How Leading ESG Blockchain Telos is creating a real impact in the crypto landscape
This blockchain project’s developers believe the right direction for the crypto industry is to use the ESG (Environmental, Social and Governance) initiatives for sustainability as the basis for designing digital assets.
The Telos team has noticed that the current applications of blockchain technology in building decentralized systems are largely being criticized for being plutocratic.
Citing as an example, the blockchain platform noted that some crypto projects tend to use centralized governance structures which exclusively confer the right of governance to a few sets of players within the space.
Also, the Telos’ team observed how the barriers of entry are raised so high in the current iterations of decentralized technology such that an average developer may find it too difficult to innovate around blockchain technology.
For these reasons, Telos has set itself on course to deliver a blockchain network that is ultra-fast, practically fee-less and also more efficient.
The lack of ESG consideration in the blockchain industry
Blockchain critics all agree that the biggest challenge the industry is faced with, is the need to comply with all three criteria of the ESG standard.
These criterias are the need to pursue initiatives that are environmentally safe, preserving the earth’s natural resources. Also, Socially responsible by prioritising the overall well-being of human life and while also adopting a governance structure that is inherently inclusive.
Telos plans to make ESG a core component of its ecosystem
Realising that it is needful to build a blockchain platform that accords equal decision-making powers to the community, the project stated that one of the key features of its platform is that it has been designed to be a democratic in nature.
However, in order to make the decentralized governance model sustainable and efficient, there will be over 50 independent node validators who will be assigned to keep the platform running smoothly.
Also, there will be no selection criteria for approving potential network validators. Instead, a voting system involving the community and powered by a DPoS protocol, will be used.
The DPoS frameworks are currently integrated within some of its franchised products. The Telos Decide, Telos Works, and Telos Amend are some of them.
DPoS is essentially the use of an intrinsically fair and an auto-enforced democratic rule to sustain decentralization.
Elaborating on how it aims to reduce the carbon footprint of blockchain systems, Telos plans to keep the energy usage of its network to the barest minimum possible.
To help achieve that goal, the community will be entrusted with the responsibility to regulate the energy consumption and carbon emissions that are incurred to keep the platform running.
Also, the users will be the ones to decide how the Telos in-built solutions like LocalScale, Corcocoin projects, and SEEDs are used to enforce necessary measures on the environmental impact of the ecosystem.
The community can also elect to use carbon-free solutions deployed by validators like TelosGreen.
In order to align with the ESG standard for society-focused projects, Telos’ promise that it would make its platform readily available to prospective users of all categories.
Blockchain developers building on the Telos network will be able to access helpful resources within the ecosystem using any of the following tools: The Telos Worker Proposal System and the Telos Resource Exchange.
Telos also mentioned a side-project it intends to run as a society empowerment program. Namely, the Telos foundation.
As explained, the Telos Foundation will consist of a voted and funded group of individuals that are assigned to support niche blockchain startups in the Telos network.
The environmental impact of a project is one of the key criteria the ESG standard uses in judging the risk of running a business.
Thus, while crypto firms are struggling to find durable solutions to their power consumption problems, Telos aims to prove that carbon-free blockchain projects can become a reality.
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