GreenCoin has been developed as a clone of the other popular cryptocurrency called BlackCoin. However, it comes with one key difference in the awards aspect. 50 per cent of the staking award goes to a listed address and the fees are also split 50-50. The concept of GreenCoin was developed by Chris Ashfield in 2013 with the intention of using a cryptocurrency for awarding renewable production techniques. More people came onboard to be a part of this unique and revolutionary idea.
GreenCoin is different in many aspects but it stands apart in terms of technique as the block award is shared between the foundation and the miners. The Foundation gives away half of their coin exclusively to those indulging in renewable energy projects such as solar energy and biofuel. These awards make it possible for the developers to combine the net carbon effectiveness in the system so that they can create a precise carbon offset emission credit. This becomes the base-value of GreenCoin.
The producers of such projects will receive GREs, the coins associated with the cryptocurrency. They will get it on a pro-rata basis and every day, congruent to their carbon emission offset. This is the reward for carrying out such useful and highly valuable projects which can benefit the society at large and in many ways. GreenCoin is priced on Carbon and its value is directly connected due to the GRE foundation payouts.
The developers offer a profit-making mechanism which can help reduce carbon emissions. The system would require a wider global acceptance to be able to make a visible and significant difference to the carbon emission reduction numbers. The GreenCoin system is a scalable, P2P mechanism that incentivizes all efforts at controlling and reducing carbon emissions.
GreenCoin must get greater attention because this is a platform that’s genuinely interested in solving the problem of global carbon emission. Apart from the initiative to mitigate the carbon issue, they are also offering financial incentive to encourage people to invest in such projects. Producers get paid simply for being on the GreenCoin network. Individuals can also be part of the program by purchasing a specific number of GreenCoins as an element of control over their own emission responsibility.
The circulating supply of GRE is 3,676,400,641 while the market cap stands at $6,501,053. The currency is presently trading at $0.001768 and is ranked 523 in the cryptocurrency market.
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