Digital Assets: Algorand Launches Self-Sustaining Smart Contract To Automate Carbon Offsets
The network’s new self-sustaining smart contract automatically allocates a portion of every transaction fee to offset its carbon emissions.
Algorand, the blockchain network that was designed from the ground up to be energy-efficient, will implement the first smart contract to automate the offsetting of carbon emissions. The smart contract automatically allocates a portion of every transaction fee to offset its carbon emissions. (CISION PR Newswire)
Following the network’s partnership last year with ClimateTrade, the new smart contract will leverage a portion of network transaction fees to purchase required carbon credits in line with the growth of the network. ClimateTrade is a verifiable carbon credits marketplace running on the Algorand blockchain.
“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 enduring future technology,” said Naveed Ihsanullah, Vice President of Engineering Research. “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.”
On Friday, which is also Earth Day, Algorand will take over Times Square in New York City by turning all of its huge LED billboards green, thus darkening Times Square in a demonstration of its dedication to sustainability.
The event will commence at 8 pm ET and display a call to action on the environment. Thereafter the billboards will fall dark for one hour.
From the very beginning, the #Algorand blockchain has allowed users to do more while using less energy 🍃🌱
— Algorand (@Algorand) April 21, 2022
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