April 22nd is recognized around the world as Earth Day and it’s a moment for the Algorand ecosystem to take stock of our impact on our environment and to ask ourselves if we can do more. The fact that the Algorand network is built on an innovative, low power consumption, Pure Proof-of-Stake consensus protocol already means that our carbon footprint is very small. This is especially so when compared with 1st and 2nd generation protocols such as Bitcoin or Ethereum. This low energy, low carbon footprint approach is a core feature of the Algorand network.
The Algorand ecosystem has come together and committed to go one step further, to make our network fully carbon neutral. We have partnered with ClimateTrade, already a member of the Algorand ecosystem, to offset the low level of carbon produced by the Algorand Network and make Algorand the first Carbon Neutral blockchain network. As part of this commitment, the Algorand community will ensure that the Algorand network will remain carbon neutral throughout the complete existence of the network. You will see us use the logo displayed here across our platforms to highlight our commitment to, and support for, sustainable blockchain development.
However, that’s not quite all. A key challenge for a network growing and scaling as quickly as Algorand, is that we might grow quicker than our carbon neutrality plan. To guarantee that we will always be carbon neutral, we are in fact going to commit to being Carbon Negative. Through our carbon offset plan with ClimateTrade, we are committing to always being ahead of the offset requirement of our growing network and will take more carbon out of the air than created by our energy footprint. Algorand is now one of the world’s first carbon negative, layer-1, public blockchains (if not The First ?).
Enterprises that wish to work with partners who are committed to a carbon neutral approach can look at the Algorand network as the optimal platform to create environmentally sound innovation. It is critical for the future, at scale, adoption of blockchain technology that our innovation doesn't have the drag of wasteful, high energy consumption for computation/consensus and the negative environmental impact of a large carbon footprint.
We believe that the Algorand ecosystem is already on this path to choosing a more sustainable approach to building blockchain innovation with partners such as PlanetWatch, ClimateTrade, GaiaChain, IUCN and Global Carbon Holding. We would encourage any innovator or developer to build their sustainable innovation on the Algorand network and where possible, we’re excited to provide grant support to accelerate the delivery of these projects - visit here for more information on our grants program.
As we start this journey, we are ready to hear more ideas on how we can further minimize our environmental impact. We look forward to engaging on this with our community as we grow and scale together. #greencrypto
For further information and a deeper analysis of Algorand's sustainability approach, please see the outstanding article from Cosimo Bassi which is available here.
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