The Algorand Foundation and the importance of sustainability in blockchain development
Algorand is a leading blockchain developed in 2017 by Silvio Micali, a Turing Award-winning cryptographer. Its pure proof-of-stake consensus mechanism offers near-instant transaction finality, security, and low transaction fees. The Algorand ecosystem offers a diverse range of decentralised applications (DApps) in industries such as DeFi, gaming, NFTs, supply chain, real estate, identity management, and sustainability.
Indeed, sustainability is also at the core of Algorand itself; an integral part of its development since day one. Says founder, Silvio Micali: “Algorand takes a proactive approach to blockchain sustainability by deploying an environment-friendly consensus protocol and focusing on providing green blockchain solutions.”
The importance of sustainability in blockchain development
With the environmental impact of technology a perpetually contested point and key global challenge, sustainability must be at the core of blockchain development. And we’re not talking just simply improving sustainable business practices with efficient storage and processing solutions, but rather the development of blockchains themselves. A blockchain should be scalable to onboard the next billion users but not at the expense of the environment.
Powering the Algorand network uses only 80kW of energy – equivalent to charging a Tesla. In 2022, the estimated carbon emissions associated with powering the Algorand blockchain were 286 tons of CO2, which was approximately three times less than emissions associated with Ethereum and 300,000 times less than Bitcoin. Algorand also goes a step further in its carbon neutrality mission by regularly purchasing carbon credits through the ClimateTrade marketplace.
Education is key
Of course, for blockchains such as Algorand to reach mass adoption, adequate education is vital, particularly when it comes to highlighting the advantages around improving environmental impact and helping businesses reach their sustainability goals quicker. Algorand offers a wealth of resources to meet developers where they’re at on their blockchain journey. It hosts regular bootcamps, webinars, university events and hackathons to continually welcome and encourage new builders. Setting up a build environment with the newly launched AlgoKit allows developers to get building on Algorand within 10 minutes, with more features rolling out throughout the year, with the goal of making Algorand the most accessible and developer-friendly layer 1 out there.
As more organisations and institutions recognise the potential benefits of blockchain, we’re going to reach a tipping point where suddenly blockchain is used everywhere across payment systems, governance, healthcare, music, gaming, and beyond. And as adoption increases, the technology itself may fade into the background, with end-users not even noticing that blockchain is powering their experience.
Algorand Foundation at Blockchain Week Australia 2023
Education starts with events such as Blockchain Week 2023, which provides the ideal opportunity to learn more about the latest blockchain trends and innovations, put faces to the names of people behind the products, and get inspired by keynote speakers and panel discussions. We’re proud to have the Algorand Foundation, an active member of Blockchain Australia, on board for some key events this year.
Algorand Foundation will host the official afterparty of Blockchain Week 2023 in Melbourne on Day 5 (30 June 2023). The party will take place at Oshi Gallery in Collingwood, a gallery purpose-built to merge the physical and digital worlds and renowned for its incredible NFT art displays.
The event will begin mid-afternoon with a panel of Web3 builders from the Algorand ecosystem. This will set the stage for the Great DAO Debate, which will explore whether decentralised autonomous organisations (DAOs) are a viable business model.
Says Summer Miao, Head of Community APAC at Algorand Foundation: “Australia is taking the lead in driving mainstream blockchain adoption, and Algorand is proud to support that mission by removing the technical barriers and giving Web2 innovators the fundamental confidence they need to effect change throughout the region. We are glad to participate in the Australia Blockchain Week this June and can’t wait to discuss with the brightest minds across the industry to chart the trends and evolution of blockchain in Australia.”
Many voices from across the Algorand ecosystem will also be out in force at the event. Learn about some of the some of the real-world solutions being built on Algorand, including Verida.io, a self-sovereign ID project that supports zero knowledge credentials; innovate-to-earn gaming platform Polynize.io; Day By Day, an insurance DAO; and Authentium, a global supply chain DAO. After the debate, round out your Blockchain Week 2023 experience by checking out the displays of NFT projects minted on Algorand, including Cosmic Champs, Delta Crew, and Blackbook, and the chance to hear music from rising Web3 performers.