Cudos, a decentralized compute network designed to power Web 3.0, has entered a partnership agreement with ClimateTrade, a leading carbon offsetting platform, to transform itself into a carbon-neutral blockchain.
Partnership Designed To Lower Crypto Carbon Footprint
Following the recent questions about crypto’s growing impact on the climate, almost all crypto businesses and startups are considering energy-efficient alternatives to lower carbon emissions and e-waste from mining activities.
To contribute to a greener crypto ecosystem, Cudo, the organization behind Cudos, a multi-layer computational, settlement, and oracle blockchain network, has partnered with ClimateTrade. This unique platform assists companies with achieving carbon neutrality through emission offsets.
Per Matt Hawkins, CEO & Founder of Cudo, “Building a sustainable computing model sits at the very core of our company’s values. Choosing the right partner to help us offset our network’s carbon footprint warranted deep research and consideration. It was therefore imperative that the partner we selected, utilizes blockchain technology, offering transparency and traceability to where purchased carbon credits are being spent. We strongly believe that ClimateTrade is that partner, and we’re extremely proud to meet our target of ensuring Cudos is carbon neutral, in readiness for the network launch this quarter.”
As a platform, Cudos provides a bridge between its ecosystem to other blockchains and the outside world with scalable access to external data. With the rising impact of carbon emissions on the climate, the partnership with ClimateTrade aims to contribute to a greener ecosystem and embrace more sustainable energy sources.
Transparent And Sustainable Blockchain Technology
Based on a recent study, a single bitcoin transaction has a carbon footprint of 359.04 kgCO2 – equivalent to the carbon footprint of 795,752 VISA transactions or 59,840 hours of watching YouTube. To that extent, Cudos Network, by design, uses the Proof-of-Stake (PoS) consensus model, which is proven to be energy efficient compared to the Proof-of-Work (PoW) model followed by Bitcoin and other networks, making it inherently climate-friendly.
The Cudos ecosystem is already a leading contributor to the green crypto initiative, managing over 60,000 globally distributed nodes through renewable energy-powered mining setups, unutilized PC environments, and cloud servers. On the other hand, ClimateTrade offers an innovative way for companies to offset their carbon emissions.
The platform is working with some of the biggest global brands, including Iberia, Telefonica, Melia Hotels, International Airlines Group, Suez Environment, and more, helping offset upwards of 1 million tons of carbon since its inception. ClimateTrade uses blockchain technology to guarantee that carbon credits are duly recorded in the registry and funds committed from the sale go directly to the project’s source.
“We are pleased to be the carbon neutral partner of Cudos. At the very heart of their mission is the need to address the throughput, scalability, and, most importantly, environmental issues associated with blockchains. We want to empower decentralised infrastructure in the new digital economy, and our job is to support the development and growth of its operations in a sustainable way.”Francisco Benedito, CEO of ClimateTrade, adds,
By partnering with ClimateTrade to offset its carbon emission, Cudos will equip blockchain developers building on other networks with access to green cloud computing resources in a sustainable fashion dedicated to continuously minimizing the environmental impact.