Creative community Corcovado has announced a new project called CorcoCoin which aims to help prevent climate disaster with crypto-based rewards for the carbon captured by growing trees.
The innovative product allows people to invest £10 to have a single tree planted, the tree’s photo and GPS location are then uploaded to the Telos blockchain, minting a non-fungible TREE token.
Based on research that claims that forest restoration may be the best climate change solution available today, Corcovado wants to reward its users for contributing to the fight against climate change.
Corcovado ensures that a variety of native species are planted, and depending on the tree, token holders could track their trees for up to 60 years. More than 1,000 trees have already been planted through Corcovado’s initiative, starting in Scotland. Photos of the trees being planted can be found here.
So chuffed with the 100+ people who have contributed to bringing the CorcoCoin system to bear! Massive thanks to the Denizens, the @crowdfunderuk , the @corcocreators the @HelloTelos and the farmer and planters as well as the rare breed of nutters and advisors who have smashed it
— Dave Erasmus (@daveerasmus) September 24, 2020
“Our nation’s money systems have become divorced from nature, causing climate annihilation. With CorcoCoin and the TREE token, we hope to restore that fundamental connection of trading goods and services amongst friends in our global village to create a regenerative relationship, not an extractive one,” said Dave Erasmus, Co-Founder of Corcovado. “It is only due to the dedicated efforts from the fellow designers that we have got this far. I want to thank Roger Davies, Rory Mapstone, Jim Hewitt, Simon Elgar, Nezir, Jim Mann, Andy Smithyman, the people who dug and planted our first trees, and the 50 founding TREE token holders who jumped in to support the original idea through crowdfunding.”
CorcoCoin is supported by a grant from the Telos Foundation, with Telos providing the blockchain infrastructure for the project. The Telos UK team initiated this partnership, and worked closely with Corcovado to build on top of the Telos blockchain.
Telos Chief Architect, Douglas Horn, added: “There is enormous potential to benefit the future of humanity and our planet through regenerative practices done today. But because the costs and work of these projects is in the present while the benefits are in the distant future, there’s little direct incentive for individuals to take the actions needed today. Everyone just hopes others will do the work.”
For more news, guides and cryptocurrency analysis, click here.