Carbon neutral NFTs inside the metaverse. Elysium gaming blockchain paves the way for the new standard.
Trees to be planted through blockchain usage.
The more Elysium is used, the more trees that will be planted to offset its environmental impact over 70,000 Acres of land.
As we all know, blockchains need a lot of computing power. One of the biggest complaints about blockchains and NFTs is mostly resources related. “An NFT is using a lot of natural resources” is often heard as the most significant problem regarding the existence of NFTs. This will be a problem of the past now, as the Elysium blockchain will offset the CO2 emitted by the Elysium blockchain using tokenized trees. New forests will be created while documented and certified on the blockchain using the criticized assets as ‘high energy-consuming.’ This is important to understand, as it’s not just buying a stake in existing forests to preserve these while not verified on the blockchain. NFT minting, transactions, staking solutions, and much more will be carbon neutral on the Elysium chain.
What is the Elysium blockchain?
The Elysium blockchain is specially designed for crypto gaming projects. Most of these gaming projects use NFTs. Agora will offer a built-in NFT minting engine for convenience with API-routing possibilities. This brand-new blockchain has two primary goals.
- Becoming one of the top-ranking crypto gaming blockchains.
- Change our planet. Literally. Gamers for the win!
Both goals are reasonable as many metaverses already partnered with Elysium like Coddle Pets, Satoshi City, Coorest, Chumbi Valley, The Husl, Geocats, Sincity, Galactic fight league, and VulcanVerse. Five more metaverses will be announced soon.
The second goal is to create a fully carbon-neutral blockchain. Tokenized trees will be the way forward to reach this goal. Of course, the NFTs attached to these real trees are minted and stored on Elysium itself.
NFTs need to be minted on the blockchain to exist. When the NFT is transferred from wallet A to wallet B, it uses energy. The energy required depends on the method used for validating transactions. Elysium will be using the proof of stake method to validate all transactions and maintain the blockchain’s governance. Proof of stake is less energy-consuming than bitcoins proof of work, but will still need a sizeable CO2 offset. Elysium needs nodes (servers) to validate all transactions. These servers consume energy and emit CO2 during this process and the manufacturing of the servers.
Offset CO2 by using NFTs
This is the start of the magic because Elysium will use the power of blockchain and tokenization to offset the CO2. Elysium partnered with a company called Coorest to make this happen. Coorest offers investing methods for a green and eco-friendly environment using NFTs and crypto-based yield-bearing assets. Coorest plants trees all over the world on privately owned Coorest land. The trees can either be fruit trees or other types used for the CO2 offsetting. A new ecosystem is being created by planting lots of trees on acres of land. Coorest offers abilities for ecologies to study the new evolving nature phenomenons happening inside these unique ecosystems. In many ways, this is hugely positive for mother nature. This strategic partnership can be considered very strong, as both companies will integrate software or build on/for each other’s platforms.
These NFTs (NFTrees) will be your certificate proving you own the tree. At the same time, you can use the trees in-game. Plant them inside the metaverse and show the gamers you are trying to preserve mother nature and save our planet. Vulcan Verse already announced in-game capabilities for the NFtrees. Elysium will be planting trees by using the transaction fee of all transactions. A small fee will be charged for every single transaction. This will be used to plant the trees and expand the forests. So basically, all transactions done on the Elysium blockchain will finance a little piece of a tree. This way, the CO2 emitted will be neutralized in full or maybe even absorb more CO2 than emitted. The business case will be financially neutral in a few years, as the tree can generate yield if it is a fruit tree.
Calculations
The Elysium chain needs servers to validate all transactions. These servers consume electricity and therefore emit carbon. I will use this article combined with calculations done by “Greenhouse gas report conversion factors for 2020 by the UK government” as the source for calculations.
Based on the sources, we will use these base numbers for server CO2e usage.
- Emissions from the production of servers for use on-premise: 320 kg CO2e/year.
- Emissions from the production of servers for use in the cloud (since 50% is manufactured for use in the cloud): 160 kg CO2e/year
- Emissions from green power consumption: 0 kg CO2e/year
- Emissions from non-green consumption for premise power or self managed servers : 1760,3 kWh / year * 0,45 CO2e / kWh = 792kg CO2e
- From non-green cloud power consumption : 1760.3 kWh / year * 0,45 CO2e / kWh * 0,5 = 396kg CO2e
This results in these factors four our four categories:
- Cloud server Elysium node using 100% green electricity: 160 kg CO2e / year and server
- Cloud server Elysium node using non-green electricity: 556kg CO2e / year and server
- On-premise or data center Elysium node using 100% green electricity: 320 kg CO2e / year and server
- On-premise or data center Elysium node using non-green electricity: 1112kg CO2e / year and server
Let’s assume the nodes being used in a mixture of 50% cloud and 50% non-cloud servers while the green power consumption is also based on 50%/50%. Please note Elysium will encourage the use of eco-friendly servers going forward. But we have to make this assumption to calculate the need for trees to offset.
Average CO2e/year per server: 537 kg CO2e
For one server, we will need 22 trees. This amount will be a bit lower as more eco-friendly servers are deployed. Feel free to adjust based on your calculations.
I will have to assume the number of nodes being deployed. Over time the number of nodes will increase as the Elysium blockchain expands. More trees will be planted using the transaction fees over time. I looked at similar blockchains and assume we will start using 100 nodes. This seems a solid base to create a robust blockchain using validator nodes.
We would be looking at 100x 537kg CO2e emission on a yearly basis. We need 2148 trees to offset the CO2 based on 100 validator nodes.