EnergyCoin

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= "A worldwide reserve currency, backed by renewable energy, which in turn backs a universal basic income for all". [1]

URL = https://energycoin.eu/

Description

"It is a crypto currency like Bitcoin being cloned in 2014 of the PeerCoin the first Proof-of-stake currency.

The currency is meant to provide a platform for communities, companies and individuals to built energy applications using the inherent strengths of crypto currencies and blockchains. The purpose of the coin is to facilitate the so-called Energy Transition and the move away from fossil fuels towards local generation and renewables.

Practical examples will be published on our Blog. We believe this technology contains some key benefits over existing technologies being open source, distributed and safe it brings the technological benefits to communities who are organized the same way."

Characteristics

Proof-of-Work-by-Renewable-Energy

Rafe Furst:

"Our aim is to create a blockchain protocol in which mining can only be done by verified renewable sources of energy. We are exploring high-tech verification, but at the very least we can incentivize decentralized witnesses to enforce the policy (see for example Steem Witnesses). By incentivizing the mining of EnergyCoin (rather than delivering energy to the grid), we have a potential problem: if producers of renewable energy are incentivized to mine, who will provide power to households and businesses?

With Bitcoin (and other PoW tokens) once energy is spent on mining, it is no longer usable. With EnergyCoin, each mined token comes with an obligation (on the part of the producer) to deliver clean energy to the holder of the token, on demand.

This is analogous to the way gold-standard currency was redeemable on demand for gold. These “smart futures contracts” will be enforced by the PoWRE protocol, and Miner-Producers who violate a contract will be blacklisted and banned from the PoWRE network.

If and when an EnergyCoin is redeemed, the coin is destroyed, so that the price of EnergyCoin is loosely pegged to the market value of all the outstanding future contracts. The amount of energy due under each new contract will be dynamically set to minimally clear actual energy demand; in other words, EnergyCoin mined in excess of the world’s actual energy needs will become a growing reserve of value owned by the network of EnergyCoin holders." (https://medium.com/@RafeFurst/energycoin-d08ddcab4a0c)


Universal Basic Income

Rafe Furst:

"Some Blockchain pundits believe Proof-of-Identity is a key missing protocol element for bringing about the convergence of the fiat economy and the emerging alternate universe that is the crypto-economy. Regardless, developers are already building protocols which can uniquely identify individuals who opt in, and tie those identities to digital wallets and smart contracts. EnergyCoin and PoWRE will leverage one or more of these protocols to allow people (but not organizations or groups of people) to register for and receive UBI dividends.

For every EnergyCoin mined, an additional EnergyCoin will be created by the PoWRE protocol and distributed in equal fractional amounts to each and every registered individual in the EnergyCoin network. “Proof of Life” will be required to spend EnergyCoin or otherwise transfer it out of a UBI wallet, so that when a member dies, their UBI distributions effectively stop. Thus, inheritance and generational wealth are not a part of the EnergyCoin protocol." (https://medium.com/@RafeFurst/energycoin-d08ddcab4a0c)