Algorand Launches First Smart Contract to Offset Carbon Emissions

The new self-sustaining smart contract from Algorand will automatically allocate a portion of every transaction charge to mitigate carbon emissions.

Algorand has stated that it would be the first company to use a smart contract to manage carbon offsets. The network’s new self-sustaining smart contract will allocate a portion of every transaction cost to offset carbon emissions immediately.

Last year, the platform partnered with ClimateTrade, a traceability company that uses blockchain technology to assist businesses improve the effectiveness of their sustainability activities. Thanks to ClimateTrade, a verifiable carbon credits marketplace running on the platform blockchain, the smart contract may now use a percentage of network transaction fees to acquire required carbon credits that keep up with the network’s development.

On Friday, Algorand intends to take over Times Square in New York City and turn all of its big LED billboards green in honor of Earth Day.

The Algorand Foundation has announced that on April 21, Times Square in New York would be dimmed to demonstrate its sustainability efforts.

The takeover will begin at 8 p.m. ET, with billboards flashing an environmentalist call to action before going dark for one hour. The commercial campaign is intended to coincide with the United States’ Earth Day.

Algorand Network announced in March that its smart contract functionality would be upgraded to support contract-to-contract calls. Post-Quantum Secure Keys for Trustless Cross-Chain Interoperability will also be released as part of the upgrade.

Developers can now create complex apps for the platform ecosystem thanks to smart contract-to-contract calling, and network participants may use quantum-secure keys to take the first step toward trustless cross-chain interoperability.

The Algorand Foundation’s $20 million incentive program concentrating on developer tooling and EVM compatibility led to these network modifications.

According to Coincu data, ALGO is currently trading at $0.7244 and is the 31st largest cryptocurrency by market capitalization.

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