More to come on ECO Coin, the first cryptocurrency backed by trees (launch April 20)

How sustainability is no longer a moral imperative, but an economic decision

Only a few days left until the public launch of ECO Coin, the first ever cryptocurrency backed by trees. How does this crypto currency that rewards people for sustainable actions work? How can ECOs be obtained and what can they be spent on? As of today, new information is available, including about the underlying blockchain technology, price discovery, market operations and the philosophy behind the system. Next Nature Network will present the ECO Coin to the public on Friday, April 20 at 5:00 pm at the circular pavilion Circl in Amsterdam.

The ECO Coin is a new cryptocurrency that rewards people for sustainable actions. For example, you can earn ECOs by eating meat-free meals, switching to a green energy supplier or separating waste. In this way, sustainability is no longer a moral obligation, but an economic decision.

Each ECO Coin is covered by one tree. This is similar to the way the gold standard worked, before it was abolished in the 1970s. It is possible to donate trees to the system as part of ECO Coin’s ICO (initial coin offering). The number of donated trees is used to determine how many ECO Coins are in circulation. The goal of the ECO Coin is to connect economics and ecology by making ecological value explicit in economic terms.

The five most frequently asked questions are answered below:

How does it work?
Like other cryptocurrencies, ECOs are stored in digital wallets, which will initially be accessible through a web browser and then through a mobile app. Using this smart, digital wallet, ECOs can be received, stored and sent to other wallets. In addition, the wallet provides an overview of the sustainable actions that people can perform and an overview of the products, experiences and services on which the crypto currency can be spent.

Can you buy ECO Coins?
ECO Coins will be available for purchase through the ICO later this year. In addition, it is possible to donate trees in exchange for ECOs. When the ICO token is distributed, the ECO Coin will be listed on various cryptocurrency trading platforms for trading. Like other currencies, the exchange rate will be determined by the market.

Can you mine ECO Coins?
ECO Coins ‘mining’ is not part of the blockchain protocol, for the reason that it consumes too much energy.

How many ECOs can you earn?
People can earn ECO Coins from a variety of sustainable actions. Of course, not all sustainable actions have the same impact or require the same amount of time and effort. This means that different actions represent different amounts of ECOs. For example, you’ll earn more ECOs from switching to a sustainable energy provider than from buying a meat-free lunch.

From when can you earn ECO Coins?
On April 22, International Earth Day, the first ECOs can be earned by telling us on Twitter what sustainable action you took to do so. For example, eating a vegetarian lunch, cycling to work instead of going by car or using a reusable cup for coffee. People can share their action via #ecocoin and receive the first ECO Coin in a digital wallet for it.

For more information on ECO Coin’s vision, visit www.ecocoin.com and download the white paper (from April 20).

Public launch
Interested parties are welcome to attend the presentation of the ECO Coin whitepaper on April 20 at 17:00. During this informal afternoon, the underlying blockchain technology, price discovery and the philosophy behind the system will be discussed in more detail. Admission to the event is free. Afterwards there will be a Friday afternoon drink. More information about Circl and the address can be found at www.circl.nl. You can register via the Facebook event: https://www.facebook.com/events/156383771852514/.

Speakers: Koert van Mensvoort, founder and creative director Next Nature Network – Lewis Just, ECO Coin project leader – Milan Meyberg, revolution manager DGTL festival and member of Nieuw Amsterdam Council.

PROGRAM
16.30 entry
17.00 Introduction Circl
17.15 introduction – Koert van Mensvoort
17.30 presentation white paper – Lewis Just
18.00 case study DGTL – Milan Meyberg
18.20 closing – Koert van Mensvoort
18.30 drinks
19.00 end