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Algorand’s ALGO Aims To Become A Carbon-Negative Blockchain

Stefan by Stefan
24/04/2021
in Blockchain News
Reading Time: 2 mins read
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Algorand’s ALGO aims to become a carbon-negative blockchain with its network ultimately aiming to become the greenest blockchain of them all as we can see more in our latest blockchain news.

Smart contracts platform Algorand partnered with carbon offset specialists ClimateTrade to launch a sustainability oracle which will help to make the blockchain even more carbon-negative according to the announcement that was published recently. Silvio Micali who is the founder of Algorand noted:

“Algorand is experiencing accelerated adoption and network expansion. As this period of hyper growth continues, we find it crucial to operate at a carbon-negative level. Indeed sustainable growth is way better than growth.”

In celebration of #EarthDay, Algorand pledges to be the greenest #blockchain with news that the network is carbon-negative!

Excited about our efforts with @ClimateTrade & @AlgoFoundation to set new standards for blockchain sustainability 👉 https://t.co/TMBPeQDEPf #greencrypto pic.twitter.com/XqsWB7s8yp

— Algorand (@Algorand) April 22, 2021

To achieve this goal, the oracle will notarize the Algorand carbon footprint and will lock the equivalent amount of carbon credit in a green treasury allowing it to run the protocol as carbon-negative. Micali acknowledged that measuring the global impact on the larger decentralized network is complex so the blockchain teamed up with ClimateTrade to continue and to double down on the eco-conscious efforts.
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ClimateTrade CEO Francisco Benefito noted:

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“Clean energy and addressing climate change are priorities for the United Nations, global organizations and governments alike. Algorand has a very low carbon footprint to begin with, and we are inspired by the leadership role the organization is taking to ensure the next generation of blockchain adoption is environmentally friendly.”

According to the announcement, Algorand’s ALGO network is already carbon-neutral because it is based on a proof of stake consensus algorithm so unlike energy-intensive proof of work protocols that are used by Bitcoin and Ethereum, PoS requires less electricity and computational power. This is because while Pow-based networks rely on endless calculations made through so-called brute force on powerful computers and PoS blockchains validate new blocks by allowing the users to lock up their tokens and to utilize them to help maintain the network. 

Algorand Selects, blockchain, startups,

As previously reported, the ecological impact of crypto and NFTs is becoming a widely discussed topic as one startup called Hitch announced a collaboration with artist Daniel Attfield to create an NFT art piece that will benefit the climate:

“Mining cryptocurrency creates a tremendous amount of energy and NFTs use much less— which is why using carbon credits for any art piece should be a requirement, not the exception.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: algo blockchainalgorand blockchainalgorand's algocarbon negative blockchain
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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