What is GreenCoin?
GreenCoin is an open, free-market based, digital asset. 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. Services provided by the Foundation, including distribution of the GreenCoin digital asset, are provided to the general public at no cost.
The Foundation's directives are four-fold:
- Certify and manage Renewable 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 amount of carbon emission savings.
How are GreenCoins created and how do they represent carbon savings?
GreenCoins are created by miners, which are also known as stakers. This is similar to how Bitcoin works. Stakers secure the decentralized network by mathematically finding new blocks. They are rewarded for this work by receiving newly generated coins. Exactly one-half of the reward for finding a new block (2,000 coins) goes to the successful staker, and the remaining half goes directly to the Foundation. The Foundation distributes the coins it is awarded to its Renewable Producers (that are certified and registered with the Foundation) on a daily basis and in exact proportion to their calculated carbon benefit. All of the staked coins are awarded every day. The Foundation does not hold, utilize, or distribute coins for any other purpose.
What is a Renewable Producer?
A Renewable Producer is a low-carbon production system asset owner. For example, a Renewable Producer could be an owner of a solar array 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 to begin receiving coins for free, once they are 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. Therefore, we believe GreenCoin serves as a mechanism to greatly accelerate the growth of renewable production. In addition, low-carbon interested citizens can participate in the GreenCoin ecosystem without owning an Renewable Production assets. This makes a low-carbon economy available to every one who wishes to participate.
- GreenCoins may have an open market value.
- GreenCoins represent a quantitative amount of carbon (CO2), which puts an open-makret “price on carbon.”
- GreenCoins effectively put a value on the externality of carbon pollution. There currently is no unified, global, voluntary, and 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 reduction. 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. It is available to anyone with an internet or cellular connection (*note: assuming blockchain technology is legal in your jurisdiction).
- Government intervention, legislation, mandates and international cooperation are not required for the ecosystem to operate.
- Inefficient “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 global carbon reduction. 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 around 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, NGO, government, and education based entities. The goal is to grow the organization into the premier, global climate action leader that operates a secure and trusted carbon asset for years to come.