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- Top Asian intergovernmental blockchain expert commends VeChain blockchain’s green initiatives.
- Other bullish announcements in the VeChain ecosystem have failed to show an immediate impact on the price of VET.
VeChain has continued to get recognition as one of the most eco-friendly blockchain networks due to its low energy consumption and low carbon emission.
The proof-of-authority (PoA) blockchain network was highlighted as one of the industry standards in sustainable blockchain networks by Andy Lian, a leading Asian intergovernmental blockchain expert, and serial entrepreneur and author.
“VeChain is working on #green initiatives with the government of San Marino. Its #blockchain generates 4.58 metric tons of carbon emissions, which is equivalent to the emissions generated by mining a single $BTC.” 🌱#VeChain $VET #Sustainability #SDGshttps://t.co/vEnQmTppvC pic.twitter.com/yDyiPjXyg2
— eisenreich (@eisenreich) November 18, 2022
Lian noted in a report titled “Green and sustainable crypto – Is this the way forward?” that 4.58 metric tons, the amount of carbon emission generated by the VeChain blockchain in a year, is equivalent to the emission generated by mining a single Bitcoin.
He also commended the blockchain for pushing its sustainability further by working on green initiatives. One such initiative he highlighted is VeChain’s partnership with the government of the European microstate San Marino to keep agricultural supply chain records on the blockchain.
VeChain is working on green initiatives to increase stakeholder involvement, such as the one agreed with the government of San Marino, or to deliver the future of safe and traceable food,
With such initiatives, VeChain is poised to continue gaining market share as climate impact and ESG-conscious blockchain investors come on board. The trend is already setting in as Bitcoin’s high energy consumption due to using a proof-of-work consensus mechanism has been one of the pioneer cryptocurrency’s biggest criticisms.
To shed this weakness, the Ethereum blockchain also recently converted from a proof-of-work to a proof-of-stake blockchain. The transition cut the Ethereum blockchain networks’ energy consumption by up to 99%.
VeChain also hit multiple milestones recently
Getting recognition for its green initiatives has only been the latest achievement of the VeChain network. Earlier this month, the blockchain reached a historical milestone of upgrading to its Proof-of-Authority (PoA) 2.0 protocol.
The upgrade solves long lingering challenges of scalability and low throughput in the VeChain blockchain ecosystem, allowing the network to able to create smart contract systems for various public and private enterprises that it will onboard.
Another bullish announcement made in the VeChain ecosystem came from non-fungible token-centric protocol Exoworlds. Exoworlds has announced an official partnership with blockchain gaming startup Space Games that includes content creation, strategy, marketing, and other essential growth techniques deployment.
However, the ecosystem growth has not made an impact on the price of the blockchain’s native token VET. The price of VET is trading at around $0.019, down 1.18 percent in the last 24 hours according to our data.