EcoStart PROJECT (ICO 2018/2019)

Environmental protection describes the practice of protecting the natural environment by individuals, organizations and governments. Its objectives are to conserve natural resources and the existing natural environment and, where possible, to repair damage and reverse trends.

Due to the presence of overconsumption, population growth and technology, the biophysical environment is being degraded, sometimes permanently. This has been recognized, and governments have begun placing restraints on activities that cause environmental degradation. Since the 1960s, environmental movements have created more awareness of the various environmental problems.

There is no agreement on the extent of the environmental impact of human activity and even scientific dishonesty occurs, so protection measures are occasionally debated.

Defining the EcoStart project

The idea here is having the project Ecostart on the blockchain as way of contributing to the preservation of the planet. How does it go then? The platform seeks to raise funds and an ecological lottery. A portion of the funds from the lottery will be committed to financing environmental projects.

The problem often faced by those who are concerned about our environment is funding. Investment in the environment doesn’t come in a way that meets those objectives and so, the project seeks to tap into the cryptocurrency market. The main aspect of the EcoStart project will be the new cryptocurrency it’s developing, called TerraEcocoin. Part of the commission from the opearations of the coin will be channeled to the Investment Environmental Fund (IEF) for the eventual financing of environmental (green) projects.

EcoStart: leveraging the blockchain technology

In designing its local coin it will make use of Proof-of-importance algorithm. It’s leveraging the technology of blockchain because of its secured digital registry, and the fact that it will guarantee safe storage and transmission of its currency – TECO. The popularity of the digital currency is on the increase by the day as more people are discovering the prospects associated with it especially when compared to conventional money.

The platform is tokenizing the process of financing environmental projects using Token Generation Event (TGE) service to create derivative tokens and smart contracts for each startup.

By using blockchain the role of middlemen who link investors and financial applicants is completely removed and the process is made easy especially in giving access to investment services plus the fact that it brings owners of crypto into the investment process.

The introduction of blockchain here will also give more reliable security when compared with normal day-to-day technologies.

Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications, and blockchains which are readable by the public are widely used by cryptocurrencies. Private blockchains have been proposed for business use. Sources such as the Computerworld called the marketing of such blockchains without a proper security model.

The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where document timestamps could not be tampered with. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.
The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash-like method to add blocks to the chain without requiring them to be signed by a trusted party.[6] The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.

In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB (gigabytes). In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB in size.

The words block and chain were used separately in Satoshi Nakamoto’s original paper, but were eventually popularized as a single word, blockchain, by 2016. The term blockchain 2.0 refers to new applications of the distributed blockchain database, first emerging in 2014. The Economist described one implementation of this second-generation programmable blockchain as coming with “a programming language that allows users to write more sophisticated smart contracts, thus creating invoices that pay themselves when a shipment arrives or share certificates which automatically send their owners dividends if profits reach a certain level.

As of 2016, blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions that need to interact with the blockchain.

IBM opened a blockchain innovation research center in Singapore in July 2016. A working group for the World Economic Forum met in November 2016 to discuss the development of governance models related to blockchain.

According to Accenture, an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase. Industry trade groups joined to create the Global Blockchain Forum in 2016, an initiative of the Chamber of Digital Commerce.

In May 2018, Gartner found that only 1% of CIOs indicated any kind of blockchain adoption within their organisations, and only 8% of CIOs were in the short-term ‘planning or [looking at] active experimentation with blockchain.

In reference with the motion of this article, Today! I will be presenting you a particular undisputed project called: EcoStart

The platform will be created on Ecostart’s block system that will meet its requirement for cost-effectiveness, reliability, and speed. Currently, the ecosystem uses Ethereum where smart contracts at the ICO stage are written on it. The platform combines several technological solutions including applications that are already in use, into a single system.

EcoStart uses the blocking technology to solve several tasks at the same time, from the creation of fundraising services to writing down information on trading operations of clients and to the sale of tokens in the ICO. With the transparency aspect of the blocking technology, customer confidence in EcoStart grows to admirable levels.

The EcoStart Ecosystem has seen the integration of the TECO cryptocurrency to enable all ecosystem services to be carried out with it. With increased transactions and activities on the EcoStart platform, and the higher the participation of buyers and sellers of the cryptocurrency, the more benefits all participants will receive.

The development of the cryptosinger as a communication channel also opens up environmental enthusiasts to a convenient and functional mode of communication in the ecological community while ensuring maximum confidentiality and anonymity.
The project’s blockchain has the following key features:

Transactions are quick at around 100 thousand transactions carried out in a second, mobility, transparency, democracy, lack of intermediaries, energy-conserving verification protocol, the cost of transaction is minimal and finally, smart contracts accompanied by sophisticated features and tools for its design.

EcoStart is meant to solve the following problems:
There is the issue of inadequate funds for ecological activities of which the platform wants to be a point for getting money to tackle such concerns as ecological pollution, greenhouse effect and the depletion of the ozone layer.

The second one is ensure some level of confidence between initiators of ecological projects and investors. Finally, it is to bring about the growth of ecological activity and society.

The money realized from the crowdsale will be allocated for the creation of EcoStart platform and making sure it is functional.

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