Algorand is to implement the first smart contract to automate the offsetting of carbon emissions.
Doubling down on its commitment to the environment, the network’s new self-sustaining smart contract automatically allocates a portion of every transaction fee to offset its carbon emissions.
Sustainability has been a core component of Algorand since its inception. Designed to be energy-efficient, the Algorand network has never experienced any downtime. Its unique pure proof-of-stake consensus mechanism requires minimal energy and fees, while delivering high speed, security and instant finality.
Last year, Algorand partnered with ClimateTrade, a leader in CO2 emissions transparency and traceability that uses blockchain technology to improve the efficiency of sustainability efforts for corporations. Leveraging ClimateTrade, a verifiable carbon credits marketplace running on the Algorand blockchain, the smart contract can now leverage a portion of network transaction fees to purchase required carbon credits in line with the growth of the network.
