Algorand promises a friendly carbon negative blockchain environment

0
66
Algorand Partners with Simetria Launch the First Digital Securities Exchange in Israel

Algorand is working with Climate Trade on a sustainable development oracle that would reduce carbon emissions and introduce a more friendly environment.

Algorand to introduce a more friendly blockchain environment 

The intelligent contract platform Algorand plans to work with Climate Trade to implement a “sustainability forecast” to create a carbon negative network that may make the environment where the blockchain will be introduced more friendly.

The partnership announced on Thursday enables Algorand to notarize its Cabon footprint in the chain and then to lock a corresponding amount of Carbon credits in the so-called green treasury.

Silvio Micali, the founder of Algorand, said the company will focus on sustainability as it increasingly adopts smart contract protocols. “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.” 

He also said: “We understand that the mechanics of measuring the environmental impact of a global, decentralized and widely used blockchain are nuanced and complex.”

Climatetrade is a Spanish financial technology company that invested more than $1 million in seeds over the past year. The company is building a carbon market that allows the company to track its emissions to meet a wide range of sustainable development goals. The company has partnered with major companies (including Iberia, Melia Hotels, Cabify, etc.).

Algorand and ClimateTrade Fight Against Climate Change Started 2020

This is not the first time Algorand and Climatetrade have worked together. As is was reported in December 2020, ClimateTrade is building its Algorand-based carbon offset technology due to the flexibility of the platform and the low transaction fees.

Algorand and other proof-of-stake protocols are trying to demonstrate the green aspects of blockchain technology. From a carbon emissions standpoint, the emergence of Bitcoin (BTC) as a viable monetary system isn’t cheap. It is estimated that the network’s workload proves that mining produces 45.34 million tons of carbon dioxide annually.