The thought of creating a better world has always gone hand in hand with cryptocurrencies. In fact, the whole idea behind virtual money is to improve the way mankind thinks about money. We may not be there yet but during this journey, many crypto-enthusiasts are coming up with great projects. We all remember the various fundraisers by the Doge community. Right now, a new cryptocurrency has emerged. This currency has set a very ambitious goal for itself. It will try to eliminate coal. Meet GENERcoin (GEC), the coin striving for a world of renewable green energy.
The story behind GEC starts with David Tiessen. Tiessen has been working on creating a sustainable planet for quite some time. As a firm believer in cryptocurrencies, he was looking for ways to combine his two passions into a strong, new product. After meeting Lloyd Davis, CEO of Arterran Renewables, he came up with a plan. Arterran is responsible for the creation of Arterran Biofuel. This is a renewable solid biofuel made from cellulosic feedstocks like wood, manure, agricultural waste and other waste. Long story short, this is a renewable energy source that is a lot less endangering for the planet than coal. As Arterran is in the process of scaling up, they told Tiessen that they require funding to do so. Tiessen came up with the idea of creating a cryptocurrency to crowdsource the funds, and GEC was born.
GENERcoin stands for Green ENERgy Asset Backed Coin. The whole idea behind GEC is that it can be bought and traded just like any other cryptocurrency. The only difference is the backing of GEC by Arterran Renewables. Each GEC is a receipt and claim for the biofuel that backs each coin. GEC uses a scientific method to determine how much energy is backed by each coin. By doing so, people who buy GEC can exchange their coins for biofuel with Arterran Renewables. Even though the possibility to pay for green energy with cryptocurrencies is admirable, the idea still misses an incentive. People need to be ‘pushed’ gently towards getting and using virtual money. This was one of the main discussion points at Amsterdam’s Bitcoin 2014 and will remain a top priority in the coming months and years. To give people a reason for trading GEC for green energy, each coin will be sold at a discount. People can buy renewable energy with GEC for 50% of its real price.
As promising as this sounds, GEC has had a tough start. We all know the crypto-community is a very difficult one to convince. The past fiascos obviously played their part in this, but as sceptic as everyone may be, we are also very aware of the problems in this world. This is why GEC deserves at least some attention. An energy source being sold for 50% of its value sounds fishy. Why would anyone sell something for 50 cents when they could very well get one dollar for it? The truth is that Arterran Renewables has its eyes set on crowdfunding as the main investment for its necessary expansion plans. If that means undercutting its prices, so be it. Building renewable energy plants around the world, turning waste into a sustainable energy source without the pollution of coal. Decentralizing the grid in the process, and quite possibly bringing power to communities in the world that have none. Even if only a few of these goals will be met, it will have been worth it!
GEC can be bought through GENERcoin’s website, even though the site says sales are only available until the 11th of July. CCN contacted the webmaster about this error. Exchanges are supposed to be announced in the near future.
Disclaimer: the author is not affiliated with nor has he bought any GENERcoin. He finds it necessary to support projects that help sustain our planet and believes GENERcoin is an effort worth talking about.
Featured image by Shutterstock.
Last modified: August 9, 2014 17:07 UTC