BitSeeds wants to help reforest the planet through cryptocurrency

This new digital currency aims to help plant 1 billion trees - one for every BitSeed created.

They say that money doesn't grow on trees, but can trees grow on virtual money?

Cryptocurrencies, or decentralized digital currencies, are often hailed as the future of fast, secure, and anonymous payments, and while BitCoin may be the most widely known, there are a number of other alternative virtual currencies circulating right now, some of which have a social or environmental focus.

Permacredits has a permaculture mission, SolarCoin aims to incentivize solar energy production, MazaCoin is designed to be a sovereign currency for the Oglala Lakota Nation, and the thriving legal marijuana industry has PotCoin. And now, BitSeeds is collaborating with the Rainforest Foundation to help stop deforestation and plant 1 billion trees through the creation and use of its cryptocurrency.

"BitSeeds is the first digital currency that has a real impact on the world in which we live. In conjunction with Rainforest Foundation, we have pledged to plant and protect over 1 billion trees. BitSeeds is currency that can be sent through the internet, used in any country, has no fees and accounts cannot be frozen. BitSeeds can be traded on the internet for goods, services, or actual cash (USD, EURO etc)." - BitSeeds

BitSeeds, self-described as "a currency that grows," is similar to other cryptocurrencies, but with a bit of a twist. A charitable trust, the BitSeeds Foundation, will retain 100 million BitSeeds (10% of the total supply), and will handle the tree planting and reforestation efforts, while the remaining coins will be mined (or generated, if you prefer) through a combined Proof of Work and Proof of Stake algorithm. The interest on the initial seeding of coins to the Foundation will help to benefit the reforestation work, and by using, buying, or trading BitSeeds anyone can help to fund this effort.

"Each year, BitSeeds will yield 10% interest to each person who holds the currency. At the launch of the currency, 100 million BitSeeds will be set aside in a special wallet that will generate interest for the Rainforest Foundation. The yearly interest income the Rainforest Foundation receives will enable them to help local communities conserve and restore forests on a scale never before possible." - Rainforest Foundation

Find out more about this cryptocurrency at the BitSeeds website, or read this great cryptocurrency explainer over at Engadget.

Tags: Trees

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