shift from offsetting carbon emissions to developing new operating mechanisms that are more energy efficient in themselves.
This is an important step in a wider ongoing challenge the crypto industry faces to reduce energy use and associated carbon emissions. Bitcoin production alone is estimated to generate between 22-22.9 million metric tons of carbon dioxide emissions a year- equivalent to an astonishing 1 percent of global electricity consumption.
Today’s announcement shows how industry leaders like Velas are proactively working to improve sector sustainability, with new mechanisms that not only maintain transaction speeds and security but also reduce carbon emissions to safeguard the needs of future generations.
Farkhad Shagulyamov, Co-Founder and CEO at Velas
“Blockchain is an increasingly important part of how the world does business. As this technology moves further into the mainstream, we need to find new ways of working that reduce the damaging impact on the environment. As one of the sector’s leading businesses, we recognize the responsibility that we have to innovate new approaches that show this technology can be good for businesses, good for people, and good for the planet. Today’s announcement is an important step towards that goal.”
Timur Kemel, Head of the Advisory Board at Velas
“At Velas, we believe blockchain is a positive social and economic force that can improve the lives of people around the world. However, that means that we must always strive to improve blockchain to reduce the impact that it has on the environment. As a carbon-neutral business, Velas is clear that blockchain can shift from being part of the climate change problem to being part of the climate change solution. Our new approach slashes the amount of energy that is used for transactions. That ultimately benefits us all.”
“Velas” is a trading name used for the Velas blockchain protocol, the ecosystem of related software products and legal entities engaged therein.
Velas is currently the fastest blockchain with Ethereum VM compatibility and was founded in 2019 in Zug, Switzerland.
Velas is also one of the most efficient blockchain networks for secure, interoperable, extremely scalable transactions and smart contracts that is integrating world-changing technology products and services to improve people’s lives all over the globe.
Velas is creating an innovative environment for decentralized applications, social platforms, open finance, access management solutions, Web 3.0 DeFi apps, micro-apps, and more.
Providing up to 75,000 transactions per second with extremely low fees, Velas is one of the most efficient blockchain networks available. Being an ecosystem using a wide range of decentralized products and services, the main goal of Velas is to bring blockchain technology to all types of users, from micro-startups to enterprise divisions while undergoing active efforts of being certified as a Climate Neutral blockchain and aiming to being a fully distributed Space network by 2025.
Company Name: Velas
Contact Person: Dan Zaitsev, Shirly Valge
Email: [email protected]