What is GreenCoin?
GreenCoin is an open, free-market based, carbon emission offset credit. The service is provided at no cost. It is free for the general public to participate. GreenCoin is a secure, stand-alone digital asset provided to renewable energy generators ("Producers") at no charge. Producers, such as home and business PV solar owners, contribute metered energy for which they receive GreenCoins as a production incentive. The coins carry a variable carbon storage value. Coins can be exchanged among peers and this allows for a tradable carbon credit to be established.
What is the GreenCoin Foundation?
The GreenCoin Foundation is a not-for-profit corporation registered in the State of Delaware. We have assembled a small and growing team that includes the founder, web and technical development specialists, deep cryptocurrency legal experience, and financial accounting human resources to help achieve the Foundation’s ongoing operation and growth goals.
The Foundation's directives are four-fold:
- Certify and manage Producers
- Maintain technical aspects of the coin and Producer distributions
- Provide for accurate carbon emission offset calculations
- Promote the ecosystem
What is a GreenCoin?
A GreenCoin is a secure digital asset.
What are GreenCoins' underlying value?
GreenCoins represent a quantifiable, self-determined, carbon emission offset credit.
How are GreenCoins created?
GreenCoins are created by miners, which are also known as stakers. This is similar to how Bitcoin works.
How does GreenCoin represent a carbon emission offset?
A fraction of newly minted GreenCoins created are automatically sent from the miners to the GreenCoin Foundation. This compulsory sharing is defined by the GreenCoin software protocol.
The GreenCoin Foundation distributes these coins daily to Renewable Producers in exchange for their carbon offsetting production (carbon credit).
What is a Renewable Producer?
An example Renewable Producer is a solar array owner that generates electrical power. A more detailed definition of a Renewable Producer is an individual or organization that produces a useful good or service at a bona fide reduced carbon output versus a canonical global average for a substantially similar good or service, and is simultaneously a verified participant of the GreenCoin ecosystem, as determined and audited by the GreenCoin Foundation. Renewable Producers can sign up at www.grcoin.com to begin receiving coins for free, once verified.
How do GreenCoins and the GreenCoin Foundation help the environment?
GreenCoin is a market-based incentive credit system for renewable production. The GreenCoin Foundation awards GreenCoins, or secure digital tokens, to Renewable Producers for free. As GreenCoin becomes increasingly adopted, more Renewable Producers are incentivized to join the network. This in turn creates more renewable production, which is the overall global goal of the effort. Therefore, GreenCoin serves as a mechanism to greatly accelerate the growth of renewable production. Such a solution is becoming increasingly and immediately necessary in order for us to potentially avoid the catastrophic physical, social and economic effects of climate change.
- GreenCoins may have an open market value.
- GreenCoins represent a quantitative amount of carbon (CO2), which puts a “price on carbon.”
- GreenCoins effectively put a value on the externality of carbon pollution. There currently is no unified, global and voluntary, market-based way to do so at this time.
How is GreenCoin different from other incentive credit systems?
GreenCoins are generated, owned and traded by individuals. Since individuals have the ability to voluntarily buy and sell GreenCoins it offers a mechanism for setting an open-market price on carbon emissions. This simplified system of providing for a price on carbon pollution has several distinct advantages:
- The GreenCoin ecosystem is massively scalable at a relatively low cost.
- GreenCoin is automatically global in scope.
- Government intervention, legislation, mandates and international cooperation are not required for the ecosystem to operate.
- “Cap and Trade” and” Carbon Tax” schemes become less necessary or irrelevant.
How is GreenCoin “similar to Bitcoin?”
Bitcoin is an open source software protocol. GreenCoin is a modified clone of Bitcoin with the specialized imperative of representing carbon offset emissions. Therefore all of the attributes of Bitcoin apply to GreenCoin:
- A Blockchain-based software protocol
- Highly secure
- Peer-to-peer exchangeability (no third party required)
- Global, instantaneous transactions
- Represents both a store of value and a mechanism to transact this value
One of the key benefits to this similarity is the ability of 3rd parties to develop applications (trading engines, payment integration services, etc.) that can operate independently of the GreenCoin Foundation. As an example, such an ecosystem has grown under Bitcoin which has significantly contributed to its current state of adoption to date, as well as its continued growth.
It is anticipated that as the ecosystem grows the Foundation will successfully solicit new members from various corporate, government, and educational disciplines and backgrounds. The goal is to grow the organization into the premier, global climate action leader that operates a secure, trusted, first-class carbon asset for years to come.