The crypto projects saving the planet

It appears that the advantages of cryptocurrency are frequently obscured by the technology’s inherent susceptibility to misuse.

Despite the fact that cryptocurrencies appear to be a secure and efficient way of sending money across the world, there are still risks. Over the last year, governments all around the globe have expressed concerns about crypto being used for unlawful activities like financing terrorism or money laundering. Many cryptocurrency exchanges have been forced into a legislative chokehold in several countries, including China and

While cryptocurrencies have their problems, they have also proved to be a useful instrument for legislators and advocates seeking to improve the world.

Climate crisis –

By 2021, the public’s attention on Bitcoin (BTC) energy-intensive mining techniques was almost continuous — and for good cause. According to Digiconomist, Bitcoin mining uses as much electricity as a tiny nation like the Netherlands or the Philippines.

However, many environmental lobbyists are already employing the same technology in their efforts to combat climate change. Smart token contracts, for example, have enabled charitable organizations to collect money in a manner that has never been done before.

Some of these “charity tokens” have a tax system that charges a fee for each transaction, which can be sent to a charity of the donor’s choosing. The World of Waves (WOW) token, for example, is attempting to preserve the seas and combat climate change.

The WOW token is designed to help the world’s unprivileged people by providing them with security and financial stability. The project’s tax rate is 11%. It is redistributed back to all stakeholders, 3.3% goes into the liquidity pool, and 4.4% goes to the WOW charity wallet. Funds are taken out of the charity

“It’s all about making a positive impact on causes around the world while shining the spotlight on NGOs and creators.”

In this manner, charitable giving is inherent in the token’s underlying algorithm. Not only that, but investors are also incentivized to invest and remain invested in the project. WOW isn’t the only cryptocurrency utilizing this approach to raise cash for a environmental cause.

Solarcoin rewards individuals who install solar power systems in their homes or businesses with Solarcoins. When the price of a coin rises above the cost of producing energy, solar will effectively be free, according to the idea. The website reads:

“As of today, cryptocurrencies are worth over US$2 trillion. Most of that value was distributed in exchange for carbon-intensive crypto mining. What if it was given out to people who produced energy for free?”

Black Lives Matter –

Of course, environmental protection isn’t the only topic on which crypto projects have attempted to tackle in recent months. In June, the world watched in horror as George Floyd was shot and killed by a police officer. His death reignited the Black Lives Matter movement — and there’s been no shortage of debate in the cryptocurrency community as a result.

A group attempted to cash in on the unrest by releasing a George Floyd token, which was roundly criticized for its shaky tokenomics and an unclear payment mechanism. A person was photographed attending the demonstrations with a sign that read “Bitcoin will save us.”

Despite the repulsive nature of these instances, the general community rallied in support. For example, Giving Block launched a solution for customers to make direct donations to organizations supporting the Black Lives Matter movement, such as the Chicago Community Bond Fund and Movement for Black Lives.

In 2020, the crypto fundraising platform teamed up with Gitcoin to launch the #CryptoForBlackLives campaign. The campaign was kick-started by a community grant of $25,000. However, when it came time to wrap things up, donations exceeded $100,000.

Black activists have also worked hard to ensure that their communities can take advantage of cryptocurrency’s financial benefits. According to Guapcoin (GUAP) founder and lead engineer Taviona Evans, her platform was able to achieve more in 2021 than any previous year:

“We’ve sparked awareness about crypto among a population with less access and education in crypto and finance — and we continue to do so.”

Healthcare –

Crypto projects have made a difference in several areas of charitable giving this year, including healthcare and mental health. In 2021, the health of many people throughout the world deteriorated considerably as the COVID-19 epidemic continued to spread.

One of the more unexpected consequences of the coronavirus was its considerable influence on crypto and blockchain, which can be connected to the epidemic’s origin in late 2019.

Blockchain technology is being used to verify the validity of COVID-19 test results and vaccination certificates across borders, from Australia to Mexico.

Several crypto funds and tokens have also emerged to aid global communities that have been afflicted by the virus. Polygon co-founder Sandeep Nailwal created the COVID-Crypto Relief Fund in April, when his home nation of India was hit with a devastating second wave of the disease.

Is crypto socially good or bad? –

In 2021, it appeared that crypto is genuinely morally agnostic for the first time. Around the world, the same technology used to finance terrorism was also being used to fund healthcare during the COVID-19 epidemic. Others created crypto projects and tokens in order to protect our planet while the world battled about whether cryptocurrencies have a negative environmental impact.

As the world continues to debate the ethics of crypto, it’s important for us to know these projects are changing how we work and live. We hope you found this article enlightening about what is happening in the space. If you need help understanding or navigating these changes, contact us today. Our team at Crypto Tax Calculator Australia is ready and waiting to provide expert guidance on all things crypto related including tax calculations here in 2022. Contact our experts now!