Blockchain

Crypto project to save the planet

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It seems that the potential benefits of cryptocurrencies are often overshadowed by the exploits inherent in the technology.

Indeed, adopting cryptocurrencies does come with risks.Over the past year, governments from around the world have raised concerns about how crypto could become for financing terrorism or other illegal activities like money laundering. Prohibition measures are in place everywhere China arrive Nigeria, with many cryptocurrency exchanges forced into a legislative bottleneck.

While encryption has its challenges, it has also become a tool for policymakers and activists who want to make the world a better place.

climate crisis

Public scrutiny of Bitcoin during 2021 (bitcoin) Energy Intensive Mining Practices grabs headlines all year — and for good reason.Bitcoin Mining According to Digiconomist Consume Equivalent to the energy of an entire small country Netherlands or Philippines.

However, many environmental activists are already using the same technology as a tool to combat climate change. For example, smart token contracts allow charities to raise funds in unprecedented ways.

Many of these “charity tokens” have a tax system with a fee for each transaction, which can then be linked to charities of choice. For example, the World of Waves (WOW) token’s mission is to restore Earth’s oceans and combat climate change.

The transaction tax for this project is 11%, i.e. reallocate Returned to all holders, 3.3% is returned to the liquidity pool, and 4.4% is returned to the WOW Charity Wallet. As your charity wallet grows, funds are withdrawn monthly for conservation activities and wildlife protection.According to the project’s Twitter page, there are already more than $49,000 donated. WOW COO Kristijan Tot told Cointelegraph:

“It’s all about positively impacting causes around the world, while putting the spotlight on NGOs and creators.”

In this way, charitable donations are hardwired into the token’s underlying algorithm. Not only that, but holders are also incentivized to invest and continue to invest in the project.

WOW is not the only crypto project using this technology to raise funds for environmental causes.

Solarcoin distributes tokens as rewards to those who install solar panels in their homes or businesses. The theory holds that when the price of the coin exceeds the cost of energy production, solar energy will effectively be free.The project’s website state:

“Cryptocurrencies are worth over $2 trillion as of today. Most of that value is distributed in exchange for carbon-intensive crypto mining. What if it was distributed to people producing energy for free?”

Black Lives Matter

Of course, environmental protection isn’t the only issue that crypto projects have tried to address over the past year. In June, the world watched in outrage as George Floyd was murdered by a police officer. His death sparked new momentum in the Black Lives Matter movement — and there was no shortage of controversy in the crypto community.

As previously reported by Cointelegraph, one group attempted to publish a George Floyd Token, a project riddled with unstable token economics and unclear payment systems.There are also reports that a person Participated in protests holding placards Claims that “Bitcoin will save us.”

While these isolated incidents have a decidedly bad taste, the wider community has largely rallied for the cause.For example, donate block introduced Solutions for their users to donate specifically to nonprofits that support the Black Lives Matter movement, such as the Chicago Community Bond Fund, the Black Lives Matter Movement, and the Bail Project.

Back in 2020, the crypto fundraising platform partnered with Gitcoin to launch the #CryptoForBlackLives campaign.Initially, Gitcoin matches donations up to $25,000 through community grants. However, as the campaign was completed, the figure was pushed above $100,000.

Black activists also work tirelessly to ensure their communities can benefit from the monetary gains that cryptocurrencies have to offer. Guapcoin (GUAP) founder and chief engineer Taviona Evans said her platform will be able to accomplish more in 2021 than in any previous year. GUAP was created to help close the wealth gap in Black communities and support Black-owned businesses in America. She told Cointelegraph:

“We have created crypto awareness among less accessible and educated populations in crypto and finance — and we will continue to do so.”

improve healthcare

Another area of ​​charitable giving where crypto projects have had an impact this year is healthcare and mental health. In 2021, as the COVID-19 pandemic continues to spread, the health of many people around the world has suffered enormously.

Perhaps one of the more unexpected outcomes of the coronavirus is its far-reaching impact on crypto and blockchain, which could be Trace back to the origins of the pandemic At the end of 2019.

from Australia arrive Mexico, blockchain technology has been used to verify the authenticity of COVID-19 test results and vaccination certificates.

Numerous crypto funds and tokens have also emerged to support communities around the world suffering from the virus outbreak. In April, Polygon co-founder Sandeep Nailwal Created a COVID-Crypto Relief Fund When the second wave of the virus ravaged his native India.

By mid-October, the fund was able to raise as much as $429.59 million, including Ethereum founder Vitalik Buterin, Australian cricketer Brett Lee and Coinbase CTO Balaji Srinivasan.

Is encryption a force for good or bad in society?

If ever there was a year when cryptocurrencies were truly morally agnostic, it would be 2021. Globally, the same techniques used to finance terrorism are being used to fund healthcare during the COVID-19 pandemic. While the world was debating the environmental impact of energy-intensive BTC mining projects, others created crypto projects and tokens to save our planet.

As we enter 2022, the power of whether cryptocurrencies are good or bad remains in the eyes of holders.