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Cryptocurrency has been in the news again this week as per usual. \u00a0The market has been in the red, largely due to Elon Musk\u2019s defaming of Bitcoin\u2019s energy consumption, before swiftly throwing his support once back into Dogecoin, a coin with no real application that he conveniently, probably, owns 25% of the circulating amount of. That being said, the market is still up astronomically on the year, and I certainly don\u2019t think we are in for a bear market just yet.<\/p>\n\n\n\n
The memecoin saga continues, with the Binance Smart Chain (BSC) gaining prominence. A cryptocurrency network where anyone can make their own currency in about 15 minutes and market it to the masses. New millionaires have been minted on the occasional gem project with real life application. However, many BSC projects generate momentum on platforms such as Twitter, Telegram and TikTok, before the founders swiftly pull the rug from under their investors, selling off their own holdings and rendering the rest of the circulation worthless.<\/p>\n\n\n\n
Whilst the last couple of paragraphs illustrate my current frustration with the cryptocurrency markets, I still think cryptoassets will play an integral role in societies of the future. There is one project in particular that I think will be at the forefront of cryptos mainstream adoption \u2013 DOVU.<\/p>\n\n\n\n
Critics of cryptocurrency, especially ones with interest in commodities who hate the idea of cryptoassets as a store of value, especially Bitcoin; have been quick to identify the vast energy consumption of cryptocurrency mining transactions. A valid argument, considering 1 BTC transaction can power a US household for 23 days1<\/sup>. This energy consumption inevitably means more carbon is in the atmosphere. Dovu however, is building a solution that will lead to crypto-powered carbon capture across the planet.<\/p>\n\n\n\n Soil?<\/strong><\/p>\n\n\n\n Carbon sequestration \u2013 the removal of carbon dioxide from the atmosphere to slow or even reverse atmospheric CO2 levels & global warming occurs in many forms. This occurs naturally in soil, with soils removing 25% of the worlds fossil fuel emissions each year. However, better land management and agricultural practices offers the chance to enhance the ability of soil to store carbon and help combat global warming. This activity could prove vital in ensuring the Paris Accords goal of limiting global warming to less than 2\u02da C above pre-industrial levels. The DOVU project intends to be at the forefront of normalising effective land management and agricultural practices and the team is developing a platform to connect carbon farmers with crypto users, whether that be governments, nations or companies.<\/p>\n\n\n\n Carbon credits in the form of Carbon NFTS, powered by DOV tokens will enable these users to support farm projects that are dedicated to protecting the planet across the world. Farmers who have successfully implemented carbon sequestration practices can tokenize their land and make it easy for businesses and individuals to offset their carbon footprint1<\/sup>. Carbon credits are not a new concept and, are often found in the fine print of the Sustainability page on the websites of airlines and oil companies. Whom love highlighting their carbon offsetting activities. However, green washing is rife and the current carbon offsetting practices often involves \u201cnumerous expensive and slow intermediaries, paperwork, and legal authorization to fractionalize carbon credit projects\u201d 2<\/sup>. Alongside this, carbon credit scams are common, an example occurring a few years ago where carbon credits were fraudulently sold to 130 UK investors.3<\/sup><\/p>\n\n\n\n Through tokenisation and the hashing of important documents and details of all carbon offsetting activities on a distributed ledger technology platform \u2013 Hedera. DOVU offers a fully transparent carbon offsetting platform, largely eliminating the threat of carbon credit scams, and resolving many of the problems previously listed, utilising Hedera for its \u201clow cost, predictable fees and scalable performance\u201d1<\/sup>.<\/p>\n\n\n\n What’s next?<\/strong><\/p>\n\n\n\n The DOVU project, offering an optimal and transparent carbon credit system unlike anything seen before has a big year ahead. The founders are actively building relationships with many different organisations to bolster their offering. Jaguar Land Rover is now one of the many companies supporting the project and I do not foresee this being the only car manufacturer to support the project. The $DOV token, a cryptocurrency trading on multiple exchanges, that will be used to power transactions on the platform is currently trading at 4 cents, up almost 4000% in 2021. Some crypto analysts have predicted the coin could reach 1$ come the end of Summer 2021, whilst some have mentioned a $10 price by the close of 2021. Very realistic prices considering the exponential growth in prices of crypto with no real application. 2021 is the year carbon sequestration meets cryptocurrency.<\/p>\n\n\n\n References<\/p>\n\n\n\n Cryptocurrency has been in the news again this week as per usual. \u00a0The market has been in the red, largely due to Elon Musk\u2019s defaming of Bitcoin\u2019s energy consumption, before swiftly throwing his support once back into Dogecoin, a coin with no real application that he conveniently, probably, owns 25% of the circulating amount of.… Continue reading DOVU \u2013 Cryptocurrency, carbon sequestration and… Soil?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-56","post","type-post","status-publish","format-standard","hentry","category-blog","entry"],"_links":{"self":[{"href":"http:\/\/callumneal.com\/index.php?rest_route=\/wp\/v2\/posts\/56"}],"collection":[{"href":"http:\/\/callumneal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/callumneal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/callumneal.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/callumneal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56"}],"version-history":[{"count":7,"href":"http:\/\/callumneal.com\/index.php?rest_route=\/wp\/v2\/posts\/56\/revisions"}],"predecessor-version":[{"id":63,"href":"http:\/\/callumneal.com\/index.php?rest_route=\/wp\/v2\/posts\/56\/revisions\/63"}],"wp:attachment":[{"href":"http:\/\/callumneal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/callumneal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/callumneal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}