ALGO Update: Algorand Takes Over Times Square In NYC

April 19, 2022 6:19 pm Comments

Algorand is going all-in when it comes to being a carbon negative blockchain in an effort to bring attention to the high energy costs that its competitors like Ethereum use.

The network uses a proof-of-stake mechanism which is much more efficient than the proof-of-stake mechanism that other blockchains typically use.

To bring awareness to this, the Algorand Foundation has decided to make a bold statement by taking over all the billboards in Times Square.

The point of doing so is to demonstrate that the square going dark is the equivalent of saving energy that could be used to power 350 million transactions on the Algorand blockchain.

CoinDesk shares:

“We wanted to make a bold statement on a large platform to educate the general public that advances in blockchain technology like those employed at Algorand have made it more green and sustainable than the first generation proof-of-work blockchains, and definitely more green than traditional banking and finance rails,” said Warden, a former executive director at J.P. Morgan Chase (JPM).

Times Square going dark for one hour saves 6,500 kilowatt hours of electricity, according to Algorand.

Warden said that figure is equivalent to 350 million transactions on the Algorand blockchain.

“We want to set the bar for other projects to follow,” Warden said. “We want them to see that a blockchain can be energy-efficient and powerful enough to handle complex transactions at scale with finality and security.”

Plans to further Algorand’s carbon-negative pledge, made last Earth Day, are in the works, she added.

Warden states that Algorand, from the beginning, was built to achieve speed, scalability, and decentralization all while being a lightweight network that does not hog energy resources.

Just the statement above sets the foundation for Algorand’s long-term organic growth and attracts blockchain developers to the network.

So far, the blockchain likely has one of the best positions when it comes to being the top environment-friendly ecosystems that are in use by companies today.

Algorand plans to expand its carbon-neutral network to all other industries such as NFTs, DeFi, and the metaverse which leaves a lot of room of growth for future market share.

Yahoo concludes:

“We are committed to global financial inclusion at scale,” continued Warden. “From traditional payments, to NFTs, to DeFi and the metaverse, we have the technology that delivers speed, scale, security and decentralization, all on a carbon-neutral platform”

Last year, Algorand solidified its commitment to sustainability by partnering with ClimateTrade to become the world’s first carbon-negative blockchain.

ClimateTrade is 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.

Later today Algorand will announce its approach to become the world’s first self-sustained carbon-negative blockchain.

At the time of writing, Algorand’s native token ALGO has a current price of 75 cents and has formed a strong base support at roughly 70 cents with large upside potential.

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