Algorand takes a Sustainability Pledge with the Self-Executing code

Algorand is continuing its campaign to be the greenest blockchain of them all, announcing a smart contract that will commit a slice of transaction fees to offset the chain’s carbon emissions in perpetuity.

The next generation of internet users will likely vote with their feet when it comes to high-energy-consumption blockchain technology, and proof-of-stake chains like Algorand, Solana and Filecoin are becoming green favorites. But it should also be noted that lots of innovations are happening with Bitcoin in this regard.

Naveed Ihsanullah, Vice President of Engineering Research, stated that the Algorand protocol now includes a written carbon-negative pledge (made on Earth Day 2020).

“We decided to make our carbon-negative pledge forever with blockchain transparency and perpetual smart contracts,” Ihsanullah said in an interview. “A smart contract takes the parameters of the blockchain – how many relays are involved, how many nodes are involved, how many transactions, etc. – and comes up with the offset power that needs to be paid for, and then uses transaction fees to pay for that.”

Algorand is also planning to mark Earth Day on Friday with an audacious takeover of New York City’s Times Square, turning all its giant LED billboards green, and then switching them to darkness for an hour to make a point about energy consumption.

“We’re going to take an hour out of Times Square’s time to run this event. What’s really compelling is that one hour of the shutdown will save somewhere around 6,500-kilowatt hours. That will be roughly equivalent to the power required to finalize 350 million transactions on the Algorand blockchain,” Ihsanullah said, adding:

“I think that’s something on the order of one and a half seconds of Bitcoin work.”
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