The first public, carbon-negative blockchain showcases its commitment to sustainability and advocates for building a greener future on Algorand
NEW YORK, April 21, 2022 /PRNewswire/ -- Algorand, the blockchain transforming business models of all kinds, today announced it will showcase its commitment to sustainability and climate-first technology in Times Square, NYC. The takeover will begin as Earth Day celebrations around the globe kick-off — on Earth Day Eve in the US, Thursday, April 21, from 8:00-9:00 pm EDT— and demonstrates that the future can be built using modern, energy-efficient technology.
At the top of the hour, the billboards of Times Square will blaze with a bold call to action, encouraging audiences to unplug, celebrate the Earth, and commit to building a greener future. For the remainder of the hour, the billboards will bring a rare moment of silence and calm to one of the busiest centers in the world.
Algorand chose to bring its message about the importance of sustainable technology to Times Square, one of the most high-profile and innovative destinations in the world. The duration of the billboard takeover draws a comparison between Algorand's sustainable technology versus other blockchain networks: the one-hour takeover is estimated to represent 350 million finalized transactions on the Algorand blockchain chain and 90 hours of running the network. In comparison, it would equate to only six finalized transactions on the Bitcoin network running for just 1.5 seconds.
"Algorand was built from the start to achieve global speed, scale, and decentralization, while maintaining a lightweight, energy efficient footprint," said Staci Warden, CEO of the Algorand Foundation. "That's what sets us apart from other blockchains."
Sustainability has been a core component of Algorand since its inception. As the world's first pure proof-of-stake blockchain, the Algorand network was designed from the ground up to minimally impact the environment. Because its pure proof of stake consensus mechanism requires minimal computational power or electricity, Algorand has been a leader in minimizing the environmental impact of blockchain technology. Compared to the Bitcoin blockchain, digital asset creation and transactions on Algorand result in 120 million times less CO2 emissions.
"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.
Media interested in attending a private reception at NASDAQ overlooking Times Square to experience the takeover firsthand and meet Algorand executives and ecosystem partners, please contact: firstname.lastname@example.org.
Algorand is transforming economic models and economies of all kinds. Founded by Turing Award–winning cryptographer Silvio Micali, Algorand's high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, our sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com.
About The Algorand Foundation
The Algorand blockchain — designed by the MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near-zero transaction costs, on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the "blockchain trilemma" by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit https://algorand.foundation
Media contact: Margaret Huang, 415-867-1626, email@example.com
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