Virgin Racing Partners With the Algorand Foundation to Promote 'Green' Blockchain Technology

The Algorand Foundation Partners With Virgin Racing to Ensure Carbon Neutrality

The racing team's forthcoming Season 8 insignia will contain the Algorand Foundation's emblem and will be unveiled during the United Nations' COP26 global climate conference's Green Zone on Monday, November 1st, and will be on display 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.

The Partnership Aims The Innovation Is Environment-Friendly

Envision Virgin Racing's multi-year cooperation with the Algorand Foundation, according to a news release shared, aims to ensure that "the next wave of blockchain use and innovation is environmentally friendly."

Algorand's commitment to carbon neutrality, with Silvio Micali, the protocol's founder and inventor, states that Algorand regards carbon neutrality as a "crucial" point and factor for inclusive, egalitarian, and sustainable growth. 

Algorand is a major blockchain protocol in the crypto business, and it is presently regarded as the "greenest" blockchain due to its algorithmic design, which allows for a carbon-neutral blockchain.

“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.”  Alogirand Foundation said.

The Algorand Foundation has established a long-term agreement with Envision Virgin Racing as part of the team's sustainability effort, Race Against Climate Change. 

The foundation expresses its dedication to "a sustainable future founded on cutting-edge innovation and high performance," which is supported by durability and dependability forged in the heat of competition.

“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 organizations, 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.

Envision Virgin Racing is one of the original teams in the FIA Formula E World Championship, with 11 victories and 33 podium finishes in 84 races. 

The team has also received the FIA Three Star Sustainability Accreditation and is the only sports team that has ongoing cooperation with the UK government as part of the latter's 'Together For Our Planet' campaign.