Cryptocurrency

Envision Virgin Racing Partners With Algorand Foundation To Promote ‘Green’ Blockchain Technology

Envision Virgin Racing, a British motor racing team based at Silverstone Park, has announced that it has struck a Platinum Partnership deal with Algorand Foundation, the non-profit organization leading development for Algorand, the first ‘pure’ proof-of-stake blockchain protocol.

The racing team’s upcoming Season 8 insignia will feature the Algorand Foundation’s logo, and will be first showcased at United Nation’s COP26 global climate conference’s Green Zone, with an unveiling scheduled for Monday, November 1st, until Friday, November 12th.

“The Algorand blockchain has been built from the outset to have the smallest possible carbon and energy footprint, and to provide a uniquely sustainable blockchain platform for innovators around the world who want to create technology that has sustainability at its core. We look forward to supporting each other in our missions to show that sustainable, climate friendly innovation is the optimal approach to creating our future technology and economies.” shares Sean Lee, Chief Executive of the Algorand Foundation.

According to a press release shared to CryptoDaily, Envision Virgin Racing’s multi-year partnership with the Algorand Foundation is aimed at ensuring that “the next generation of blockchain adoption and innovation is environmentally friendly.”

In an earlier coverage, CryptoDaily has reported how Algorand has committed to carbon neutrality, with Silvio Micali, the protocol’s founder and inventor, sharing that Algorand sees carbon neutrality as a “crucial” point and factor for inclusive, equitable, and sustainable growth. Algorand is a leading blockchain protocol in the crypto industry, and is currently rated as the “greenest” blockchain because its algorithmic design allows for a carbon-negative output.

“The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the power of the Algorand protocol and its ecosystem, to enable everyone to harness the potential of an equitable, truly borderless, digital economy, built on a carbon-negative network, that will help sustain a better planet.” Algorand Foundation stated.

According to the Algorand Foundation, it shares its commitment to “a sustainable future built on cutting edge innovation and high-performance, backed by durability and reliability forged in the heat of real-world competition” with Envision Virgin Racing.

The two organization’s partnership will see Algorand Foundation become a partner of Race Against Climate Change, the Envision racing team’s sustainability initiative. Race Against Climate Change was conceptualized and launched to help raise awareness on the dangers of climate change and accelerate the efforts at designing zero emission vehicles.

“Sustainability and addressing the climate crisis through the deployment and adoption of innovative new technology is core to why we exist. We’re delighted to be partnering with the Algorand Foundation because, whilst blockchain technology provides many interesting new opportunities for us, and many other organisations, Algorand’s technology allows us the unique opportunity to deploy blockchain in the most environmentally responsible way,” shares  Franz Jung, Chairman of the Board of Envision Virgin Racing Formula E team.

For its part, Envision Virgin Racing will help strengthen the Foundation’s community initiatives by supporting Algorand’s developer and innovator community events aligned with the carbon neutrality objectives they share.

Envision Virgin Racing is one of the founding teams of the FIA Formula E World Championship, and has secured 11 wins and 33 podiums out of its 84 races. The Envision Virgin Racing team is the world’s first carbon neutral Formula E team. Envision’s racing team has also been the recipient of the FIA Three Star Sustainability Accreditation, as well as being the only sports team that has an ongoing partnership with the UK government in line with the latter’s  ‘Together For Our Planet’ initiative.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.      

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