Algorand Announces Self-Sustainable Network Funded by Transaction Fees
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April 27, 2022
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Energy Friendly Smart Contract

Crypto blockchain Algorand announced it will implement the first smart contract designed to automatically allocate a portion of every transaction fee towards offsetting carbon emissions.

Sustainability is a central pillar in the Algorand project as it is designed to be energy efficient. Algorand utilizes a proof-of-stake consensus mechanism to reduce overall energy output and fees. The blockchain claims to produce 120 million times less CO2 emissions than counterpart blockchains running on proof-of-work models. As this is a central criticism of Bitcoin, Ethereum, and other blockchains, a growing number of blockchain projects are aiming to showcase environmentally friendly services.

“Climate change is among the most pressing issues the world faces today. Efficiency and a minimal energy consumption footprint simply must be table stakes for all underlying future technology,” said Naveed Ihsanullah, Vice President of Engineering Research at Algorand. “Algorand, a blockchain leader in this space, is seeing tremendous adoption from eco-conscious brands, creators, and developers, and we’re proud to take another step forward in our commitment to sustainability with the introduction of smart contracts permanently enforcing our carbon offsetting pledge.”
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Crypto Going Green

An increasing number of projects have been showcasing their ongoing eco-friendly work in the face of growing criticisms of the crypto space by national governments. Algorand is a partner of ClimateTrade, a Spanish company that works alongside companies in an effort to support their initiatives to offset CO2 emissions. Algorand has also partnered with organizations like Climate Ride, Premios Verde, Envision Racing, and SailGP, focusing on sustainable environmental responsibility through innovation.

Algorand recently took over the iconic Times Square in New York City for Earth Day by darkening the space for 1 hour. In a tweet, Algorand stated:

“1 hour is roughly equivalent to the energy required to complete 350 million transactions on Algorand vs 6 transactions on 1st gen blockchains.”

@Algorand "Last night, Times Square's major billboards went dark for #EarthDay22. Darkening @TimesSquareNYC, which is progressive in energy use, for 1 hour is roughly equivalent to the energy required to complete 350MILLION transactions on Algorand vs 6 transactions on 1st gen blockchain."

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What Is Algorand:

Algorand positions itself to be transforming business models and economies of all kinds. Founded by Turing Award–winning cryptographer Silvio Micali, Algorand claims its Layer-1 blockchain brings fast, frictionless, and inclusive technologies to everyone. Algorand states they are reshaping every industry–from TradFi and DeFi to new creator economies and beyond. Algorand has made a commitment to interoperability and consistent delivery, with sustainable technology powering more participation, transparency, and efficiency for all. Alogrand claims to be the technology provider for 2000+ global organizations in transforming the next generation of financial products, protocols and exchange of value.

Where to find Algorand

Website | Twitter

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