What Is W Green Pay?
W Green Pay is an ERC20 Standard token that is powered by the Ethereum blockchain. The aim of this coin is to grow the public’s participation in the reduction of greenhouse gases. This coin will come with a platform, whose aim is to offer incentives to the public to reduce greenhouse gases. The HOOXI App will be where users are rewarded if they complete the greenhouse gas reduction.
The W Green Pay Mission
Following the pledge by the nation of Korea at the Copenhagen Accord in 2009, the country has an aim to cut greenhouse gas emissions by 37% before 2030. The government of Korea chose the W Foundation to lead a national public movement that will cut greenhouse gas emissions. This movement became known as the HOOXI Campaign.
To support the government’s work to reduce greenhouse gases, the W Foundation will launch a mobile app that will be called HOOXI App. It will monitor and reward the efforts by individuals and the public to cut greenhouse gas emissions.
The W Green Pay HOOXI Blockchain Social Carbon Credits Solution
This will be one of the most innovative social carbon credit platforms to launch. The W Green Pay (WGP) is issued to those who contribute to cutting down greenhouse gases in Korea. These reductions will take place via Korea’s Emissions Trading Scheme market. WPG will be distributed via the HOOXI App. The earned WPG can be spent at an online shopping mall. These will be preselected malls, which collaborate with the W Foundation.
What Is The W-Foundation?
An international non-profit organization that was founded in 2012. A designated donations organization is entitled by Korea’s Ministry of Strategy and Finance. The non-profit is behind the HOOXI campaign. It will utilize the anticipated HOOXI app, where individuals can perform various tasks if they wish to collect some mission points. These points can then be exchanged for WPG.
HOOXI App is the app that will track and calculate the greenhouse emissions data of each user. Based on this data, the W Foundation will be given National Emission Permits (NEPs). The carbon emission units that are traded in Korea. Via HOOXI and financial incentives of the NEP-based carbon trading, it will no longer be the sole domain of institutions and corporations. Now carbon trading will be something that individuals can do.
W Exchange is under the Korea Electric Power Corporation. It is going to launch in March 2019. This exchange will be a KETS-eligible business. The allocated NEPs of the HOOXI App will be traded at the KRX via the W Exchange.
NEP (National Emissions Permit) Validation
The Ministry of Environment will validate the NEP. The NEP can be exchanged at the prevailing market price. Despite the growing demand, the allocation of NEP is limited. It is estimated that the price of NEP per ton is about $20 USD. This is higher than the CER of the EU, which is worth about €13.84 EUR.
NEP Market Size
There are about 600 companies taking part in carbon trading in Korea. The market size is estimated to be worth about 438.5 billion KRW. It doubles or triples each year. It is expected that growth will continue well into the future.
W Green Pay WGP Token ICO Details
Parameters Of The ICO
- Token Symbol: WGP
- Platform: ERC20
- Token: Decimals 18
- Token Supply: Fixed supply of 100 million, 60 million for sale
- Currency Accepted: ETH / BTC / USD
- Token Price: US$20 per token
- Private Sale Date: 14th to 25th of May, 2018
- Public Sale Date: 26th of June to 31st of July, 2018
- Bonus for Public Sale: 20% – First 10 million tokens, 10% – Remaining tokens
- Soft Cap: US$25 million
- Hard Cap: 100 million tokens sold or distributed