Algorand pledges carbon-negative blockchain
Algorand and ClimateTrade are working on a sustainability oracle that would drive down carbon emissions. Smart contract platform Algorand plans to achieve a carbon-negative network by implementing a “sustainability oracle” in partnership with ClimateTrade, in a move that could make blockchain adoption more environmentally friendly. The partnership, which was announced Thursday, enables Algorand to notarize its on-chain carbon footprint and then lock the equivalent amount of carbon credits into a so-called green treasury. Silvio Micali, Algorand’s founder, said his company is focusing on....
Related News
The smart contract will automatically allocate part of the Algorand blockchain’s transaction fees to purchase carbon credits at the carbon offset marketplace ClimateTrade. Proof-of-stake blockchain protocol Algorand will implement a smart contract that will automate the offsetting of the network’s carbon emissions.In a recent announcement, Algorand revealed that a new smart contract would take a portion of each transaction fee within its blockchain network and automatically process it to purchase verified carbon credits at ClimateTrade, a blockchain-based carbon offset....
Climatetrade will launch its marketplace for carbon offsetting on the Algorand blockchain. Blockchain marketplace Climatetrade will be building its new CO2 carbon offsetting platform on Algorand, a top-50 cryptocurrency project that is gunning for scalability and transactional performance. Climatetrade announced Wednesday that it has selected the Algorand blockchain to power its carbon offsetting marketplace, which is designed to help organizations achieve CO2 neutrality — a key pillar in the fight against climate change. Climatetrade is building on Algorand for its “flexible architecture,....
Nifty Gateway is aiming to become carbon negative while BNP Paribas' CEO likens NFT investing to casino gambling. The non-fungible token rush has seen every man and his Doge flock to the non-fungible market to cash in on the recent craze for tokenized collectibles. Even celebrities one would presume to have little engagement with crypto assets have been rushing to cash in, with the likes of John Cleese, Tony Hawk, Lindsay Lohan and Ja Rule cobbling together NFTs of varying artistic merit in recent months. However, surging NFT adoption has led to public backlash over the perceived carbon....
The upgrade promises to deliver negative carbon output across the platform. Blockchain platform Algorand has today announced the launch of the Algorand Virtual Machine, or AVM, a layer-1 protocol upgrade designed to enhance decentralized app scalability for developers and organizations, enable instant transaction finality and sustain a negative carbon output. In addition to these advancements, the AVM will also give developers program tools to write smart contracts in Python or Reach, a format similar to the multi-paradigm web page language Javascript.Cointelegraph reached out to....
A bitcoin miner has been presenting its blocks as "carbon negative." But what does that mean for its energy use?