OneOf Selects Tezos to Build its Revolutionary NFT Platform

OneOf has selected Tezos to build its revolutionary NFT platform with the aim to authentically connect artists and fans in an environmentally sustainable way.

According to some assessments, it takes around 332 kWh to produce a single NFT on PoW blockchains like Ethereum, much higher than the 0.0002 kWh it takes to mint them on Tezos. To put this into context, the average human produces 0.1 kWh pedaling a cycle, requiring someone to cycle for 20 straight weeks before being able to mint an NFT on Ethereum. Tezos, on the other hand, would only need 7 seconds of pedaling to do the same.

The differences in energy consumption are even more evident with Bitcoin, which handles less than ten transactions per second at an energy cost of approximately 830kWh. In contrast, PoS blockchains are scalable to many times the throughput of PoW networks at a significantly smaller power draw. In raw numbers, Bitcoin uses 25 million times more power than Tezos.

Unlike both Ethereum and Bitcoin, Tezos’ Proof-of-Stake network does not depend on the cost of electricity to secure the network and defend against attacks from malicious users. Instead, Tezos uses economic incentives which ensure network participants adhere to the network’s rules. This is done through both positive and negative reinforcement, with “rewards” paid out for expected behavior, or validator “stakes” slashed for malicious actions.

Launched in 2018, Tezos was one of the first major Proof-of-Stake blockchains to successfully deploy its “mainnet”, integrating both consensus and governance rights into its staking model. The network is secured by hundreds of bakers staking billions of dollars in the blockchain’s native XTZ token, and with the unique “self-amending” capability not found on any other blockchains, it has the ability to evolve over time and become more resilient to security breaches.

Currently, there are around 400 “bakers” or validators on the Tezos network, and each node could be run on a Raspberry Pi — a modest piece of computing hardware that can be bought for under $100. If every baker on the network ran such a low-power computer for baking, the entire network could run at the same power draw as a toaster oven, or around 10 MWh annually.

Even if some bakers employ high-end servers or cloud services to run their nodes, at a 100 watts of continuous power draw assumption, the entire network would need less power than a couple of average modern homes in the United States.