Companies launch eco-friendly cryptocurrency initiatives
The prevalence of blockchain technology and cryptocurrency has continued to grow, with blockchain being utilized across industries and cryptocurrency trading entering the gaming space. For young generations who are migrating from cash to digital currency and are increasingly focused on the environment, these eco-friendly crypto innovations will be of note.
Bananacoin is a form of cryptocurrency that, just as it sounds, allows users to invest in bananas. The company claims to be the first environmentally-friendly plantation in Laos, and it released a token on the Ethereum blockchain platform that supports the growth of organic Lady Finger bananas to export to China, where demand is greater than supply. Bananas have been repurposed into ice cream, dehydrated snack bites, and now currency; the token is tied to the export price of 1kg of the Lady Finger bananas.
As an eco-friendly blockchain ecosystem, 4NEW is powered by waste and provides energy for power plants. 4NEW converts household waste and feedstock into electricity, which is currently being sold to the UK National Grid; unlike other energy exchange platforms that merely broker the energy being exchanged, 4NEW actually produces its own in an environmentally friendly manner. In addition to selling the energy, 4NEW uses it to mine cryptocurrency, ensuring that the massive amount of energy this process takes is clean and green. The tokens produced by 4NEW, KWATT, are backed by one kilowatt of electricity.
Credits is a cryptocurrency that supports green energy initiatives. It does this through its app, which allows users to mine credits at low, medium, or high energy usage settings. The goal of Credits is to build green energy and sustainable projects such as solar energy applications, wind energy farms, and agricultural operations, as well as donating 10% of profits to various charities. Credits aims to improve upon the cryptocurrency process offered by other companies through speed of transactions, volatility, ease of use, and ability to cash out.