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Algorand has announced it will implement the first smart contract to automate the offsetting of carbon emissions. The network's new self-sustaining smart contract will automatically assign a percentage of every transaction fee to offset carbon emissions.
Algorand teamed up with ClimateTrade, a traceability firm that uses blockchain technology to help corporations enhance the effectiveness of sustainability efforts last year. The smart contract can now use a percentage of network transaction fees to acquire required carbon credits that keep pace with the network's growth, thanks to ClimateTrade, a verifiable carbon credits marketplace running on the Algorand blockchain.
From the very beginning, the #Algorand blockchain has allowed users to do more while using less energy ??— Algorand (@Algorand) April 21, 2022
Tonight, on the eve of #EarthDay2022, join us in advocating for a greener future — one powered by sustainable, energy-efficient technology ? https://t.co/P9Bg4kN6Wm pic.twitter.com/cJhUOLgx5R
Algorand also plans to celebrate Earth Day on Friday by taking over Times Square in New York City and turning all of its massive LED billboards green. The Algorand Foundation stated that on April 21, it will darken Times Square in New York to exhibit its dedication to sustainability.
Starting at 8 p.m. ET, the takeover will begin with billboards displaying an environmentalist call to action before falling dark for one hour. The ad spending is timed to coincide with Earth Day in the United States.
In March, Algorand Network announced an upgrade to include contract-to-contract calls in its smart contract functionality. The upgrade also aims to release post-Quantum Secure Keys for Trustless Cross-Chain Interoperability. With smart contract-to-contract calling, developers can now design complex apps for the Algorand ecosystem, and network members can take the first step toward trustless cross-chain interoperability with quantum-secure keys.
These network upgrades follow the Algorand Foundation's $20 million incentive program focusing on developer tooling and EVM compatibility.
Algorand's ALGO trades at $0.728 at the time of publication and is ranked the 31st largest cryptocurrency in terms of market valuation, according to CoinMarketCap data.