Bitcoin’s distributed nature ensures it remains a non-centralized and trustless currency. But that comes with tradeoffs, namely the energy and environmental cost associated with mining the cryptocurrency. The bitcoin industry has acknowledged the difficulty of these issues and has led to a push to create a more environmentally friendly cryptocurrency. Here comes eBTC, a cryptocurrency developed to address these concerns and to be fully carbon neutral.
On October 2nd we launched the first eBTC issuance on the Bitcoin blockchain. eBTC’s issuance was made possible by the test net development effort of onionpool.io and the work of several other teams. The issuance was made possible through the hard work of these teams and the support of many of the core Bitcoin community members, including Bitcoin Core developer Cory Fields and Bitcoin Core contributor Eric Lombrozo. eBTC will be issued approximately every three months. We have a goal of issuing eBTC for a total of 1,000 Bitcoin by 30/31 December 2018.At a time when the carbon footprint of mining cryptocurrencies is in the spotlight, Wrapped has announced the launch of the first carbon neutral asset backed by bitcoin. The asset, called Eco BTC (eBTC), combines Bitcoin and MCO2 (MOSS.Earth Carbon Credits) from leading environmental platform Moss Earth into a single digital asset. Credits are fully tokenized. In addition to green transactions, users can also track ESG (environmental, social, governance) or sustainability program data and convert it 1:1 into bitcoins, he said. Wrapped is a joint project between Tokensoft and Anchorage. Speaking about the launch, Mason Borda, CEO of Tokensoft, said: Environmentally conscious investors are concerned about bitcoin’s carbon footprint. With eBTC, institutional investors can add bitcoin to their portfolio and meet their fund’s sustainability goals. According to Moss.Earth CEO Luis Adaime: Thanks to eBTC, bitcoin transactions can now be carbon neutral. We are delighted that MOSS has partnered with Wrapped to bring this innovation to market. The digital asset is available on the Celo blockchain via Ubeswap.
The announcement of the launch comes at a time when bitcoin is recovering from a slump caused by news of its environmental problems. Research shows that the electrical energy required for one bitcoin transaction is equivalent to the energy consumed by an average American household for nearly 51 days. Moreover, bitcoin’s annual energy consumption (123.6 TWh) is higher than that of countries like the Netherlands and the Philippines. The vast majority of bitcoin mining takes place in China, a country that aims to be carbon neutral. According to a recent report, the Sichuan Provincial Energy Regulatory Commission will hold a meeting next week to discuss the implications of bitcoin mining.
Wrapped helps users borrow, lend and trade on DeFi platforms. Each packaged asset is fully collateralized and held by a qualified custodian. The technology for the official website, Wrapped.com, is provided by Tokensoft.
MOSS provides an opportunity to help change the global warming scenario, preserve our forests and develop our land. MOSS believes that the solution to climate change lies in the development of a new market for carbon credits. MOSS Earth is also involved in similar projects. Last week, One River filed an application with the US Securities and Exchange Commission (SEC) to create a carbon-neutral Bitcoin exchange-traded fund (ETF). The company will partner with MOSS Earth to purchase blockchain tokens representing certified emission reductions. MCO2 tokens represent the right to claim a certified carbon credit. May was a good month for environmentally conscious crypto investors. Another project that announced its carbon neutral ambitions this month is Greenridge Generation Holdings. The company announced that it will operate a carbon-neutral bitcoin mining plant in New York State starting in June. It will purchase carbon credits for a number of projects in the US aimed at reducing greenhouse gas emissions.
Tokensoft is a platform for creating and managing digital assets. The Austin, Texas-based company was founded in 2017 and has helped create more than $10 billion in digital assets. Tokensoft recently participated in the INX IPO as a transfer agent. (INX is the first security token registered with the U.S. Securities and Exchange Commission (SEC).