Today I’m with David Tiessen, the founder of GENERCoin. GENERCoin is an asset tied coin, with backing via Arterran Renewables. GENERCoin is another example of how cryptocurrency can impact what you wouldn’t expect, like helping to sustain the planet through using sustainable biofuels.
1. What sparked the idea of GENERCoin?
GEC is the result of a chance encounter between myself, and Lloyd Davis Arterran’s CEO. Everything I work on is in regards to creating a sustainable planet, and it was while discussing a sustainable community project that I learned Arterran could assist via their sustainable solid biofuel from renewable sources. A few week later Arterran, and I met, and I learned more of their innovative biofuel, and that they are in the process of scaling up, and required funding to do so. I suggested creating a cryptocurrency to crowdsource the funds, and GENERcoin was born!
2. What IS GENERCoin?
GENERcoin is the Green ENERgy Asset Backed Coin that is backed by Arterran Renewables innovative solid biofuel made from sustainable non food sources, such as manure, and municipal solid waste that is a direct replacement to coal. Coal contributes 40% of green house gas emissions in the US alone(source US EPA). Each GEC is a receipt and claim for the biofuel that backs each coin.
GEC is available for purchase starting at .062c USD. That is a 50% discount from the spot price of the underlying biofuel. This is akin to buying gold at a 50% discount to its spot price as just as gold, and all commodities, are priced by the market Arterran’s biofuel is no different. This is a considerable incentive for crypto-enthusiasts and anyone that cares about reducing green house gas to get on board with GEC and AR and help us eliminate coal. As with all cryptocurrencies GEC can be traded, exchanged, or redeemed for the fuel that each coin is a claim for.
3. History of development?
GEC was officially launched on June 11, 2014 via the Mastercoin Master Protocol.
4. How do you differ from other ecofriendly coins?
Unfortunately, I am not aware of many of the other coins in existence as I have been way too busy working on my own projects. I am aware of Solarcoin as we both share the platform of an altruistic, renewable energy crypto-currency supported by the DeKo thesis which postulates the merit of energy backed currencies for their stability, and impervious nature to sudden inflationary, and deflationary pressures.
5. How do you plan on honoring the fact that are you are backed by an asset?
The short answer to that is by being honorable. The longer answer is Arterran Renewables has just spent the last 5 years in R&D creating the proprietary process and platform to create their NxtGEN Solid Biofuel, that has been independently tested and verified by BC Hydro’s Powertech and by GWIL Labs to be exactly what we state it to be: a marvel in solid biofuel from abundant, renewable sources, far superior to wood pellets, with the same energy density as the highest grades of coal without all the pollution of coal. Arterran is a billion dollar company in the making, out to achieve great change for our planet, and earn good will from their customers not rip them off.
6. Current Status?
Current status of GEC is that sales have been slow. The crypto-community has been slow to recognize the extreme value proposition presented to them in the opportunity to purchase a commodity, via GENERcoin, at a 50% discount to its spot price. Quite frankly, I am astounded they did not sell out virtually immediately as when in the history of the planet was one able to purchase a commodity at a 50% discount to it’s intrinsic price. It is unheard of.
Why would anyone sell a commodity: gold, silver, oil, pork bellies, you name it, lower than it’s independently determined spot price? One wouldn’t normally sell something for .50c knowing they could get a dollar for it. This rare opportunity only presents itself due to the fact Arterran requires the funds to scale up to a larger production facility, and thus is crowd sourcing the funds that will build this larger facility.
Whereas the crypto-community has been slow to recognize this extreme opportunity Venture Capitalist’s and other players in the energy and biomass fields have not, and are currently doing their due diligence. We have some very promising meetings coming up in the next 3 weeks, and fully expect to sign an agreement to begin expansion of Arterran, and it’s vital biofuel, around the world. We’re very excited to get down to the business of assisting in the reduction of green house gas emissions by being a viable alternative to ‘dirty coal.’
7. Future Development Plans?
Future plans. Well Arterran will be building renewable energy plants around the world, turning waste into a sustainable energy source without the pollution of coal. Decentralizing the grid in the process, and quite possibly bringing power to communities in the world that have none.
It is possible that the funding for these future plants could be sourced via the GENERcoin model, and in the process the creation of a stable, green energy backed currency is created for the world. That is my hope, but at the moment it is Wall Street that has stepped up to bat not the crypto-community.
Photo Source: Provided by Client
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