show
show
Witnessing the digital breakthrough

Algorand Is The Greenest Blockchain Thanks To The Negative Carbon Network

23 April 2021 17:00, UTC
Algorand Is The Greenest Blockchain Thanks To The Negative Carbon Network
By Anna Martynova

Algorand aims to become not only carbon neutral, but also a carbon negative blockchain project in partnership with ClimateTrade. Developers Algorand and ClimateTrade will build a network of oracles that will record the level of carbon emissions from consumers. The resulting measurements will be recorded on the blockchain and transferred directly to smart contracts.

Cosimo BASSI, Solution Architect at Algorand, modeled the environmental costs of blockchain technology. According to his report, a single bitcoin transaction requires 930 kWh and an Ethereum transaction requires 70 kWh. In comparison, the Pure Proof of Work consensus model used by Algorand allows the network to process transactions with energy consumption of just 0.000008 kWh each with 4,000 active validators.

Algorand and ClimateTrade expect to set up lending and compensatory financing for businesses through smart contracts in the future, in proportion to the reduction in carbon emissions.

Image: Coinbalina



Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER
Leave a comment
Leave a comment
Report a mistake