Blockchain technology is far from homogeneous, meaning that blanket statements about its energy consumption should be reviewed with care.
An agreed commitment to low energy use was developed during the conception of EyA and initiated the search and development of the lowest possible use of energy whilst drawing consistent performance from the entire stack of technologies employed. The board within EyA has ensured that the commitment will continue and through use of data centres employing green energy, it is aimed to reduce carbon footprint to net zero over the next five years.
During the discovery phase of the EyA timeline, multiple layer one solutions were tested and researched not only in regards to performance and flexibility, but also the energy requirements required to provide a highly scaleable and efficient platform for the development of the higher level technologies within the stack.
With Bitcoin's ageing architecture and Proof of Work (PoW) requirements, it has long been understood that vast energy is required as “miners” compete to complete complex calculations in order to be rewarded with a small quantity of Bitcoin. Also, the overall wallet and lack of permissions led Bitcoin to not be acceptable for the EyA platform.
EyA has developed the governance committee to not only ensure fit and proper business execution and privacy for all users, but to also continue to monitor and keep the initial founders commitment toward not making a negative impact on the climate a reality. The EyA board will work alongside the committee and technology / cloud providers to locate the greenest data centres when scaling globally and provide yearly reports of cloud energy use both overall and per transaction. The diagram below depicts the typical energy uses of various technologies and EyA intends to be the lowest.