Participants in beach cleaning activities in the Philippines will be paid Ethereum after the cleaning exercise. This is a beach in Manila, capital of the Philippines and it is said to be “one of the most heavily polluted beaches in the world.” For the reward program, an application that is based on Blockchain Technology has been employed.
ConsenSys’s Initiative to Encourage the Use of Cryptocurrency
ConsenSys is the company behind this initiative which has been tagged ‘Bounties for the Oceans: Philippines Pilot.’ This is a non-profit initiative from the biggest Blockchain software developer. The company aims to keep the environment clean while encouraging the use of cryptocurrency in the Philippines.
Joseph Lubin, CEO of ConsenSys outlined that the company was using its Impact and Bounties Network to create a decentralized network. This is a network where people can fund initiatives and causes without having to go through third parties. It is also worthy to note that the Bounties Network takes advantage of an application that is based on Blockchain technology.
Bounty Application to Bring About Transparency in Payments
The application aims to bring about transparency in the way people are paid since there is no decentralized network. That being so, participants will be paid Ethereum after the completion of service. ConsenSys has also encouraged other companies to use the application to set up bounties that are based on different initiatives and causes.
It most especially talks about bounties related to keeping the environment free from pollutants. This is because on a yearly basis, pollutants such as plastics damage over 8 billion dollars of marine ecosystems. These plastics affect about 1 million seabirds and 100,000 aquatic animals, yearly.
Besides, human beings feed directly on them, and as such, they could impact negatively on the consumer’s health. Therefore, setting up reward programs of this kind and creating a decentralized means of receiving payments will help to reduce the number of pollutants on these beaches.
The Philippines, a Friendly Environment For Trading Cryptocurrencies
The Philippines is one of the few countries in the world with crypto friendly laws. This is a nation where Bitcoin and other digital assets can be traded for services. This can be attributed to the Central Bank’s official recognization of Bitcoin as a method of payment. Accordingly, you can convert and withdraw these virtual currencies from some commercial banks
Malaysia is another country that is taking advantage of the Blockchain technology, but this time, in combating the circulation of fake degrees. New certificates being issued now have a unique QR code which can be scanned for verification and validation. Also, this new system improves the speed at which these degrees are verified.