White Paper - CO2Fund & CO2 Compensation Coin ”CO2Coin” (Symbol: COCO)
- How much CO2 was produced for you by your last flight?
- How much CO2 could you have conserved if you had used your bicycle instead of your car?
- How much CO2 was emitted for the possibility to buy a healthy and delicious avocado around the corner?
You are trying to estimate a number? Well, let’s skip to another question:
- Is the additional man-made emission of CO2 (Carbon dioxide) the reason for the worldwide climate change?
You don't remember all the pros and cons?
Just imagine the answer is "Yes". Then of course it will be necessary to reduce our emission. Now imagine the answer would be "No". Then remember that more and more people live, or have to live, in urban areas where CO2 makes a major contribution to air pollution and as a consequence to various diseases.
So in any case, CO2 emitted by humans should be reduced to maintain or return to a livable environment.
Sale of Indulgences
To address the individual's sense of responsibility many websites offer a calculation of a specific CO2 footprint you leave with everything you do or what’s done for you. Derived from this calculation you are asked for a certain amount of money for compensation. Depending on who is doing the calculation of the alleged CO2 emission the results differ extremely. Hence, the compensation bill differs too. And, any bill would be wrong anyway. Finally all the calculation depends on the success, applicability and efficiency of the supported compensation projects.
You see, it is not necessary to know exactly how much CO2 is emitted. It is crucial or at least better for our environment to emit less. Sometimes for individuals this might be too difficult, too uncomfortable or even impossible. But if we don’t want to change our lifestyle too much at least we should feel responsible for our emission and support CO2 compensation elsewhere.
That’s no horse-trading, no sale of indulgences, it’s an active support of projects and actions to reduce or neutralize CO2. Each contribution is a responsible behaviour from your side. The new CO2Coin makes it easy for you.
How to Compensate
You want to compensate your CO2 footprint? This is the way you can make the best out of your support…
You have a steem account?
- Log in on steem-engine.com, buy CO2Coins (Symbol: COCO) and transfer them to the CO2Fund account @co2fund.
You don’t have a Steem or a Hive account?
- Send STEEM or HIVE from any exchange to Steem/Hive account co2trade (this name already is the address). Your sent STEEM/HIVE will be used to buy CO2Coins for CO2Fund on the market. If you like you can send your name or alias in the memo field on the transfer form of your exchange.
CO2Fund and Fees
@co2fund is the account name of the CO2Fund on the steem blockchain to send CO2Coins to. Please take care to transfer CO2Coins only to @co2fund. The fund holds all received CO2Coins until they are distributed to the participating compensation projects free of charge.
- There is a 1% fee from steem-engine.com for transferring your STEEM to the platform. Buying, selling and sending CO2Coins is free of charge.
For compensation projects
- Selling your CO2Coins is free of charge. There is a 1% fee from steem-engine.com to withdraw your STEEM to your steem account.
Since many other organizations are using/charging 10% or more of your money for administration, CO2Fund probably is the most economical compensation fund you can contribute to.
To avoid fees charged by CO2Fund approximately 50% of all STEEM credited to @co2admin will be used for profitable delegation and approximately 50% to upvote accounts continuously involved in the CO2Fund project.
Update: Therefore - to support users of the Steem and the Hive blockchain - STEEM the account co2admin receives via steem-engine will be converted into STEEM and HIVE hold by the account co2admin. The ratio may vary according to needed delegations, the support and potential development.
Up to 70% of the possible upvotes - left after the delegation - can be distributed to other steemians than @retinox in relation to their project involvement or requested contributions and can last no longer than the condition is fulfilled. Conditions might be requested work on the concept, acquisition of a compensation projects and to tutor them, successful recruitment of sponsors or entered cooperations. However 10% might be needed to pay taxes for the COCO, STEEM and HIVE hold by @co2admin.
Payout rules to the compensation projects
- There should be at least 3 approved compensation projects.
- To enable more planning certainty, a steady support of current as well as following compensation projects and a growing value of CO2fund the number of transferred CO2Coins at one payout due date will be 20% of all CO2Coins hold by @co2fund.
Initial Distribution of CO2 Compensation Coins
Name: CO2 Compensation Coin
Decimal Precision: 5
8'400'000 CO2Coins (Symbol: COCO) will be sold by steem account @co2admin as follows:
|CO2Coin||Sell wall at|
|1 - 200,000||0.01 STEEM*|
|200,001 - 1,000,000||0.02 STEEM*|
|1,000,001 - 2,000,000||0.05 STEEM*|
|2,000,001 - 3,500,000||0.12 STEEM*|
|3,500,001 - 5,500,000||0.25 STEEM*|
|5,500,000 - 7,000,000||0.50 STEEM*|
|7,000,000 - 8,400,000||1.00 STEEM*|
* respectively STEEMP
HODL or Transfer to CO2Fund
Probably some wonder what's better now. Buy and hold CO2Coins or transfer them into the fund? It is not a question of conscience.
If you make CO2Coins available for the fund, you transfer part of the assets to the compensation projects and support them. Buying and holding CO2Coins gives them a value. Both is necessary.
Therefore, it is best you do something of both.
Good to Know
- All steps are processed on a blockchain and so everything is transparent and public domain.
- Everybody can be a hub to transfer a compensation to CO2Fund.
- STEEM always can be understand as the STEEM pegged token STEEMP.
Update: As well STEEM[P] can be used to buy, stake and delegate HIVE or other token as long as it seems to be economical or necessary.
- Inflation will start one year after 8'400'000 CO2coins are sold by @co2admin. The annually inflation will be 2% of the already sold CO2Coins. As long as there are CO2Coins in the inflation pool they will be sold by @co2admin on the market or burned if it is appropriate.
- 10% of the inflation is intended to be used for a lottery among all steemians (no sponsors, no cooperation partner) who have compensated. The more CO2Coins have been transferred to @co2fund the better the chance to win. Lottery drawings can be multiple times a year. Distribution: few winners to offer high winnings.
- If a certain amount of CO2Coins of the hold reserve can be released they will be prorated among steem accounts. Crucial and equally treated will be the number of held CO2Coins at a specific date and the number of ever transferred CO2Coins to @co2fund.
- The reserve can be used to continue the lottery after the inflation pool is used up.
Coverage of CO2Coin
- Update: CO2Coin is secured by STEEM, HIVE and other tokens which is held in @co2admin and @co2fund.
Once 8'400'000 CO2Coins have been sold by @co2admin the coverage of all used CO2Coins will be already at least 0.23 STEEM. This value will increase over time.
- 90% of the inflation can be used to increase the coverage of CO2Coins.
- Tokens and coins airdropped to @co2fund or @co2admin are used to increase the coverage of CO2Coins.
- Upvotes @co2fund or @co2admin may receive are used to increase the coverage of CO2Coins.
- If the price for a CO2Coin seems to establish below the value of coverage then it would be possible that the [delegated] power of @co2admin will be [undelegated,] powered down and used to build a buy wall according to the coverage.
For legal reasons this measure is voluntary and not mandatory. This indicates that here is no claim to build a buy wall and/or to sell a CO2Coin to @co2admin at a price the coverage indicates.
- To support compensation projects CO2Coins can be transferred via steem-engine.com to the CO2Fund account @co2fund. The received CO2Coins are seen as belonging to all participating compensation projects.
- The CO2Fund account @co2fund on steem blockchain can receive STEEM and HIVE from any exchange. All received STEEM and HIVE will be used to buy CO2Coins for CO2Fund.
Step by step
- Joint identification of compensation projects around the world.
- Accepting bitcoin and other mayor cryptocurrencies.
- Win companies to compensate by means of CO2Fund.
- Win partners to support CO2Fund.
These list will grow and be modified. Please follow @co2fund for up-to-date information.
You could buy CO2Coins already now and use them later when you leave your footprint. So with a little luck you already can compensate a lot with little steem.
Remember, however you like to compensate, to hold CO2Coins or transfer them to the CO2Fund, each decision helps.
To suggest CO2 compensation projects please reply to this post.
The coverage is an indicator only since it is not possible to make a claim to buy or sell the CO2Coin at a price the coverage indicates.
We're here to put a dent in the atmosphere. Now you can!
CO2Fund is a project by @retinox
No content in this post/blog constitutes - or should be understood as constituting - a recommendation to enter in any securities/token/coin transactions or to engage in any of the investment possibilities presented in this and other posts.