New Climate Change Initiative Agreement Happens with W-Foundation’s HOOXI App for Climate Action
- W-Foundation and UNFCCC secretariat signed a memorandum of understanding (MoU).
- The collaboration is meant for the development of the HOOXI app for climate change action.
Climate change is hotly debated in some parts of the world, but the Eastern hemisphere is making the awareness of this problem a priority. In the United Nations, a climate change initiative has decided to collaborate with W-Foundation with a Memorandum of Understanding (MoU). The new collaboration will make it possible to collaborate on climate action, which was announced via press released.
The MoU states that the Secretariat of the UN Framework Convention on Climate Change (UNFCCC) will work with the blockchain firm in an effort to promote projects in favor of global climate action. Participants in the project will be rewarded with cryptocurrency as compensation for greenhouse gas emissions.
Predominantly, the W-Foundation blockchain application HOOXI will be promoted through the agreement. HOOXI is a gaming and mobile social network that is based on blockchain technology.
Both Android and iOS users will be able to download the app, which encourages users to get involved with protecting the climate with reductions in greenhouse gas emissions. The user will get mission points and will be competitively ranked against other people engaging with the app.
The top 20% of users on the app will receive rewards in the form of W Green Pay cryptocurrency. This project was originally started between the UNFCCC Secretariat and W-Foundation in November last year.
Along with the terms of the HOOXI app, the MoU covers other projects as well, like the creation of methodology for a subset of the portfolio associated with HOOXI, which is based on Program of Activities. It also involves applying distributed ledger technology in other markets.
Wi-Foundation is an organization that functions as a nonprofit environment campaign and was selected as a donation organization for the Ministry of Strategy and Finance of South Korea.
The UNFCCC secretariat was established back in 1992 but didn’t embark on the use of blockchain tech until 2017, which is when the platform announced its interest in climate change action.