What is Energycoin?
Blockchain technology has been at the forefront of an internet revolution. This is a technique that is changing the way we do things online. It changes the way we handle data and information, empowers users online through radical transparency.
The blockchain has also brought about decentralization, which makes it difficult to tamper with data because they are no longer held in centralized servers. More importantly, anything that is written on the blockchain cannot be undone. This is the technology that runs Energycoin. What is Energycoin?
The Energycoin blockchain is about a sustainable environment. It is a project that leverages on the benefits of blockchain technology to create sustainable initiatives upon which a new economy will thrive.
Energycoin is using blockchain technology not just to respect the boundaries that nature has created, but also to encourage recovery where nature has been depleted.
Energycoin is all about clean energy and a green environment that works for everyone. Energycoin is a project of the Energycoin Foundation, a project that is geared towards transitioning to a green economy. The team at Energycoin realizes that anything that involves the environment will be a team effort project.
Because of this reason, the goal is to encourage and empower users all over the world to authenticate and carry out transactions, with the real value being their local climate action. With more people working together to protect the environment, it is easier to realize a green and sustainable environment for future generations.
Once you have Energycoin, you can exchange them for regular currency, through Bitcoin. Given that Energycoin is an energy efficient derivative of Bitcoin, you should not have any concerns with transactions.
By fixing the value of Energycoin into local and sustainable campaigns, it becomes the foundation for building a green economy.
What is the problem that Energycoin Solves?
Environmental degradation has been going on for a very long time. This is one aspect that Energycoin aims to tackle, in a cost-effective manner. There are three aspects that Energycoin is working hard to achieve, in an attempt to protect the environment. These are:
- Rewarding sustainable mobility by achieving more bicycle miles
- Encouraging energy saving
- Generating more green power and encouraging a shift towards green energy
Given all the information access that we have at the moment, it is possible to save up to 70% in energy consumption. People just do not want to put the knowledge they have into action. There are a lot of things we do each day that waste a lot of energy unnecessarily.
If people can change this attitude and insulate their buildings properly, it is possible to conserve up to 70%.
This is one of the fastest and most affordable ways of increasing the amount of sustainable energy.
Besides, if you save energy, you do not need to generate it. This further reduces the cost of production.
There are a lot of things that can be done with the money that is saved in such a process. By saving money through insulation, that can be channeled into other useful ventures like investing in a windmill.
Saving energy is also another way of earning energy. With innovative practices, the energy savings can be determined through a meter, and the value loaded on the blockchain
How does Energycoin Solve the problem?
Bicycle miles on the blockchain
Mobility is a normal part of our lives. The choice of mobility equipment greatly determines the impact you have on the environment. By avoiding car miles, you are making a significant contribution towards a safer environment.
In partnership with Ring-Ring®, the Energycoin Foundation has been able to store all bicycle miles earned on the blockchain. How is this done? bicycle miles are recorded based on every 100 bicycle miles covered. Users can then collect their earned tokens from the blockchain, and use them as currency for whichever purpose on the blockchain.
Ring-Ring® is a platform that has been at the forefront, encouraging people to use their bicycles in a bid to earn direct benefits through the cycling miles they make. This targets health insurers, municipalities, employers, entrepreneurs, and residents.
Ring-Ring® has been under intense tests over the years and proven to be effective, hence its use in different municipalities. Companies are currently coming on board in an attempt to meet the climate objectives of Energycoin as part of their CSR policy.
This project was first rolled out in the Netherlands and has been a success. This is the only country in the world where the number of residents is lower than the number of bicycles.
Even by overlooking the benefits that cycling has to the environment, the physical benefits to the cyclist are incredible. Cycling allows users the benefit of freedom of thought, improves your health and wellbeing.
Some of the facts and figures that support this cause are as follows:
- More than 70% of the journeys in the Netherlands are less than 5 miles apart. 26% of these journeys can be completed by walking from one place to another, 37% completed by cycling.
- For each car mile you avoid, you earn 41 Eurocent social profits
- A single car consumes up to 7 times more space than a bicycle
Own solar generated power rewards
Based on research there is a close link between the regularity of earthquakes and the extraction of natural gas. It is imperative, therefore, that providing an alternative to gas production would help reduce the frequency of earthquakes in areas where they are common.
Through an energy cooperative, Zonnedorpen, solar fields are constructed for people who do not have space wherein they can generate solar energy. The land is leased out and crowdfunding where necessary is done through GreenCrowd.
This is one of the initiatives that are supported by the Energycoin Foundation. Those who invest in this project are paid in cryptocurrency for every 100 Euros they invest in the project. Users can then redeem their coins for whichever reason.
The idea behind this is to accelerate the realization and implementation of sustainable goals. In so doing, it is possible to create building blocks in an economy that has specific planetary boundaries.
Local climate action on the blockchain
The Energycoin Foundation is trying to make this a project that is as inclusive as possible. Anyone who can be involved is welcome. It is about togetherness in building a green economy, one that will benefit everyone in the long run. Local climate policy is determined by water boards, companies, provinces, municipalities and so forth. These are the entities and individuals who are playing an active role in realizing the green economy.
Through local energy cooperatives and initiatives, it is possible to achieve energy transition and turning the neighborhood green. What the Energycoin Foundation does is to teach people what they can do locally and within a manageable scale at different levels. This is in the realization of the fact that even though everyone cannot make a sizeable contribution to the grid, in his or her own way, each small contribution will go a long way.
The idea here is to make sure that each contribution has a measurable impact. Each action is measurable on the blockchain. On the Energycoin blockchain, users are able to create tokens through their contributions to the green energy grid.
What the Energycoin Foundation is looking to do is to speed up the transition to an eco-positive society, an economy that protects the environment. It is also about scalability and a positive impact on the environment.
All the actions can be registered on the blockchain, verified and all this in a transparent manner.
What makes Energycoin better than the competitors?
Proof of Stake Algorithm
One of the primary differences between Energycoin and Bitcoin, for example, is the algorithm used. Energycoin uses Proof of Stake, while Bitcoin, of which Energycoin is a derivative, uses Proof of Work. Proof of Work is an energy and resource intensive algorithm that has often been criticized for making the entire process too expensive.
By making the process expensive, Bitcoin effectively locks out those who do not have powerful computing resources. Those who manage to get on board can hardly compete against others who have very powerful machines.
Compared to mining, staking is an energy efficient process and consumes less power. Therefore, as at this moment, the algorithm behind Energycoin is more efficient than that which is run in any of the other protocols.
Decentralization
Bitcoin and Ethereum have always been considered two of the biggest cryptocurrency projects in the world. However, with that, there are challenges that are inherent to these systems. The blockchain is supposed to be decentralized.
Unfortunately, Ethereum and Bitcoin are basically centralized entities. This is so far from what most people expect of a blockchain platform. The reason for this is because, upon recent research, it was revealed that there are no more than 20 entities that determine the blockchain systems for Ethereum and Bitcoin.
Energycoin, on the other hand, is a fully decentralized peer-to-peer network. All the transactions that take place on Energycoin are carried out through cryptography, and there is no middleman involved in the process.
Bitcoin 2.0
You soon realize that Energycoin is a very good alternative to Bitcoin, especially for any individual or entity that would love to make use of the benefits of cryptographic transaction systems. However, if you are concerned about the carbon footprint that is associated with Bitcoin, Energycoin would make a good alternative for you.
How can Energycoin be categorized?
Energycoin is a peer-to-peer cryptocurrency that is backed by an active community. It was built to support the green economy and encourage more people to do so.
One of the tenets of Energycoin is to introduce the value of sustainable energy to the blockchain realm. Given that this is a project that is built about energy conservation and sustainability, Energycoin is built around the Proof of Stake algorithm instead of Proof of Work.
What’s Energycoin’s vision on Security?
Energycoin is one of the safest blockchain projects available. Since inception, there has never been a cause for alarm. One of the reasons for this is because of the security behind the Proof of Stake algorithm that powers Energycoin.
To make the platform even safer for users, the team at Energycoin created secure wallets. The wallet is safe and easy to manage, and you can also move it into your phone.
Examples of Energycoin use cases/applications
Local energy corporations stand to benefit a great deal when Energycoin is fully implemented. One of the challenges that they often experience is determining which consumption was from gray energy and which one was from green energy. Through the blockchain, however, this should be easier.
Energycoin maintains a record of all the green energy generated locally. This includes solar panels from a private roof or a local energy cooperation running a windmill.
This is done in a period of every 15 minutes a day. This has been researched and presented before scientists, small businesses, NGOs and other relevant parties. In line with these developments, Energycoin can be used for the following:
Rewarding Participants
Any member of a local energy cooperation that uses sustainable energy, or a customer from an energy company that uses sustainable energy whenever available can be rewarded through Energycoin.
The Energycoin Foundation has been able to build a digital environment to record green energy generated locally and calculate the rewards applicable to the users. For example, members in a solar park or windmill can invest and earn returns faster if they connect their energy use to a local energy availability service.
Generating Interest in Solar Energy
One of the other things that the Energycoin blockchain has done is to handle the administrative angle of crowdfunding energy efficient projects. For any viable project that is crowdfunded through Energycoin, the administrative tasks are handled by the Energycoin blockchain.
Peer-to-Peer exchange
Citizens can also exchange green and local energy between one another through Energycoin. This is something that is already being commercialized in advertisements, and an administrative reality. It is technically possible to exchange green local energy from one person to another, through an energy company. However, Energycoin is making this possible through the blockchain.
Resources
https://coincheckup.com/coins/Energycoin
https://bitcointalk.org/index.php?topic=1028941.0