BOSTON--(BUSINESS WIRE)--Algorand, a leading blockchain technology company designed to be the most efficient and greenest blockchain available, today cements its leadership and commitment to the environment by announcing its blockchain is fully carbon neutral. Algorand has partnered with ClimateTrade, a leader in CO2 emissions transparency and traceability that is using blockchain-based solutions to improve the efficiency of sustainability efforts for leading corporations around the globe.
Sustainability has been a core component of Algorand since its inception. As the world’s first pure proof-of-stake blockchain, the Algorand network was designed from the ground up to minimally impact the environment. Because its consensus is not based on energy-intensive proof-of-work and requires minimal computational power or electricity, Algorand has been a leader in minimizing the environmental impact of blockchain technology. The energy required to run a node in the network is negligible, and can be done on a device as simple as a Raspberry Pi. Compared to other blockchains, digital asset creation and transactions on Algorand result in magnitudes less CO2 emissions, with initial analysis demonstrating around 2 million times less.
“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,” said Silvio Micali, Founder of Algorand. “We understand that the mechanics of measuring the environmental impact of a global, decentralized and widely used blockchain are nuanced and complex. That’s why we are teaming up with ClimateTrade to continue and double-down on our eco-conscious efforts.”
ClimateTrade leads the market in bringing transparency and traceability into carbon markets with blockchain solutions, offering its services to large corporations including Iberia, Melià Hotels, C...