Algorand Rents Times Square Billboard to Promote Environmental Credentials For The Earth Day

The Algorand Foundation announced on Monday that it will darken Times Square on Thursday, April 21, to show its commitment to sustainability. The takeover will begin with billboards displaying an environmentalist call to action, followed by an hour of darkness beginning at 8:00 p.m. ET. The ad spend is planned in advance with Earth Day in the United States, which is celebrated on April 22.

The action comes as the carbon costs of cryptocurrency continue to be a lightning rod as the sector enters the mainstream. The proof-of-work (PoW) consensus process used by Bitcoin and Ethereum differs from the proof-of-stake (PoS) approach used by newer blockchains, such as Algorand.

Staci Warden, CEO of the Foundation, told that the event intends to correct misinformation about blockchain technology’s carbon footprint as well as raise awareness about the ecological impact of Times Square billboards.

“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,”

Warden, a former executive director at J.P. Morgan.

According to Algorand, turning off Times Square for one hour saves 6,500-kilowatt hours of electricity. Warden estimates that figure is equivalent to 350 million Algorand blockchain transactions.

“We want to set the bar for other projects to follow. 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.”

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