FullToken—A 21st Century Energy Platform
During the1970s fuel shortages, peak consumer angst was on full display (think long lines, outages, rationing, and price gouging). Today we are moving in slow motion towards a very similar situation. Fuel costs will only go up in the 21st century; the cocktail of peak oil production, population growth, and increasing consumption per user make it inevitable. When energy affordability is out of reach, our standard of living deteriorates. A heating planet will only exacerbate this future political and economic crisis.
“In the 2020's we are going to have a clear physical shortage of oil…The low carbon transition will come through higher, not lower oil prices…‘Big Oils’ are starting to understand that if they want to be widely owned by investors, they need to show that they are serious about minimizing the amount of carbon in the atmosphere.”
—Michele Della Vigna (Head of EMEA Natural Resources Research at Goldman Sachs) CNBC2
The root cause of our addiction to fossil fuel rests in (a) existing petroleum-based infrastructure and (b) consumer habits. Broad anti-fossil fuel proposals neglect to account for the trillions in required infrastructure replacement costs. Carbon tax tends to be perceived by the working class as an anti-economic power grab, in some cases causing political backlash (e.g., the ‘yellow vest’ movement in Paris). Politics is said to be an allocation of resources. Depriving citizens of fuel deprives them of their way of life and thus sows resentment and even rebellion.
FullToken is a private market alternative to carbon tax that aims to ween the fossil fuel addicted consumer off petroleum gradually. For each barrel of fuel consumed by the user, a blockchain certified carbon offset must take place. The carbon offset options listed on the mobile app aim to stimulate user engagement like a crowdfunding platform. Users who certify carbon offset activities or positive consumption behaviors (e.g., solar installation, or riding e-scooter instead of car) would earn valuable rewards. FullToken is for petroleum addiction what Nicorette™ is for nicotine addiction.
Despite FullToken’s efforts, petroleum is still going to be consumed by the user for decades to come, however providing consumers the ability to carbon offset indirectly supports a transitioning energy infrastructure. The rewards and perks on the platform help promote sustainable consumer behavior. Since FullToken is a private market solution, the aim is also profitability, whereby the user may share in the benefit of the petroleum margins through increased purchasing power.
Blockchain technology is a tool that can help transparency, consensus, and efficiency. Even though FullTokenwill trade in petroleum, the user community can have a say in matters like reinvestment of capital and carbon offset projects—contrast this to the 20th-century oil company way of business. Blockchain technology would help provide proof of carbon offsets, gathering community consensus, and tracking the petroleum trade.
Millennial buy-in (~$1.5 trillion purchasing power) is a crucial component for FullToken’s success. Consider some cherry-picked findings found online:
- “Climate…this year finished in a statistical tie with terrorism as the top concern for millennials …one might infer that corporate activity intended to improve our climate or to minimize the misuse of resources could significantly help improve millennials’ view of business.”—Deloitte Millennial Survey 2018
- “87% of Millennials would buy environmentally or socially beneficial products and 59% bought such a product in the past year;
- When deciding what to buy or where to go shopping, 81% of Millennials take into account a company’s social and environmental initiatives;
- 70% of Millennials would pay more for sustainable products;
- For 86% of Millennials companies should not just make profits but tackle social and environmental issues” Source: https://sustaincase.com/cone-communications-research-millennials-embrace-csr/
- “Over 85% of millennials own smartphones.” —Nielsen 11
- “Millennials touch their smartphones 45 times a day.” —SDL12
- “62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer.” —Forbes x Elite Daily 14
- “Millennials (44%) are the most likely of any age group to say cryptocurrency will be widely accepted.” —YouGov16
- “millennials are very open and embracing of new disruptive technologies like blockchain… 25 percent of affluent millennials are currently using cryptocurrencies, 61 percent are already using peer-to-peer payment apps; and
- 31% are considering investing in cryptoassets” —Edelman17
At scale, fleets and corporate procurement departments could also find deep value in the platform.
FullToken’s launch this spring has the potential to be disruptive in the millennial & fleet fuel markets. Although the FullToken offering will initially be available to accredited investors only, the aim is to transition the company offering into a household name for millennials and the broader market.
The fossil fuel addiction cure rests in changing consumer behavior with rewards and perks while also supporting gradual sustainable infrastructure. Towards this end, FullToken could be just a drop in the bucket, and possibly much more.
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.