Recently, cryptocurrency has came under fire for its negative impacts on the environment, after a recent study found that if Bitcoin were a country it would rank 61st in energy consumption.
Climatecoin aims to change all of that by becoming the world’s first blockchain platform that uses carbon credit trading. The system limits the amount of emissions you can produce, and if you want to go over that limit, you must purchase a carbon credit, that for example, would equal one ton of carbon dioxide emissions. If an organization ends up having extra carbon credits they can sell them to organization who has capped out. The money collected from carbon credits is then given to projects that help the environment, like land conservation or recycling programs. The credits give buyers a way to essentially cancel out their emissions output, by doing something good.
All funds raised in Climatecoin's ICO or Initial Coin Offering, similar to an IPO, will go to environmental businesses. With carbon dioxide levels higher now than ever before, and limitless possibilities for blockchain-based technologies, this is definitely a step in the right direction.
For more on this, head over to Futurism.