• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Advertisement

Greencoin: Carbon Emissions Coin

Nigel Dollentas by Nigel Dollentas
9 years ago
in Altcoin News, Altcoins, Interviews, News
0
Advertisement

Getting companies, and even governments to become more conscious of carbon emissions is hard, to say the least. With no incentive to really become eco-friendly, and no one to really push them to become eco-friendly, companies will stay the same. That’s where GreenCoin comes in.

1. What sparked the idea of GreenCoin?

Carbon emissions are a global problem which requires a global solution. Government intervention has attempted to provide various solutions though, to date, these efforts have had limited effectiveness due to the fact that any one national government lacks global authority, and collectively there is an inability to properly price carbon emissions. We feel the underlying resistance to the global solution offered by governments is financial: producing less carbon in a financial system that is largely based in carbon-positive productivity means suppressing economic activity to achieve these goals. National governments are rightly loathe to suppress economic activity despite the menacing global threat we all face. The relatively recent advancements of global social media networks and the Bitcoin protocol have offered, in the opinions of the GreenCoin founders, a unique paradigm for which a market-based pricing mechanism for carbon can exist and a pathology for mitigating carbon emissions by aligning for-profit incentives for all interested parties, and where government involvement is no longer required to mitigate the carbon threat.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

2. History of Development?

Chris Ashfield developed the GreenCoin concept in a whitepaper originally drafted in April, 2013. The basic concept of utilizing a new cryptocurrency to incentivize renewable production processes was embodied around at this time. Over the course of the next year the concept was detailed and refined and Chris began seeking individuals interested in the operational development and deployment of the coin. Chris met Lorenzo in March 2014 on BCT. Lorenzo was initially interested in the general concept of a new, “green” alt-coin. Lorenzo was instrumental in releasing the code – It was prereleased 6/2/2014, actually released on 6/8/2014, and is now running and currently on the 47th day of payouts for producers.

3. What makes Greencoin different?

Technically GreenCoin is different because the block award is split between miners and the Foundation. The Foundation is registered as a Not-for-Profit Corporation (State of DE). We are economically different because the Foundation awards their half of the coin entirely and exclusively to renewable producers (e.g., solar energy, biofuel producers, etc) each calendar day. These awards allow for the Foundation to aggregate the carbon effectiveness of the Producers in the system in order to create an accurate carbon offset emission credit, which is the base-value of GreenCoin. In turn the individual producers receive GreenCoins daily pro rata to their carbon emission offset, which is effectively an incentive payment for doing this useful, carbon-mitigated work. Socially (community) speaking, GreenCoin is different because it is a fungible commodity that is priced on Carbon – directly tied due to the foundation payouts of GRE.

4. Current Status?

The coin is live and has been paying producers for 48 days as of 7/26/14 (payouts at www.grcoin.com/news). We have 10 Producers, 9 home-solar arrays and one home biofuel producer. We are seeking more producers and pay them as soon as they sign up. The Foundation has been registered as stated above.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

5. Specs of Coin?

Coin Specs:
Scrypt, Secure and Open Source
Total coins: 10,000,000,000 (ten billion)
Block Time: 63.1 seconds target
Initial coins per block: 2,000
Coins per block awarded to miners: 1,000 (50%)
Coins per block awarded to Foundation: 1,000 (50%)
Halving rate: 2,500,000 blocks (about 5 years)
Difficulty Retarget: Every 30 minutes
Confirmations on Transactions: 5 (about 5 minutes)
Confirmations on Mined Blocks: 60 (about 1 hour)
Ports: P2P 11036, RPC 21036

6. How do you plan on achieving carbon free emission?

We present a for-profit mechanism where the market can mitigate carbon emissions. Obviously our system would need to become widely adopted in order for a significant reduction in global emissions to occur. Because the system is a distributed, peer-to-peer mechanism, it is also massively scalable. For example, we currently pay out all of the Foundation’s daily coins to 10 producers sequestering ~100 kg or so of carbon per day. This mechanism is identical to theoretically paying 10,000,000 producers producing 15 GigaTonnes of emission sequestration per day. It is critical to the understanding of the GreenCoin mechanism that it is a system that incentivizes production. In this particular case, we are incentivizing producers of renewable products and services that have a significant reduced carbon emission impact versus the global average. For example a solar energy provider produces 1 kWh of electrical energy at a carbon cost of 46 grams of carbon emissions versus 527 grams for the global average for the same 1 kWh. This particular producer is then incentivized for the difference (481 grams carbon) that is paid as his or her share of GreenCoins on any given day.

Providing financial incentives for useful, carbon-mitigated production is why the system will work. There is no “tax” for burning coal or “being dirty;” it is simply an additional, socially determined value for useful carbon-reduced production, the value of which is determined by the global open market. Government intervention, policy, carbon taxation and Cap & Trade systems will therefore no longer be required to solve the global carbon issue.

7. Why should people be interested?

The first reason people should be interested is we are attempting to solve the global carbon emission problem. Not everyone agrees as to the extent of the problem, however, we invite anyone with at least cursory interest to follow along with us. The second reason people should be interested is financial incentive. The Foundation pays Producers for simply being in our network (and agreeing to the terms therein). This is a direct financial incentive (please note that the Foundation does not control the absolute price of GreenCoin, only the number of GreenCoins awarded daily. The absolute price is controlled by the open market). Lastly, people should be interested if they want to participate in the carbon asset system as carbon purchaser or seller. For example, you can purchase a certain number of GreenCoins (representing a finite carbon emission offset) as a mitigation element to your own personal carbon emission responsibility. This purchase is not just an offset, but also an investment in carbon because GreenCoins are personal assets (which may go up or down in value).

8. Future Development plans?

We are working hard to deploy a highly-interactive website for Producers. The exact release date for this development is unknown though we are anticipating the middle of August. At this time Producers will be able to sign up online and track their production, carbon offset, and Greencoin awards in one place.

In the works is Merged Mining with the MYRIAD community, as we are working hand in hand to secure our hashrates for a project that they are currently working on. This is our big project at the moment, but moving forward includes working with large companies that produce solar panels and other means of creating renewable energy – but that’s down the road!

Photo Source: Client Given

For more information: http://www.grcoin.com/ and https://bitcointalk.org/index.php?topic=636548.0

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nigel Dollentas

Nigel Dollentas

Born in the Philippines, currently stationed in the USA. The youngest member of our writing team, Nigel is our freelance writer. Learned about Cryptocurrency right after the Mt. Gox crash and has been passionate ever since. @NigelDollentas

Related Posts

These Altcoins Could Be Ones To Watch For, Santiment Suggests

These Altcoins Could Be Ones To Watch For, Santiment Suggests

3 days ago
Aptos (APT)

Aptos (APT) Jumps 130% In 7 Days, What’s Driving The Price?

3 days ago
Polkadot Speeds Past Cardano To Become Top Crypto By Dev Activity

Polkadot Speeds Past Cardano To Become Top Crypto By Dev Activity

5 days ago
AI crypto token chatGPT

How ChatGPT Could Drive A Dramatic AI Crypto Token Narrative

5 days ago
Korean Financial Services Commission Chair Announces Security Tokens

Korean Financial Services Commission Chair Announces Security Tokens

1 week ago
Cardano vs Dogecoin

Dogecoin Vs Cardano, Which Is The Better Investment?

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    21 hours ago
  • Hector Network launches its NFT marketplace on Fantom...

    21 hours ago
  • Fantom (FTM) launches ecosystem vault to finance dApp...

    21 hours ago
  • Esports Driving the Advancement of Cryptocurrency in Sports...

    1 day ago
  • Connecting the dots on $PAW. Is Ryoshi back?

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.