Over 65% of the CO2 generated over the last 50 years has been generated by 10% of the world’s population. The creation of CO2 gases in our atmosphere has fueled the industrial revolution for the western world. Now as the rest of the globe looks to catch up the ramifications of duplicating that CO2 footprint to fuel their success would destroy the planet for all of us. The dilemma is how do we deny 90% of the world the same benefit enjoyed by the prosperous 10%.
The problem is exacerbated by geopolitical interests that prevent the common solution to this global problem. Currencies vary widely in their stability, corruption runs rampant in developing countries and energy is needed to fuel development. The options for generating power at scale sufficient to fuel economic growth are limited and take a long time to plan and build. Even when the energy generating resources are built the capital to continue to fuel them is difficult for developing countries to keep up with. As technology advances allow for the larger scale deployment of renewable assets with fuel sources that are free such as solar, wind and geothermal, we can address these issues.
The difficulty is that with these renewable assets it is often like paying for your cell phone bill for the next 7 years up front to provide for 20 years of service. If they choose to go with coal or other fossil fuels the governments that provide those fuels get together to help these countries fund those assets as a way to participate in their growth through the long term supply of the fuel needed to run them. There needs to be a way to allow these developing countries to have access to the capital to allow them to make investments in renewable, non-CO2 producing assets.
Investment in renewable assets across borders is difficult. Currency conversion and relative inflation rates make the economic risk for investors unpalatable. By utilizing a more stable uber-currency such as the Co2Bit coin the currency hedge can be self-contained. There is also an issue with sovereign control over currency conversions and monetary policies governing movement of fiat currencies into other more globally accepted currencies such as dollars or euros. This is usually done as means to control inflation and the value of the fiat currency on the world market. National GDP imbalances and other factors all contribute to make it more difficult for developing countries to attract capital investment especially into their domestic infrastructure. However without this investment it is difficult for them to establish a competitive position in the global economy.
How the Co2Bit Coin works
In order to promote the reduction of CO2 in our atmosphere we need to continue to incentivize the appropriate climate behavior in all areas of the world. Every molecule of CO2 that is generated into our atmosphere matters and we need to make sure that we continue to provide the proper incentives to actors around the world. These inducements must be able to rise above local, national and even international politics in order to continue effectiveness. To do this we are looking to leverage the innate abilities and powers contained in block chain technology.
By creating a global currency who’s focus is on the reduction of these harmful gasses in our atmosphere we will be able to attack the problem on multiple levels and ultimately provide the financial support that we need globally to make a difference.
As a participant in the Co2Bit currency ecosystem you will be able to help direct the future efforts of the world in fighting the climate change effect of the CO2 levels in our atmosphere. First off just by using the currency as a place to keep your money you will be able to participate in the appreciation of the currency on the world market as we all find ways to reduce our CO2 levels together. Secondly you will be able to park your coins into tokens that will enable investment in various CO2 initiatives. Third the currency itself will be an incentive for people to invest in CO2 reducing assets such as renewable power generation and to preserve and promote the forestation of our planet. Together we will be able to place the proper incentives to make our planet a better place for our children.
Any CO2 asset will have the ability to generate Co2Bit coins through the reduction of CO2 emissions as well as assets that will reduce the CO2 already in our atmosphere. These coin-generating assets will work by using Internet Of Things (“IOT”) technologies to self-report and generate Co2Bit coins. The system will use blockchain technology as a means to assure accurate reporting. If an asset is found to be intentionally misreporting all of the coins generated by that asset will become void and the asset will no longer be able to mint new coins. The coins generated by the asset will be used to incentivize the investment and help boost the returns on these assets to promote their construction and attract capital.
The Co2Bit coin incentives offered to these assets will be done in a way that drives the collective goal of reducing CO2 emissions in a way that provides appropriate returns to new assets to make them viable and attractive in the markets where it is desired to achieve global CO2 reduction goals. For example where a renewable asset is placed in a location where it is replacing power produced by coal it would have a higher CO2 value then one placed where it would be replacing power produced by natural gas. Likewise an asset that is being placed in service where it is preventing trees from being used as fuel and also replacing kerosene and diesel.
Holders of Co2Bit Coins will see their proceeds allocated for investment in different sectors. The returns from these investments will be put back into the circulation of the currency and allow for buyback of coins.
The blockchain associated with the Co2Bit coins will also track the CO2 benefit that they generate so that the ecosystem can monitor the benefits created by each individual coin in the ecosystem. Coin wallets will allow a holder to see what the coin has been able to do in its circulation.
Holders of each coin will initially sustain a large CO2 consuming tree in the Amazon Rain Forest. Each coin will contain the specific coordinates of these trees. Owning these trees effectively pays for sustaining the forest which requires ground clearing to reduce the risk of fires and culling (approx. 10%) to allow continued growth.
In addition, each buyer of the Co2Bit coin will be able to designate what sustainable technology projects they would like to see the proceeds used to fund. (Solar, Wind, GeoThermal, Hydro, Forestation and Sequestration)
We envision partnering with other democratic coins such as EquaCoin to share technology enabling this auditable blockchain voting concept which lays the ground work for later expansion of its use.
Coin value is based on three things. The first two look a lot like a stock or commodity while the third one makes it a currency:
In order to create this, we either need to start off with something in here or we need to quickly build it as we mint and circulate currency. If economic theories hold here, then we should watch how much we allow to be minted without creating offsetting value here. In our case some of this can be offset by the amount of goodwill that we can attach here as well from working on solving real world issues.
To mint a PoW bitcoin costs about $65 in energy, depending on where you are buying your power, and a capital investment in the cpu/gpu/asic pool to do the work.
See: Http://www.businessinsider.com/bitcoin-mining-electricity-usage-2017-11 “The electricity used to mine Bitcoin this year is bigger than the annual usage of 159 countries.
It will be important to “spend” the coins held by implementation partners on stakes in other profitable green energy projects globally. Many have been identified that have excellent positive cashflow soon after investment.
This is all about making the market for the value of the underlying assets. Creating demand will allow us to increase supply without diluting the value of the existing issue. With crypto currency unlike stock we have an additional vector to help in this and that is the ability to be used for purchasing which will also help to support this. The more useful we make the coin, the less important the market making becomes.
(In the traditional PoW CC ecosystem excitement is driven by the ability to secure coins for work performed on the network leveraging your intellectual and processor capital.)
Creating usable gateways to exchange coin for goods and services. The more this coin can be used, the more use value it has creates more liquidity which creates a higher value. We are currently engaged in or planning initiatives that should positively impact this:
We think that all three of these need to work together to build long term value in the currency.
So then to build value in the coin we will need to invest in three principal activities:
The asset building is a matter of prudent investment and capital availability. Sustained Marketing and PR is essential using fodder from the investments.
But, the network acceptance will really be an ongoing Business Development activity where the appeal of working with us (e.g. listing us on their exchange) will be directly related to the float and user base that we can supply and the fees that can be generated in processing the transactions.
The bigger this gets the more pressure there will be on the security of the blockchain network. We need to start off on firm ground and have the people on our side to be able to get in front of potential threats so that we can maintain the integrity of the currency. Otherwise everything else no longer matters. We are working hard on this.