LEMCO aims to create a blockchain based Natures Coin that is able to be maintained as an asset on a company’s balance sheet. When Natures Coins are purchased and allocated towards sustainability and conservation projects, full transparency on how the funds are used is available with all transactions being recorded on the Natures Coin Blockchain. Ultimately, it is expected that Natures Coin could become the preferred means for facilitating the transactions of funds being committed to conservation and sustainability investment projects worldwide. It is an ideal blockchain application.
The ledger records how many ‘Coins or Assets’ everyone has at a given time.
Users in the group have real-time access to the same financial ledger. The balance of each account is public information and if someone wants to transfer funds to another they must announce the transaction to everyone in the group.
The entire group then needs to come to a ‘consensus’ regarding that transaction and append the transaction to the Blockchain ledger. In a system like this, money never has to exist in a physical form, and yet it can’t be spent twice.
Digital currencies are created today by 2 Methods.
Proof of Work
- Solve an equation “Do some Work” in order to post “hash” information on to the ledger “Blockchain” and earn a reward.
- Control the Mining.
- New Coins added with mining up to a total limit.
- Requires heavy use of computers being run continuously.
Proof of Stake
- “Forge” blocks based on an algorithm-using percent of total stake.
- Those involved with forging the blocks earn a fee.
- Issuer can control the Stake.
- Coins are Pre-Mined and then distributed. Allowing for a pre-issue of a digital coin.
- Uses less computing power. More sustainable.
By using blockchain based technologies we can achieve the following:
- Corporations, institutions, or individual holding Natures Coins will be able to vote on initiatives to be funded. As more projects become funded through the use of the Natures Coins, value will increase.
- To ensure funding is delivered via project partners that are responsible and held accountable with full transparency for monies allocated to them.
- Using Conservation Coins means program partners, service providers, merchants, and governments can only be paid when the funds are used for intended purposes. Failure to do such will result in non-verification and non-payment.
- Reduces corruption and profiteering in developing countries where sustainable development and conservation projects are being managed.
- Natures Coins will be able to be used on crowd funding platforms for sustainable development projects and conservation initiatives to be implemented globally.
Conservation Coin can support Communities and Villages through mobile payments
- The Conservation Coin can deliver many benefits to sustainable rural economic centers or villages.
- 2G is available in most developing areas or can be established as part of a project initiative through corporate sponsorships supported by the issue of Coins.
- Coloured tokens can be created as part of the Blockchain system that can be issued to workers as a parallel payment on 2G networks.
- Project funds, Aid funds, Disaster relief funds can be directly transferred to program partners as needed.
- Coloured tokens can be allocated for specific uses cases such as medical services, educational services, unemployment, food purchases etc. Funds can be seen available on wallets accessible via 2G mobile phone.
