Algorand, the pure proof of stake crypto protocol, is the most environment-friendly blockchain, according to a recently published report. The blockchain was classified under the ‘dark green’ category representing the most energy efficient group. A description of this category detailed that blockchain protocols featured therein are verifiably carbon neutral or negative.
In the market, the ALGO token has corrected after setting a high of $0.8931 during Monday’s trading session. Though it is currently trading over 4% below this figure, it is up 2.65% off its mark last Wednesday. Here are the details:
Carbon negative Algorand crowned as the most environment-friendly crypto, Avalanche is third
A recently released report by crypto information platform Cryptowisser has ranked Algorand at the top of the Crypto Carbon Footprint List of the top 100 crypto coins. This ideally makes it the most sustainable cryptocurrency in the market.
The report indicated that data collected between November last year and the end of January shows that Algorand is the greenest crypto. It leads a group of 11 other crypto coins that qualify as either carbon neutral or carbon negative. Audius and Avalanche tokens are in second and third place, respectively. Others that made the ‘dark green’ category are Solana (SOL) and Near Protocol (NEAR).
Carbon Footprint Grading
Algorand is paving the way into a sustainable future for crypto as the listing also presented that very few tokens are showing a positively high carbon footprint. The majority of the cryptocurrencies are dangling in the middle, and with more blockchains chasing green, these low carbon footprint tokens should move to a higher ranking with time.
The native tokens for Polygon and Fantom featured in ‘medium green’ ahead of Theta and Cardano tokens that were classified under the ‘light green’ category. Ether and Bitcoin fell in ‘beige’ and ‘brown’ respectively.
Carbon footprint is an indicator of the carbon produced relative to the amount offset. For cryptocurrencies, the carbon footprint is determined by energy consumption in on-chain activity such as transaction validation or running nodes. A cryptocurrency’s source of energy, renewable or non-renewable, largely determines a token’s carbon footprint.
Lottery.com’s Project Nexus gets a home on Algorand
Algorand’s negative carbon footprint definitely stands for something, at least according to gaming-focused firm Lottery.com. Last Thursday, the leading tech company announced its choice of Algorand as the host blockchain on which it intends to develop its blockchain-based gaming platform Project Nexus.
Project Nexus was first announced last year, with the ambition to eventually run a global scale of lottery games and other forms of gaming with a focus on improved speed, security, and scalability.
Lottery.com said it chose Algorand for several reasons. The company specifically cited Algorand’s negative carbon footprint, its reputation of user safety, steady uptime, high levels of performance, and low transaction costs.
Algorand’s open-source infrastructure is already employed by a myriad of firms around the world. The adoption by the gaming firm should therefore play out well. As explained by CEO and cofounder of Lottery.com Tony DiMatteo, the firm believes that all gaming will ultimately move to blockchain to leverage the fundamental transparency of this tech.
Crypto financial services firm BlockFi now supports Algorand
Crypto trading and lending platform BlockFi yesterday confirmed that Algorand, in addition to Bitcoin Cash and Dogecoin, is now available to all clients. BlockFi customers now have new options to diversify their portfolios with the new tokens.
The New York-based financial institution said its customers could start trading in Algorand and the other assets as support was enabled. Clients staying outside of the US would get to enjoy a 2.5% rate on their BlockFi Interest Accounts (BIA).
However, US clients are excluded from the interest offerings pursuant to a mid-last month SEC order to halt BIAs. The regulator had classified the accounts as securities since investors were lending crypto to BlockFi. After being charged with noncompliance to securities laws, BlockFi agreed to discontinue the unregistered offers and pay a $100 million penalty.
Algorand (ALGO) price action
Monday’s rally inspired by the rising adoption of crypto in Ukraine and Russia pushed ALGO/USD to $0.893 on Tuesday – a level last touched on 20th January. The pair has since retraced, losing some of its gains. At the time of writing, the token was hovering around 0.832 – 4.5% below the Tuesday high.
ALGO/USD 7-day trading chart. Source: CoinMarketCap
Having already lost support at $0.84 – further losses will threaten its market position as Fantom’s token is gaining and closing in on its market cap. ALGO’s total circulating value stands at $5.518 billion, with FTM not far off at $5.196 billion.
To learn more about this token visit our Investing in Algorand guide.
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