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- Asia’s leading intergovernmental blockchain expert praises VeChain’s green initiatives.
- Other bullish statements in the VeChain ecosystem did not have an immediate effect on the price of VET.
VeChain continues to be recognized as one of the greenest blockchain networks due to its low power consumption and low carbon footprint.
The Proof of Authority (PoA) blockchain network has been lauded as one of the industry standards in sustainable blockchain networks by Andy Lian, a leading Asian intergovernmental blockchain expert, serial entrepreneur and writer.
VeChain is working on #green initiatives with the government of San Marino. His #blockchain produces 4.58 metric tons of carbon emissions, which is equivalent to the emissions from mining one $BTS.” 🌱#VeChain $VET #sustainable development #SDGshttps://t.co/vEnQmTppvC pic.twitter.com/yDyiPjXyg2
— Eisenreich (@eisenreich) November 18, 2022
Lian noted in a report titled “Green and Sustainable Cryptocurrency – Is This the Way Forward?” that at 4.58 metric tons, the amount of carbon emissions generated by the VeChain blockchain in a year is equivalent to the emissions generated by mining one bitcoin.
He also praised blockchain for further boosting its sustainability by working on environmental initiatives. One such initiative he highlighted is VeChain’s partnership with the government of the European microstate of San Marino to keep records of the agricultural supply chain on the blockchain.
VeChain works on environmental initiatives to increase stakeholder participation, such as the one agreed with the government of San Marino, or to ensure a safe and traceable food future.
With such initiatives, VeChain is poised to continue increasing market share as climate and ESG conscious investors join us. This trend has already begun, as Bitcoin’s high power consumption due to the use of the Proof-of-Work consensus mechanism was one of the biggest criticisms of the first cryptocurrency.
To address this weakness, the Ethereum blockchain was also recently transformed from a proof-of-work blockchain to a proof-of-stake blockchain. The transition reduced the power consumption of Ethereum blockchain networks by 99%.
VeChain also hit several milestones recently
Receiving recognition for its environmental initiatives was the latest achievement of the VeChain network. Earlier this month, the blockchain reached the historical milestone of upgrading to the Proof-of-Authority (PoA) 2.0 protocol.
Read more: VeChain reaches historic milestone, new era for real-world sustainability – will VET price skyrocket?
The update addresses long-standing scalability and low bandwidth issues in the VeChain blockchain ecosystem, allowing the network to create smart contract systems for the various public and private businesses it will use.
Another optimistic announcement made in the VeChain ecosystem comes from the non-fungible token-centric protocol Exoworlds. Exoworlds has announced an official partnership with gaming startup Space Games, which includes content creation, strategy, marketing, and the deployment of other important growth methods.
However, the growth of the ecosystem did not affect the price of the native VET blockchain token. According to our data, VET is trading at around $0.019, down 1.18 percent over the past 24 hours.