Carbon-Negative Blockchain Algorand Achieves Network Self-Sustainability via Transaction Fees
Algorand, the blockchain that is revolutionizing business strategies of all types, said today that it would debut the smart contract to mechanize the negating of greenhouse gases. The network’s latest self-sustaining smart contract gives a percentage of every transaction fees to negate its carbon emissions, betting big on its environmental promise.
Since its foundation, Algorand has placed a strong emphasis on environmental responsibility. The Algorand network has never had any outages since it was built to be energy-efficient. Its distinctive proof-of-stake consensus method uses very little power and costs very little, yet it provides lightning-fast transactions, absolute safety, and instantaneous resolution.
Naveed Ihsanullah, Vice President of Engineering Research at Algorand, pointed out “It’s hard to overstate how serious a problem climate change has become for the globe today. All long-lasting future technology must meet minimum efficiency and energy conservation standards as a matter of course. This is a major step forward for Algorand’s approach to sustainability, and we’re pleased to announce the launch of smart contracts that will fully enforce our climate mitigation guarantee.”
Blockchain technology is being used by ClimateTrade, a company that provides Greenhouse gas transparency and traceability for companies, to increase the effectiveness of their sustainability initiatives. Carbon credits purchased through the smart contract may now be purchased using a part of network transaction fees, thanks to ClimateTrade, a verified Algorand blockchain-based carbon credits marketplace.
Algorand, the world’s initial complete proof-of-stake blockchain, was built from the bottom up to minimize environmental effect. Algorand has been a pioneer in energy-efficient blockchain technology since its consensus is not reliant on computationally costly proof-of-work. CO2 emissions are 120 million times lower on the Algorand blockchain than on the Bitcoin blockchain.
Algorand is increasingly being used by companies with a commitment to sustainability because of its expertise as an environmentally beneficial technology, notably PlanetWatch, GlobalCarbon Holding, ClimateTrade, and others.
Sustainability, protection of the environment and creativity are at the heart of Algorand’s dedication to sustainable development, thus it has teamed up with groups like Climate Ride and Premios Verde to communicate the theme of sustainable development, environmental preservation and advancement.