Thank you for bringing this up. I went back to their site to check them out again!

I really like the idea.

But, I don't know if "backing" is the correct term here.

(from their site)

"The Natural Capital Assets of the World Heritage Sanctuaries we co-stewarded, have an initial estimated value of €6.91 trillion (Net Present Value). We plan to use less than 50%, €3.22 trillion to back the value of the Earth Dollar/Smart Asset Tokens and to keep the rest in reserve as a buffer or contingency. We are in the process of getting 3rd party verification of the initial valuation."

They are getting valuations on forests that are put into trusts that can never actually be sold.

So, when my dollar was backed by gold. I could get gold. I can't get 1/1000000 of the land if I own equal percentage of earth dollars...

With that said, the people rewarded here are not the currency users but those stewarding lands (which is a beautiful concept). But, why would regular people use this over a currency that would reward them for using it. Or, say give them a bit of the new inflation for being loyal to the platform, etc.

"and could spend it anywhere on a visa/debit card as you do fiat, why not?"

It would be really radical if they secure these partnerships with banks that allow it to be spent so easily. But, then people are just wanting fiat not Earth Dollars.

My main question here. Is in order for a currency to have and maintain relative value the demand and supply for that currency need to be in balance.

My real concern here, is where is the REAL demand for Earth Dollars? There are so many cryptos such as PoS and others on the horizon which will share the inflation with those who hold the currency. So, it would be a much wiser economic decision to have a currency that you are economically rewarded for holding.

I think if they could figure this aspect out. It would be really radical, but just saying the value of the natural capital has increased, though there is actually no way of redeeming this value, is a false notion.

This may be the leverage they need to get banks backing. But, I fear that these lands may end up in the hands of banks, if they don't sort out the demand side of this equation.