Green Crypto Currency

Green Crypto Currency

This token could change the whole perspective on cryptocurrency, and this currency has real- world use cases. 99.99% of people buy crypto to make a profit out of it. The main aim of cryptocurrency is to send money around the globe faster, cheaper, and anonymously. Most cryptocurrencies are not suitable for day-to-day transactions, as the price is volatile, with higher transaction fees and slower transaction speed. To solve these problems, we have a plan to create a Green Stable Crypto Token built on Avalanche network, which is pegged to Indian Rupees.

Mechanism

As it is built on Avalanche network, the transaction is instantaneous, unlike other popular cryptocurrencies like bitcoin and Ethereum, which take around 3 - 60 minutes (even more) for a single transaction. The transaction fee is very low, like ₹0.7 per transaction, compared to Ethereum at ₹30-₹100 per transaction (+ Gas fee ₹100-₹2800) and Bitcoin at ₹80-₹400 per transaction. This token is a 1:1 collateralized asset-backed stablecoin where the value is pegged to INR. Unlike Bitcoin and Ethereum’s Proof of Work mechanism, this coin uses Proof of Stake. Total Energy Consumption Mining Bitcoin per year is more than the total electricity usage of Argentina. PoS reduces the electricity usage by 99.95%, and this could be a greener approach for our idea.

Apart from this, users could also stake their tokens for returns like other PoS Coins. Here, they stake the coins for rewards like 10% returns per year. Rewards are calculated in Annual Returns Per Year (APY).

A wallet can only be created through our native app. Every individual can create only one wallet. This cuts down transaction spam by a significant margin. During wallet creation, a person will be required to complete a KYC Process where he will be asked for a live photograph with a government document (Like an Aadhar card) in hand. The process is the same as other exchanges do KYC verification, but we do not store that data. Instead of storing the information and maintaining anonymity, the identification number (Aadhar number - India, SSN - US) will be stored as a hash, and all other details will be deleted after verification. This ensures data security and anonymity; this hash could be used to find duplicate registrations done with the same documents.

Wallets are only created through us; no third-party providers like metamask can manage them. We manage only the creation of wallets as we have no access to block or manipulate any wallets as all the things are decentralized. Besides this, every exchange could list our coin and be traded typically.

Proof of Concept

Many Countries are aiming to build an incredible payment system like UPI. Our idea could be more efficient, greener, faster, highly available, and more secure than UPI and other systems when deployed in real life. We are aiming to function alongside India’s UPI and China’s WePay by introducing a native payment processor app that works similar to Google Pay and Paytm. This would also rival the existing crypto payment processor Solana Pay.

Use Cases

Mainly, one could use this cryptocurrency to perform micro-payments. This also has Native app support. Every transaction could be performed by scanning a simple QR code or even with a wallet address.

We expect this to be a rivalry for UPI and an opportunity for other countries working on building a micro-payment platform. Not only for micro-payments, but this app also could perform insanely large transactions at an insane speed.

Apart from payments, One could help for an environmental cause like Carbon Offset through the app itself. An Individual or a company could take up a set of questions based on that. We generate the Rough Carbon Emission Report with cost to offset. Carbon Emission does not mean the same. It could be like the consumption of electricity produced by burning coal, Carbon Emission during the Commute, and much more. Many companies are aiming to become Carbon Neutral or Carbon Negative organizations. We could generate a report with the estimated cost to offset the produced carbon with a proper carbon emission audit. We will issue a Public Blockchain Verified Certificate so the company can claim itself as Carbon Neutral. An Individual could also do the same by taking a small test, and we will provide them with a shareable carbon-neutral certificate which would encourage others to do the same. We partner with Carbon Offset and Ocean Cleanup Organizations, and the users will be updated with the status.

A significant portion of the Transaction fee and 50% of Staking Rewards go to Environmental Organizations, which could further make people use these Crypto Tokens with our app. Further, these tokens could be listed on other exchanges, enabling people to trade and make transactions like other cryptocurrencies.

How are we better than others?

This coin is a Collateralized Asset-backed Stablecoin, not an Algorithmic Stablecoin. The algorithm and lack of collateral was the reason for the collapse of UST and LUNA. Every coin on the blockchain is backed 1 to 1 by us, which ensures maximum stability.

As we are on Avalanche blockchain, the network is faster and cheaper than others.

As Wallet creation is possible only through us, every individual can have only one wallet. This prevents duplications and spam transactions that are carried out on the network. Before wallet creation, everyone must perform a unique KYC process where the Government ID number will be hashed and associated with the wallet to prevent the creation of new wallets with the same documents.

We will have a multiplatform app where anyone with a wallet can perform micropayments to large business transactions through the same app with all the existing security features available like 2-FA, M-FA, Etc...

Final Verdict

1. Stable (1:1 Collateralized) - Every Coin on the Blockchain is backed by the equivalent INR by our organization.

2. Highly Available - Decentralized Ledger ensures 100% uptime of the network, unlike Traditional Centralized Bank Servers, which go down for maintenance or other internal issues.

3. Cheaper Transaction Fee - Near Zero Transaction fee ensures that this currency is suitable for Micro-payments (Day to Day Transactions).

4. Faster - Transactions are instantaneous. Generally, Bank to Bank Transfers takes days to get cleared.

5. Environmental Friendly - Every Transaction and a part of staking rewards contribute to offsetting carbon emissions. On top of that, every individual could offset their carbon emission by taking up a small questionnaire to estimate the carbon emission. Upon donation to offset them, they receive a shareable blockchain verified certificate, which users could share to create awareness of this initiative and project. Even Companies could do the same in a detailed audit to receive a Blockchain Verified Carbon Neutral Certificate.

6. Native App Support - This cryptocurrency has native app support, where the users could efficiently perform micro-payments by scanning a QR code to an insanely large business transaction with all the existing security features available like 2-FA, M-FA, Etc...

7. Unique KYC Verification - One person could have a maximum of one account. This is verified with legal documents and provided with a unique hash where a person could not create an account again with the same document. All the received data will be destroyed upon verification, ensuring user privacy and anonymity.

8. Efficient - Unlike PoW, PoS is very efficient and more environmentally friendly.

9. Limitless - There are no limits on transactions. Unlike SWIFT and other imposing restrictions, one could send any amount to anyone around the globe.

10. Anonymous - All the transactions on the blockchain are anonymous.

11. Secure - All Transactions are more secure than the existing banking system.