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The entire world is looking for more sustainable ways to fight the vice of climate change. Be it via government intervention, individual efforts, or businesses coming together to tackle the problem.
Web3 and blockchain technology haven’t been left far behind when it comes to adopting these technologies and ways, plus contributing in their own way to save the planet.
While there have been many green crypto projects in recent years that have gathered the limelight due to their environmentally conscious efforts, there have been some that have stood out. One of them is Ecoterra.
Moreover, with the overall prospect of the carbon credits market looking quite optimistic, these projects seem to have gotten it right. Let’s find out more about the carbon credits industry’s future and the role that Ecoterra has to play in it.
Carbon Credits Industry To Reach $50 Billion by 2023: McKinsey Report
The McKinsey report from 2021 has stated a lot about how the carbon credits industry is at the right place to disrupt the way companies and organizations look at climate change.
While many businesses are trying to reduce or completely eliminate their emissions, they aren’t able to do so completely. This is where carbon credits become necessary for such businesses.
According to a report that consisted of The Taskforce on Scaling Voluntary Carbon Markets (TSVCM), the Institute of International Finance (IIF), and McKinsey, this entire market is supposed to touch and cross the $50 billion mark in 2030.
Purchasing carbon credits is a way in which companies can address the emissions that they want to eliminate. These credits are certificates that represent large quantities of greenhouse gases that have been kept out of the air or eliminated from it completely. There has been a recent surge in the demand for a voluntary market for carbon credits, which is set to rise.
This rising demand for carbon credits will also increase the demand for a carbon market that is large enough, transparent verifiable, and environmentally robust. The current complex, exclusive and fragmented market will have to go, to make way for a more inclusive approach.
While there are challenges lined up for the complete fulfilment of this project, upcoming initiatives like Ecoterra might be able to address them.
Ecoterra: The Right Solution To Save The Planet?
Talking about carbon credits, one of the first names that pop up is definitely Ecoterra.
Ecoterra is the latest green cryptocurrency around the block that is aiming to utilize the Web3 technology to encourage and incentivize environmentally friendly activities like recycling, planting trees, and more.
What is Ecoterra?
Ecoterra is a Recycle 2 Earn app that will reward its users who recycle on a regular basis with cryptocurrency. Ecoterra is looking to develop an ecosystem, that consists of four different elements, which include recycling, the recycling marketplace, educating, and the carbon offsetting marketplace.
The recycling model will be pretty simple. Users of the platform will be rewarded for every time that they recycle their waste, by simply following a few steps:
- Setup an Ecoterra account
- Scan the recyclable item’s barcode
- Log in to the Ecoterra app
- Open the Ecoterra app and look for the nearest Recycling vending machine (RVM)
- Place the recyclable items in that vending machine
- Get a receipt with the type of item in question
- Take a picture of the receipt
- Receive Ecoterra tokens depending on the amount and quality of items that are recycled
When it comes to the recycling marketplace, that’d be a direct, no-middleman point of contact between the recyclers and the businesses.
Since Ecoterra will be a single point of intersection between the businesses and the recycling companies, there’s going to be better efficiency and more transparency. Once the recycler recycles the waste into raw materials, they can put it up for sale in the marketplace. Mode of payment can include fiat currency, stablecoin, Bitcoin, and Ecoterra.
On the education front, Ecoterra is also planning to have its very own green education platform which will educate future generations about the steps being taken by Ecoterra and how it can improve the overall climate change narrative.
Finally, the last element is the carbon offset marketplace which will connect individuals and businesses as per their requirements.
Details about Ecoterra
As mentioned, Ecoterra is a Recycle to Earn project that is based on blockchain technology. The project is currently ongoing at its presale phase and has already raised almost $2.5 million, which is a massive amount for a project such as this, in such a short span of time.
Out of all the tokens, 50% of the ECOTERRA tokens have been dedicated for the presale, which is around 1 billion of these tokens.
Conclusion: Should Investors Look at Ecoterra and Other Similar Cryptos?
The report by McKinsey looks at a ton of factors before concluding that the amount in question is around $50 billion for the entire carbon credits market. However, there are a lot of external factors which are to be considered.
With the world shifting towards a more sustainable and greener future, more organizations are looking at ways to achieve carbon neutrality and offset their emissions. As this demand grows, startups and crypto projects who are focusing on working with carbon credits will have the chance to benefit- one of them being Ecoterra.
Projects like Ecoterra have taken the first step towards integrating Web3 technology with the need of the hour, i.e. to address climate change issues.
As the global focus on climate change is evolving in many organizations and companies, the next step would be to upgrade themselves to more dynamic solutions that actually play an integral role in addressing climate change-related issues.
Investors can keep a lookout for similar projects and be ready to invest after conducting their due diligence, in such projects.
Read More:
Ecoterra – New Eco Friendly Crypto
- CertiK Audited
- Doxxed Professional Team
- Earn Free Crypto for Recycling
- Gamified Environmental Action
- Presale Live Now – $1.5M+ Raised
- Yahoo Finance, Cointelegraph Featured Project
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