There’s been a lot of attention given to Bitcoin’s shocking environmental impact over the recent months. Investors are now jumping into different crypto projects that are looking to make more of a positive impact on our society. That’s why we’ve come up with a list of the most relevant cryptocurrency projects breaking into the scene that are dedicated to impacting social causes. Let’s take a look below:
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SolarCoin
SolarCoin is a cryptocurrency that incentivizes a solar-powered planet. SolarCoin can be spent and traded like other cryptocurrencies, but the platform’s main goal is to promote real-world pro-environmental activity by focusing on solar energy.
Social benefit
SolarCoin takes a revolutionary approach to cryptocurrency, issuing one Solarcoin for every Megawatt hour generated through solar power. This network currently relies on individuals submitting paperwork to confirm solar energy generation, but the Internet of Things may one day automate this process with automatic updates from solar arrays.
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ConsenSys Ventures
ConsenSys Ventures is the venture financing arm of the blockchain technology corporation ConsenSys that intends to help blockchain entrepreneurs scale their businesses. They are collaborating with NITI Aayog, an Indian government-partnered public policy think tank, on a project that uses ConsenSys’ technology to provide a streamlined platform for handling land ownership information.
Social benefit
This service may not be required in the developed world, but in some parts of India, land ownership records can be tampered with simply by bribing a government official. Because the ConsenSys platform is built on blockchain, land ownership records may be safely held on a network that is both trustworthy and tamper-proof. This is because the data is incorruptible once entered and confirmed, preventing users from bribing officials into making changes. The blockchain network’s record-keeping and transparency characteristics would allow users to access historical ownership and taxation records, with all documents being time-stamped and reliable.
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Powerledger
POWR is an Ethereum coin that was created in 2016/17 to fuel the Powerledger network. It debuted on Coinbase in November 2021, with the token’s price swiftly soaring despite the fact that most cryptocurrencies were falling in a market-wide crash. POWR is obliged to participate in the Powerledger network, which aids in the security of its many offerings, such as energy trading, clean energy tracking, and verification.
Social benefit
The Powerledger platform enables peer-to-peer energy trading and functions as an operating system for tracking the trading of energy and environmental commodities. Simply put, renewable energy sources such as wind and sun are rather unpredictable, with varying output from minute to minute and day to day. When energy inputs and outputs are inconsistent, a centralised power infrastructure becomes increasingly problematic. Powerledger is a distributed, decentralised network that enables producers to track, trace, and exchange energy in real-time, resulting in more stable and robust energy networks.
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The IXO Foundation
The IXO Protocol defines a new standard for making Verifiable Impact Claims on how people and organisations are changing the state of the world, using high-definition data as evidence. Traditional impact measurement procedures are problematic because they lack objective criteria and defined scientific methods for measuring the impact of charitable endeavours. Nonetheless, all impact investors strive to measure impact with the same precision that financial metrics are assessed in traditional markets.
Social benefit
IXO addresses this issue by developing validated impact claims, sometimes known as “proof of impact” procedures. For example, in a project that uses the IXO system to support child development and school attendance, children are given digital self-sovereign identities that are linked to a blockchain system (via an app); this allows teachers and students to mutually agree on and approve activities (e.g., day-to-day school attendance), triggering the achievement of a successful impact event. The program can then securitize these effect events into blockchain tokens, which can subsequently be filed and redeemed for government subsidies as certified recordings of impact data.
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Pledge Utility Token
The Pledge Utility Coin (PUC) token is a BEP20 decentralized finance (DeFi) token that is positioning itself as a catalyst for change. The objective of Pledge Utility Coin (PUC) is to create value by serving as a link between local needs and global charitable endeavours. The global nonprofit industry is projected to be worth $2.9 trillion, and PUC’s aim is to bring this fragmented industry together on the blockchain, doing great good while at the same time generating value for PUC holders.
Social benefit
Each time a PUC token is exchanged, a smart contract deposits a percentage of the transaction fees earned into the wallets of registered nonprofit organisations and foundations.
Pledgers may designate charitable endeavours of their choosing that register with the PUC project as the default beneficiary of any and all fees accrued from transactions.
If no preference is indicated for a specific nonprofit organisation prior to the transaction, the charity-bound fees are collected in a designated charity wallet and distributed randomly and evenly on a predetermined schedule to all registered nonprofit organisations and foundations. For more information on PUC, go to their website here: www.trypledge.org