Tolar HashNET cited as example of low energy consumption blockchain by EESC

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At the plenary session of the European Economic and Social Committee (EESC), the opinion for “Blockchain and the EU Single Market: what next?” was adopted.

In an opinion prepared by rapporteur Ariane Rodert, Tolar HashNET was used as an example of a blockchain solution with low energy consumption.

The document advocates important activities of the new EU commission and EU states in the area of blockchain technology. In the opinion, blockchain technology is mentioned as a positive transformative force across many sectors in society, bringing values such as trust and transparency, democracy and security. Ultimately, it can help to reinvent socio-economic models, thus supporting the societal innovation needed to tackle today’s societal challenges.

In the section noted below, Tolar HashNET was cited as an example of a sustainable and energy low consuming blockchain, you can read the full document here.

“The proof-of-work consensus mechanism is highly energy-consuming. With the development of the alternative proof-of-stake consensus mechanism, this important environmental sustainability issue can be resolved. Solutions already exist which must be shared and fully applied…” (EESC, 2019, p.8). 

Earlier this year, Tolar HashNET was also recognized as a fast distributed LEDGER solution in supporting the UN’s Sustainable Development Goals (8,9,11 and 12) by the UN’s Economic and Social Council document Blockchain in Trade Facilitation: Sectoral challenges and examples.

Tolar HashNET was used as one of 15 use cases highlighted in blockchain “white paper” as a sustainable, scalable and fast new generation blockchain technology suitable for public and private services.

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