.AlgoFoundation CEO StaciW_DC told Cointelegraph that the move allows the network to scale while still being carbon negative.
Proof-of-stake blockchain protocol Algorand will implement a smart contract that will automate the offsetting of the network’s carbon emissions.
In a recent announcement, Algorand revealed that a new smart contract would take a portion of each transaction fee within its blockchain network and automatically process it to purchase verified carbon credits at ClimateTrade, a blockchain-based carbon offset marketplace. According to Algorand Foundation CEO Staci Warden, the move will allow the network to scale while still being carbon negative. Warden told Cointelegraph that the smart contract will ensure that their blockchain remains eco-friendly in the long-term and hopes that other firms do the same.
“We hope this encourages our partners and other blockchain protocols to lower their carbon footprint,” said Warden. She explained that all tech companies have a responsibility to help build a sustainable future, and their team is happy that they are able to provide a blueprint on how this can be achieved.“The industry is moving in the right direction by adopting proof-of-stake as the preferred consensus mechanism.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Frustrated CEO Stuck In Dead-End 7-Figure JobNEW YORK—Bemoaning the lack of opportunities for growth in his current position, Eakins Analytics CEO Ryan Hammond expressed frustration Tuesday at being stuck in a dead-end seven-figure job. “Honestly, when I try to picture my future at this place, all I can imagine is spending decade after decade stalled out…
Read more »
Amazon CEO says unions are 'slower and more bureaucratic' in employee all-handsAmazon faces another union election next week.
Read more »
Former Ferrari Exec May Become McLaren Automotive's Next CEO | CarscoopsMichael Leiters was formerly Ferrari's chief technology officer and may soon be McLaren's CEO
Read more »
As rates rise for customers, CenterPoint CEO David Lesar's compensation triplesAs CenterPoint customers face rate hikes regardless of how much natural gas they use, CEO David Lesar's compensation more than tripled from 2020 to 2021, far outpacing executive compensations of other utility providers.
Read more »
With her diagnosis, North Texas cancer support group CEO is now a grateful clientShe hopes more patients will learn about the help and friendship behind the signature red doors.
Read more »
Ohio State Announces Intel CEO Patrick Gelsinger As Spring Commencement SpeakerOhio State announces that Intel CEO Patrick Gelsinger will deliver its spring commencement address.
Read more »