EcoBit is a blockchain technology company that has a 30 year plan to protect the environment. Find out how this United Nations-backed company works today in our review.
What is EcoBit?
EcoBit is an ambitious project that recently completed its ICO on June 15, 2017. The project has support from the Malaysian government and the United Nations.
Throughout the ICO, EcoBit has released its EcoBit tokens to sellers around the world. Data on the official website shows that the organization has raised over $4.58 million USD through its ICO.
The startup company has comprehensive plans to conserve the environment on an international scale. Their ICO had specific funding targets. At 2,000 BTC, for example, EcoBit launched an aquaponic farm and a spirulina farm.
Future fundraising targets include an EcoBit Hotel and ecotourism initiative and a carbon credit or carbon offset program. In January 2017, the Malaysia State Government granted EcoBit a 30 year stewardship over 1 million acres of tropical rainforest in northern Malaysia.
Benefits of EcoBit
EcoBit promises all of the following benefits to early backers:
- High Return
- Greener Future
- Healthy Living
- Benefits and Perks
- Green Education Hub
As the organization’s official website explains, “climate change and global warming is real, it is happening right before our eyes at a very rampant pace and it is up to everyone [sic] of us to do our part to put a stop to this.”
Though EcoBit, backers can invest in sustainable environmental projects. Those environmental projects have the long-term goal of reducing carbon footprints, helping in the healing process of the planet while also allowing you to earn an attractive return on your investment.
EcoBit has already made headlines for being the first company to be awarded 1 million acres of tropical forest. That forest will be used for the REDD+ Carbon Market, and will also be preserved as the world’s oldest tropical forest. That rainforest has been nominated as a UNESCO World Heritage site.
Protecting that forest means that EcoBit has already avoided 800 million tonnes of CO2 a year for the next 30 years. It also means they’ve protected 916 animal species and negated the environmental impact of 6 million cars.
EcoBit Features: How Does It Work?
Here are some of the key features of the EcoBit ecosystem:
EcoBit Blockchain Card
The EcoBit Blockchain Card claims to be “the world’s first implementation of paying to and receiving of EcoBit on a smartcard.” The card is also the first implementation of blockchain on a smartcard using NEM technology. EcoBit uses the NEM blockchain. There’s an EcoBit wallet that you can use to interact with other EcoBit wallets on smart devices and desktops. The EcoBit Blockchain Card can be used in the EcoBit ecosystem to pay EcoBits to anyone – like when recycling cans using the EcoBit Recycling Vending Machines. It can also be used to make payments for goods and services online, in-store, or at EcoBit Vending Machines. There’s a bonus and reward system to encourage users to buy more EcoBits.
Real Sustainability Projects
EcoBit has also contributed to real eco-friendly projects worldwide. Prior to the ICO, EcoBit had already initiated phase 1, which involved receiving one million acres of tropical forest from the Malaysian Government. That forest was given to EcoBit for a 30 year period. Instead of just sitting on that jungle, EcoBit will monetize the jungle by using it as part of a Carbon Offset program. This creates a revenue stream that will increase demand for EcoBits in the future – at least, according to EcoBit.io.
Other upcoming projects include launching spirulina farms, organic farms, free range farms, and EcoBit Sanctuaries.
Owners of EcoBit tokens can enjoy organic produce like fish, seafood, chickens, vegetables, and fruits if they visit an EcoBit Sanctuary location. This service is free to EcoBit owners according to how many EcoBit tokens they own.
Traceability of Produce Supply
EcoBit uses NEM blockchain technology to tracks the certificates, movement, and records of the food supply chain. Today, it can be hard to trace food in a reliable and honest way. EcoBit makes it easy for consumers to trace their food back to the point of origin in a reliable, decentralized way.
Proof of Stake (PoS) Bonuses
EcoBit uses a PoS concept where the platform rewards EcoBit owners with bonuses when they hold onto their EcoBits for more than 6 months. After that six month period, your reward will automatically be calculated on a pro-rated basis. Every 6 months, EcoBit makes a public announcement about bonuses and credits them automatically. This lets you use EcoBits as an investment vehicle just by holding onto them.
Can Recycling Program
One of the features we’ve already seen in place for the EcoBit ecosystem is the can recycling program, where members can recycle cans at company vending machines in exchange for EcoBits. Other promotional events have seen the launch of bikes that can power juicers – so users can pedal a bike to create their own fruit smoothie. These promotional events have been taking place across Malaysia.
The EcoBit 30 Year Plan
Few startups can boast of having a 30 year plan. EcoBit has already outlined the first three phases of its initiatives. In fact, phase 1 is already complete:
On January 10, 2017, the Malaysian state of Kelantan awarded EcoBit over a million acres of carbon-rich, high-conservation value tropical rainforest. The rainforest is nearly 6 times the size of Singapore
The second phase of EcoBit is called EcoBit Sanctuary Asia. It will be an eco-friendly resort located less than an hour from downtown Kuala Lumpur. EcoBit token holders will be able to visit the resort and access certain services for free, based on the number of tokens they own.
In the third phase, EcoBit will replicate their EcoBit Sanctuary Asia in other countries and continents. They plan to expand their eco-resort to Europe, the United States, Africa, and Australia. By this time, the company plans to be the ultimate “EcoBit Global Ecosystem”.
EcoBit is a blockchain startup company dedicated to improving the world. The company has a 30 year plan to protect Malaysian rainforests while also improving environmental sustainability worldwide.
Key members of the team include Ambassador (R) Dato’ M. Redzuan Kushairi (Technology Advisor), Ambassador (R) Data’ C.H Saw (Policy Advisor), and Tang Too Siah (Board Advisor).
You can view full details about the members of the team here.
EcoBit is a unique blockchain concept backed by the Government of Malaysia and the United Nations. The project recently completed its ICO, which saw the sale of around $4.5 million USD worth of EcoBits. Prior to the ICO, the startup had already been granted a 30 year ownership over 1 million acres of tropical rainforest in Malaysia. It plans to monetize that rainforest by using it as part of a carbon offset program.
Future initiatives for the startup include launching eco-friendly resorts (where EcoBit token holders can visit for free) along with organic farms and sustainable agriculture initiatives.
Few blockchain technology companies have a 30 year plan to save the environment. EcoBit does have a plan. Stay tuned for more information as the company continues to roll out over the coming months.