In recent years, Environmental, Social, and Governance (ESG) based businesses are becoming essential when considering the risk assessment of any initiative. Governments have been clamping down on cryptocurrency mining due to its adverse environmental impacts. Therefore, there is the need to have a blockchain protocol that upholds the ESG initiative at the core of its operations. Telos blockchain protocol offers several solutions to today’s ESG problems.
In this year’s World Economic Forum held in Davos, Switzerland, “how to protect the planet” and “better businesses” were among the conference’s theme. It has become imperative that we have to work in saving our planet consciously. Businesses must adopt initiatives that do not harm the environment. There is no doubt that the advent of blockchain technology has revolutionized many industries. However, blockchain developers need to ensure they are building to help sustain our planet. The Telos blockchain protocol is leading the charge in ESG sustainability initiatives, and others need to follow suit.
What is Telos Blockchain?
Telos is a blockchain network that offers decentralized system infrastructure to enable developers, businesses, investors, etc to build, host, and execute commercial-scale decentralized applications (DApps). It is one of the leading blockchain platforms for Web 3.0. Aside from its ESG initiative, it is also built for speed and salability. This makes it arguably the ideal blockchain network for mass adoption. Telos-based tokens, NFTs, and smart contracts are already deployed for decentralized finance platforms, gaming, social media apps, etc. Today, more than 100 different projects are building on the Telos blockchain protocol.
Telos aims to build and facilitate a blockchain network that is completely decentralized and environmentally friendly. It is a community-governed blockchain system. Although Telos blockchain is built from the EOS.io protocol, it is not directly affiliated with EOS. Here, Telos forks the ESOIO code to get an entirely new blockchain network devoid of the unhealthy economic power of a small number of “whales.” The Telos blockchain ensures there is economic decentralization, unlike in EOSIO, where 1.6% of token holders own 90% of the EOS token.
There are several Telos communities across the globe, in North America, South America, Australia, Europe, and Africa. Telos has been working to become the leading ESG blockchain network. It has been positioning itself for real-world mass adoption.
Telos as an ESG Blockchain
When the blockchain was launched in 2018, the founders never bothered to hold an ICO or seek funding. Instead, they seek to solve the problems facing other blockchain networks. Most of these problems were at that time ESG related. This has made Telos grow into the world’s leading ESG blockchain network. The Telos Foundation’s three years of focused work have led to more than 100 projects in line with the company’s ESG goals.
Telos blockchain has had a great and positive environmental impact, social responsibility, and governance capabilities.
Telos environmental impact
Telos blockchain’s energy consumption rate estimate is way lower than any of its competitors, even lower than visa. For instance, the Telos community is currently auditing their rate of energy consumption and carbon (iv) oxide generation. The audit is based on reports from all the network validators. With this knowledge, the Telos community can predict their energy usage and mitigate it through community-approved carbon credit purchases and other Telos-based initiatives
Most blockchain networks have high participation fees, exclusive governance practices, and other entry barriers. Telos ESG blockchain design ensures any user can have unhindered access to the network. The Telos Resource Exchange and Telos Worker Proposal System are tools developers can utilize to execute any task on the blockchain network.
Since its development, the Telos blockchain has had a strong governance model. Back in 2018, governance was the major issue Telos sought to solve. Telos has a protocol called the Delegated Proof-of-stake (DPoS), which gives the community members the power to vote on validators they believe are needed and useful in the network. DPoS also play a vital role in committee elections and community polls. The Telos Decide is a powerful governance engine with expansive capabilities. Over the years, community members have used the Telos Decide to vote on changes in legislature, allocate funds to community initiatives, etc.
As a leading ESG blockchain network, Telos is in a pole position to become the number one sort after protocol in the blockchain space. However, with the advent of more ESG-based blockchain networks, the race to lead blockchain mainstream adoption is still very much open.