Formula E: how the Algorand Foundation is accelerating towards net-zero

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Algorand’s blockchain network is leading the market in sustainability, speed and security

With a market-leading carbon-negative blockchain network, Algorand has partnered with Envision Racing to raise awareness and battle climate change

After a thrilling London E-Prix and home race for Silverstone-based Envision Racing, Formula E is headed to Seoul this weekend for the final race of the season and the 100th in the sport’s history.

Having competed in the all-electric single-seater series since its inception in 2014, Envision Racing is now a veteran mainstay of the grid, with 11 wins and 36 podium finishes. Now, in its eighth season, Envision Racing has teamed up with the Algorand Foundation to push harder on track and battle climate change off it.

The Algorand Foundation is the eco-focused arm of Algorand, a carbon-negative cryptocurrency blockchain offering high-performance, low-cost transactions on a secure and convenient network centred around one philosophy: sustainability. 

Working with the Race Against Climate Change (RACC) motorsport programme, the Algorand Foundation and Envision Racing have teamed up to amplify the fight against climate change and accelerate the movement towards zero emissions in the white-hot competition of motorsport.

As part of this, the Algorand Foundation is launching eight exclusive NFTs from the Formula E race cities, with all proceeds going to the Sustainable Chain Campaign in efforts to plant trees in the Madagascar forest – all part of Envision Racing’s pledge to a cleaner future.

Learn more about how Algorand is changing blockchain sustainability

Envision Racing and Formula E’s sustainability pledge

For eight years, Formula E has led the way in sustainable motorsport while providing some incredible battles and supreme entertainment along the way. Envision Racing has been in the heart of the fight since the beginning using innovative high-performance racing technology to help accelerate towards a carbon net-zero future.

Finishing third in the Constructors Championship on three occasions in 2015/2016, 2017/2018 and 2018/2019, Envision Racing is one of the most successful and well-established teams on the grid and one of the strongest ambassadors for Formula E’s net carbon zero pledge.

In fact, in 2020, Formula E became the first and only sport in the world to be classified as net carbon zero since its inception, with its ethos based around three core sustainability pillars: delivering sustainable events, leaving a positive lasting impact on host cities, and raising global awareness on air pollution and electric vehicles.

Envision Racing has been working on its own sustainability innovation and pledges, too. In fact, Envision Racing was the only sporting team in the world to partner with the ground-breaking COP26 summit, with Managing Director and CTO Sylvain Filippi saying: “Sustainability is in our DNA, and we feel it is our role to use the exciting platform of Formula E and the ‘Race Against Climate Change’ sustainability programme to inspire generations to tackle this.”

Envision Racing’s Sustainable Chain initiative has also encouraged over 20,000 individuals to pledge their support for tackling climate change. And there’s no sign of Envision Racing’s commitment slowing down.

As of 2022, Envision Racing is one of a number of teams to have already pledged its support for the all-new Gen3 series of Formula E that will start later this year. Faster, more exciting and more efficient than ever before, Formula E’s Gen3 cars will allow for further innovations in sustainable motorsport, helping Formula E and all associated to push towards an even greener and more sustainable future.

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.

Participants will be offered the chance to own one of 1000 City Edition helmet NFTs that are mintable in the week leading up to each race. On race day, City Edition helmet NFTs will be revealed to the public with a chance to reveal a special edition with unique utility rewards. 

Gold Holders can claim a 1-of-1 physical racing helmet with art inspired by their specific City Edition helmet1. Silver Holders can claim an Infinite Object digital frame featuring their city-specific NFT2. Collect all eight for a chance at the grand prize: The ultimate Formula E racing experience in 2023.

So, in partnership with Envision Raving and Formula E, Algorand is not only raising awareness for climate change through the competition of sustainable motorsport but also providing the greenest blockchain network on the planet with unrivalled high-performance capabilities, total security, low cost and ultimate convenience – all helping accelerate our path towards a greener planet.

Discover how Algorand is changing for blockchain sustainability

[1] One available per race, can only be claimed once

[2] Nine available per race, can only be claimed once

Source: Autocar

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