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Blockchain technology has proven itself to be a perfect use case for streamlining and bringing effectiveness and transparency into a vast array of industries. An example of such an industry is sustainability and all related to climate preservation initiatives.
The concept of tokenizing the supply chain and monitoring natural resources is not new, but its implementation really took off in the past couple of years. Some of the top green cryptos are on the mission to improve the way people interact with the nature around them via the use of blockchain technology.
Some of the best eco-friendly tokens are SolarCoin (SLR), OUD Token (OUD), and BitGreen (BITG).
SolarCoin is a global and decentralized crypto project, which aims to make solar energy more accessible to everyone in the world. The process involves minting one SLR token for every megawatt-hour (MWh) generated through solar technology.
It includes a process called Solarity, which is boosting the price of the SLR token to exceed the production cost of solar energy, effectively becoming free. Furthermore, the Internet-of-Things (IoT) network can automate data aggregation to prove solar energy generation in an effort to incentivize the production of this type of energy.
BitGreen (BITG), on the other hand, is a community-driven cryptocurrency, intended to incentivize environmentally friendly actions like buying from sustainable brands, for example. It uses a proof-of-stake consensus mechanism, which is more eco-friendly than the proof-of-work mechanism of Bitcoin, which suffered from environmental impact critique recently.
Although both of these crypto projects are doing their part, most other cryptocurrencies focus on providing technology or finance advancements, rather than solving a real-world ecological problem, like climate change, for example. Similarly to what most other crypto projects bring, these 2 projects contribute to solving climate change in their own specific ways, which has its own limitations.
Тhe OUD Token project tracks the lifespan of the Aquilaria trees from their planting to the precious Agarwood products, acting as a proof-of-origin and ensuring a sustainable Aquilaria production. The number of Aquilaria trees is dropping down rapidly, as Agarwood is a subject of poaching.
The OUD token ecosystem provides a quick and transparent way to track the Agarwood production supply chain via RFID technology and smart contracts on both the Binance Smart Chain and Ethereum blockchains.
However, apart from other eco-oriented tokens, the OUD token supply depends on the actual Aquilaria trees under tracking. In order for OUD tokens to be minted, а 5-year-old tree must be first imported into the Bio-Asset management platform. For every new Aquilaria tree acquisition, all assigned regulatory authorities must confirm the minting process. Each tree adds 100 OUD tokens to the total supply, and the process is deliberate enough to ensure no fake or dormant supply.
Also, OUD is promoting its future product development by rewarding users for answering polls and questions, as well as giving feedback on projects. Users will also be able to participate in voting events and give their opinions and get OUD tokens in return.
In Phase 2 of the community reward system, OUD is planning to introduce an OUD token staking mechanism, which would reward users who allocate a part of their token holdings to a crypto wallet. In addition, OUD is developing a handful of community-driven events. The first of them is the carbon offset competition, where token holders will be able to compete on how much carbon dioxide each individual will be able to offset. The second event will be a custom NFT interface, where users will be able to design their own Tree Art and list it for sale.
Furthermore, OUD is expanding its token listing plans, making it available for everyone via exchanges like BitMart on which the token was recently listed. Users can purchase OUD tokens on the marketplace easily and securely, supporting green future and sustainable agarwood production via the use of blockchain technology.
Climate change is one of the most widely debated issues. Governments around the globe are trying to combat the consequences of carbon dioxide buildup in the Earth’s atmosphere. The increased awareness is increasing the demand for green cryptocurrencies, but not only because of the probability of generating profit, but because of the projects` cause which is for the greater good of human civilization. Supporting green projects concerned with the preservation of our planet is more important than ever, and it is in the hands of all supporters and investors to make their contribution for the greater good.