Inefficient networks continues to waste massive amounts of energy with every cryptocurrency transaction. This is creating a real problem in the crypto market, barring itself from the mass adaptation that it craves. Along comes the Telos network with claims of being the "greenest block chain." What does that mean, really? Does it matter? Is it even true?
Wall Street's Environmental, Social, & Governance (ESG) investments and business practices are increasingly popular and sought after, but no crypto project could champion all three areas of the ESG initiatives until Telos came along. Meeting ESG criteria positions Telos to attract institutional investors, not just real-world user adoption. ESG was never a consideration in the design of Bitcoin, but, Blockchain 3.0 presents a massive opportunity for clear change and a move towards ESG standards.
Telos operates on a protocol called Delegated Proof of Stake (DPoS) which gives community members the ability to vote for validators that have a vested interested in the network. This model appears throughout the network's operations in apps like Telos Works and Telos Amend. There are community polls and committee elections. Telos Decide is a governance tool that aims to exceed the capabilities of all other major blockchains. Decide allows members to vote on changes in legislation, fund initiatives, and modify network economics.
When it comes to environmental concerns, the average Telos Block Producer consumes 25.044 kWh/day according to an audit conducted by Telos Core Devs & Telos Foundation. This means that Telos uses 0.000001 kWh/Trans while Bitcoin used 1,547, Ethereum 104, and Eth 2.0 will use 0.04. ADA used 0.0007 while XROP consumes 0.008. The VISA network consumes 0.001. Polygon MATIC consumes 0.000003. This stacks up to 0.0004 TWh/Year against BTC's 126, ETH's 49, ADA's 0.006, and Polygon's 0.0008. VISA clocks in at 0.2 TWh/Year. Telos' energy consumption is lower than any major competitor. Telos-based initiatives likes SEEDS, LocalScale, and Corcocoin projects allow users to predict energy usage and mitigate through carbon credit purchases. Members of the network are currently working to make Telos carbon neutral through fully decentralized and autonomous voting, a method no other blockchain can easily accomplish. Members can also vote for TelosGreen, a netowrk validator focused on sustainability.
The high cost of participation, exclusive governance practices, and other barriers to entry lead blockchains to be described as plutocracies. The result is numerous ecosystems that cater to their early adopters and make it difficult for socially conscious ideas to thrive. Telos aims to be accessible to any users. Through the Telos Resource Exchange and Worker Proposal System developers can utilize to receive resources needed to pursue any task. The Telos Foundation is an elected-body that is funded by the network to support developing projects. Lips is a new addition to the ecosystem that is on a mission to use blockchain networks to eliminate the risk of de-platforming. Lips is reshaping the social media landscape to empower women, non-binary people, and the LGBTQIA+ community. Lips combats censorship and harassment. After a long search, Lips selected the Telos network as their partner.
ESG is not going away. In order to thrive into the future, blockchain networks will need to advance all three strands, Environment, Social, and Governance. As Kevin O'Leary said, "Everybody's got to wake up and realize there's demand, but it has to be done around ESG concerns."
Over 100 projects are already integrated into the Telos ecosystem including chirp.la, AreaX NFT, Anchor, Angry Warlord, Bloks.io, Trezor, Ledger, and so on. The goal is to develop a user experience that is seamless so that users can't tell they are on blockchain. I found this to be true, you can dive deeper into a recent piece I published on my user experience on the Telos network. We'll continue to monitor the fundamentals and developments associated with the Telos project.
