Formula E: accelerating towards net-zero | Sports

How Algorand Foundation is leading high-performance sustainable blockchains

Like Formula E, Algorand has had a deep-rooted vision from its inception: sustainability. Founded in 2017 by Silvio Micali, Algorand is the greenest blockchain network in the world, offering a carbon-negative network with high-performance immediate finality, low transaction costs, 24/7 accessibility for ultimate convenience and total security.

And what sets Algorand apart from the competition? None of this is sacrificed at the expense of our planet.

Algorand was built with a very low energy footprint, all part of its mission to make the world a better place with high-performance blockchain technology. The Algorand Foundation is an arm of the company dedicated to sustainability, raising awareness of climate change, and striving towards net zero. As such, it’s the perfect partner for Envision Racing.

Algorand changes the game for blockchains with its optimisation for speed, security, and scale without the environmental impact of other blockchain networks. Like the innovative technology used in Formula E racing, Algorand’s own high-performance systems help push blockchaining and cryptocurrency towards a more sustainable future for our planet.

For example, a final transaction on Algorand equates to roughly 0.0000004 kg of CO2; in contrast, a Bitcoin transaction emits 338 tons of CO2 and requires more than 2000 kilowatt-hours of electricity. That’s enough to power the average household for 73 days.

Furthermore, a final transaction through Algorand takes just 4.5 seconds – that’s in contrast to other blockchain networks that can take up to one hour for a single transaction, helping to save you time and reduce the environmental impact on each and every transaction.

To celebrate the partnership with Envision Racing, the Algorand Foundation has created a series of NFTs to raise awareness for a greener planet where sustainability can drive innovation both on and off the track.

Eight limited-edition NFT helmets each represent one of eight different locations around the globe set to host a Formula E race, with all proceeds going towards planting mangrove trees in Madagascar for the Race Against Climate Change to create a greener earth.