The digital asset space has been dominated by negative press recently and its lack of ‘utility’ has been at the forefront of some of this criticism. Warren Buffet recently stated that he ‘wouldn’t give $25 for all the Bitcoin in the world’, going on to say that he didn’t believe crypto produced anything of value worth investing in. Bill Gates agrees, saying on Reddit that the value of crypto is only based on what someone else will pay for it, and that at crypto’s don’t add value to society.
David Jenkins is a Founder of an environmental Foundation called Rewards4earth, and to a certain extent he agrees. “If crypto and blockchain tech are to gain widespread adoption and become a mainstream asset class, there simply must be more projects that provide real-world value and a proper end use-case”, he says.
The Rewards4earth project was established to fund projects around the world to clean up and restore the planet, while at the same time assisting local communities via not-for-profits such as clubs, charities and churches. Located in Queensland, Australia, Rewards4earth has commenced operations and is already funding several international environmental programs such as Seabins, The Orangutan Project, The International Tiger Project, and many others. Local community clubs such as the Coolum Surf club have been early adopters and are already benefiting from the additional funding flowing into the club.
Central to its ecosystem is the patented Erth Point (ERTH) which is purchased by businesses as a loyalty reward token and issued to customers who can then spend the points at any other business who issues them. Part of the reward from each transaction is also gifted to the Foundation who then uses that funding to bankroll these valuable environmental projects. “Rewards4earth is one of the very few digital assets in the crypto space where a real-world transaction directly correlates with an on-market trade”, David says. “In other words, when a business buys the Erth Points to gift to their customers, that transaction creates immediate real-world value which flows through to the local community and also to those projects to clean up our planet”. He goes on to say there’s a general perception that governments and big business have been unable or unwilling to show a commitment to taking on this task, and it’s clear that a small portion from every sale to every customer can bridge that funding gap and make a real difference to the environmental and social outcomes.
“Businesses in Australia spend more than $10billion each year on digital marketing, the proceeds of which mostly go to benefit a relatively small number of shareholders in a couple of the world’s largest businesses. If we can redirect some of that funding into these valuable environmental and community projects, just imagine the good we can do with this new technology?”, he says.
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