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Nov 01, 2022, 07:24 ET
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SEOUL, South Korea, Nov. 1, 2022 /PRNewswire/ —
What Lambda256 has been doing for sustainability in blockchain
Pursuing environmental sustainability is no longer an option but an inevitable change for all types of businesses.
Lambda256 has been working on eco-friendly blockchain technology to dramatically reduce power consumption, providing Luniverse, a blockchain cloud service platform operated by Lambda256 where anyone can easily issue low-carbon NFTs. Luniverse’s high energy efficiency is envisioned by a validation algorithm called LPoA (Luniverse Proof-of-Authority) behind the Luniverse sidechain, a system that produces 30 million times less energy than that of energy-intensive systems like EthereumPoW and Bitcoin. Luniverse blockchain has received certification from DNV regarding its electricity consumption and greenhouse gas emission for Luniverse mainnet.
Manifesto for Green Planet
Not long ago, Ethereum, the largest blockchain network in the world, made a long-awaited software upgrade, the Merge, and it shifted from a proof-of-work(PoW) to a proof-of-stake (PoS) consensus mechanism in September. The foundation announced that the transition was successful, and Ethereum has significantly reduced the volume of energy consumption. This significant transition of Ethereum into the green blockchain brought a huge impact and interest in climate change across the blockchain industry.
As many industry verticals are adopting blockchain technology to develop Web3 services or mint NFTs with their own IPs, the environmental sustainability of the blockchain has become more significant than ever. Luniverse plans to support the Web3 DApp services built on Luniverse to carry out sustainable business aiming to achieve carbon net zero with low-carbon activities in blockchain operations.
The figure shows the estimated annual energy consumption in TW/year for various services/industries in June 2022. The figures are from publicly available sources as linked in the next paragraphs, and are visualized from the original source of the Ethereum website.
As for the comparison with platforms/services above, Luniverse blockchain consumes 0.0000023 TWh/year. The validation algorithm (LPoA) of Luniverse enables the lower expenditure of electricity and high performance compared to the PoW algorithm. Luniverse enables minting and managing NFTs in the most environmentally sustainable and cost-efficient way possible. Their underlying blockchain technology navigates through those challenges, providing an ecologically sustainable marketplace for minting, deploying, and selling NFTs.
In addition, Lambda256 announced support for environmental activities such as CCA’s campaigns, which Lambda256 has already joined, and to move toward achieving carbon net zero in the blockchain and digital asset industry. Crypto Climate Accord’s goal is to decarbonize the industry by prioritizing climate stewardship and supporting the entire digital asset industry’s transition to reduced electricity consumption by 2030 and net-zero greenhouse gas emissions by 2040. Lambda256 is participating as a Supporter, whose role is to develop standards, tools, and technologies to accelerate the adoption of and verify progress toward 100% renewable-powered blockchains by the 2025 UNFCCC COP30 Conference.
Towards 2040: Web3 and Environmental Sustainability
With the advent of the Web3 era, the importance of sustainability in blockchain businesses is emerging more rapidly than ever. Luniverse commits to contributing to the improvement of the global environment and a sustainable future through the operation of eco-friendly Green NFT and blockchain.
Luniverse is creating an environmentally friendly digital asset ecosystem with partners using Luniverse’s Green NFT platforms, such as CYPHRLY, MOMENTICA, and Upbit NFT. MOMENTICA is the flagship platform operated by LEVVELS, provides novel and innovative fan-artist experiences worldwide. The platform enables fans to collect and exchange diverse formats of digital collectibles. While the initial service will focus on K-Pop artists, the scope of the service will expand to include different artists and genres of music.
Luniverse Free Trial
Luniverse is a consortium-based blockchain service platform built and operated by Lambda256, that offers a development environment where anyone can easily create blockchain services, including a crosschain support and layer2 solutions. Anyone with the interest in using Luniverse can start the free trial on the official website: https://www.luniverse.io/
SOURCE Lambda256
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