Share this article
Smart Offsets: Algorand Ups Sustainability Pledge With Self-Executing Code
The smart contract–based commitment to sustainability coincides with Earth Day, which is Friday.
By Ian Allison
Updated May 11, 2023, 6:17 p.m. Published Apr 21, 2022, 1:00 p.m.
Make us preferred on Google
Algorand is continuing its campaign to be the greenest blockchain of them all, announcing a smart contract that will commit a slice of transaction fees to offset the chain’s carbon emissions in perpetuity.
The next generation of internet users will likely vote with their feet when it comes to high-energy-consumption blockchain technology, and proof-of-stake chains like Algorand, Solana and Filecoin are becoming green favorites. But it should also be noted that lots of innovation is happening with Bitcoin in this regard.
STORY CONTINUES BELOW
In addition to a carbon-negative pledge in writing (made on Earth Day 2021), the approach is now part of the Algorand protocol itself, said Vice President of Engineering Research Naveed Ihsanullah.
“We decided to make our carbon-negative pledge forever with blockchain transparency and perpetual smart contracts,” Ihsanullah said in an interview. “A smart contract takes the parameters of the blockchain – how many relays are involved, how many nodes are involved, how many transactions, etc. – and comes up with the offset power that needs to be paid for, and then uses transaction fees to pay for that.”
Algorand is also planning to mark Earth Day on Friday with an audacious takeover of New York City’s Times Square, turning all its giant LED billboards green, and then switching them to darkness for an hour to make a point about energy consumption.
“We’re going to take an hour out of Times Square’s time to run this event. What’s really compelling is that one hour of shutdown will save somewhere around 6,500 kilowatt hours. That will be roughly equivalent to the power required to finalize 350 million transactions on the Algorand blockchain,” Ihsanullah said, adding:
“I think that’s something on the order of one and a half seconds of Bitcoin work.”
Read more: Algorand Rents Times Square Billboard to Tout Green Cred Ahead of Earth Day
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Deus X CEO Tim Grant: We aren't replacing finance; we're integrating it
The Deus X CEO discussed his journey into digital assets, the company's infrastructure-led growth strategy, and why his Consensus Hong Kong panel promises "real talk only."
What to know:
- Tim Grant entered crypto in 2015 after early exposure to Ripple and Coinbase, drawn by blockchain’s ability to improve traditional finance rather than replace it.
- Deus X combines investing and operating to build regulated digital finance infrastructure across payments, prime services, and institutional DeFi.
- Grant will be speaking at Consensus Hong Kong in February.
