Algorand Launches First Smart Contract to Offset Carbon Emissions: Details

AnalysisAlgorand Launches First Smart Contract to Offset Carbon Emissions:...



Tomiwabold Olajide

The network’s new self-sustaining smart contract will automatically assign a percentage of every transaction fee to offset carbon emissions

Algorand has announced it will implement the first smart contract to automate the offsetting of carbon emissions. The network’s new self-sustaining smart contract will automatically assign a percentage of every transaction fee to offset carbon emissions.

Algorand teamed up with ClimateTrade, a traceability firm that uses blockchain technology to help corporations enhance the effectiveness of sustainability efforts last year. The smart contract can now use a percentage of network transaction fees to acquire required carbon credits that keep pace with the network’s growth, thanks to ClimateTrade, a verifiable carbon credits marketplace running on the Algorand blockchain.

Algorand also plans to celebrate Earth Day on Friday by taking over Times Square in New York City and turning all of its massive LED billboards green. The Algorand Foundation stated that on April 21, it will darken Times Square in New York to exhibit its dedication to sustainability.

Starting at 8 p.m. ET, the takeover will begin with billboards displaying an environmentalist call to action before falling dark for one hour. The ad spending is timed to coincide with Earth Day in the United States.

Ads

In March, Algorand Network announced an upgrade to include contract-to-contract calls in its smart contract functionality. The upgrade also aims to release post-Quantum Secure Keys for Trustless Cross-Chain Interoperability. With smart contract-to-contract calling, developers can now design complex apps for the Algorand ecosystem, and network members can take the first step toward trustless cross-chain interoperability with quantum-secure keys.

These network upgrades follow the Algorand Foundation’s $20 million incentive program focusing on developer tooling and EVM compatibility.

Algorand’s ALGO trades at $0.728 at the time of publication and is ranked the 31st largest cryptocurrency in terms of market valuation, according to CoinMarketCap data.



Learn more

Latest news

2 “Strong Buy” Small Cap Stocks That Can Rip Higher in 2023

Considering his status, only a brave financial prognosticator would tell investors to ignore some advice from Warren Buffet....

Will The Dark Warehouse Ever Become Reality? Perhaps Not In Our Lifetime

Steve Shaheen, CEO and founder, DTG. If you’ve ever visited an Amazon distribution center, you might think it’s like...

clues someone is reading your text messages

Just about every connected device you have can be used to spy on you, and this isn’t limited...

Venom Ventures Partners with Everscale, Announces $5 Million Strategic Investment

Vladislav Sopov Venom Ventures, first-ever blockchain-focused VC fund in Abu Dhabi, shares details of its strategic collaboration with Everscale Contents Venom...

US home price inflation slows further in November

US single-family home price growth cooled further in November, surveys showed on Tuesday, which together with declining mortgage rates could...

Toyota to Experiment With Blockchain Use Cases by Sponsoring Astar Network's Hackathon

The auto giant may use technology developed from the hackathon for its internal use. Learn more

Must read

2 “Strong Buy” Small Cap Stocks That Can Rip Higher in 2023

Considering his status, only a brave financial prognosticator...

Will The Dark Warehouse Ever Become Reality? Perhaps Not In Our Lifetime

Steve Shaheen, CEO and founder, DTG. If you’ve ever...

clues someone is reading your text messages

Just about every connected device you have can...

You might also likeRELATED
Recommended to you