Hi there everyone, TheRingMaster is back with another exciting blog. We know all too well the value of cryptocurrency, Blockchain and Web 3.0 in our lives and the potential it has.
But the interesting thing is that Blockchain's benefits and values transcends humans and can actually be extended to the animals.
At the moment the world is facing a rapid loss of biodiversity and there's a serious level of environmental deterioration. From the impact of global warming to the destruction created by wars, the earth is going through some tough times and I believe this impacts the animals even more than us. It's making rare and endangered species even more rare and endangered.
It's therefore very necessary that we find ingenious ways to save our planet’s wildlife. scientists and Engineers invent some brilliant ways to preserve wildlife but Blockchain can really play a major role in making all of it work in favor of the animals.
This approach of using Blockchain technology to help preserve rare animal species can be termed as Crypto Zoology. In this approach the aim would be to have the animals tokenized . The primary purpose of tokenizing these rare animal species is to be able create alternative financial platforms or medium for sustaining them.
Understanding Tokenization
So what do I mean by Tokenization .
Tokenization is about creating digital representations or tokens of ownership in physical and virtual assets. Anything you can own in our physical world can be represented in a digital sense through this method of Tokenization.
In the case of conservation, tokenization can represent elements in the real world like rare animals or even where they live. So assuming there's a rare species of a type of fish that we discover or realize that they're becoming endangered, we could create digital assets or tokens perhaps in the image of that particular rare fish.
In this way, the token may be tied to that particular animal, group or population.
A good reason for Tokenization of these animals is when we want to establish an ecological project which needs to have a public verifiable and unchanging record on the blockchain about its possession and trading activities. Transparency and full ownership is a powerful attribute of Blockchain technology which is what makes it a great tool for ecological projects like this.
How Tokenizing Rare Animal Species Works
I'm going to share with you the step by step processes that we go through to successfully tokenize any rare animal species or even the ecosystem of the species. The process is a pretty smooth one and whatever challenges you'll go through to get it done I believe is definitely worth it in the end. A lot of rare animal lives can be saved and preserved from this method.
Like I mentioned earlier, the main goal is to utilize Blockchain's nature and technology to raise funds that can be used to support and help preserve these rare animals.
Identification and Documentation
Wildlife agencies and conservation organizations most often locate species or areas that need to be protected. Now when they successfully locate the species, in order for us to have a digital representation of that species, a detailed documentation involving genetic information, photos, and other geographical details needs to be taken.
Obviously we need to be very specific and know everything about the species we're trying to tokenize for numerous reasons which could include explaining the value and rarity of the species to the people that wish to offer funds for the preservation of the species.
Token Creation
Now after identifying the species and documenting all the details, we can create a token for it. These digital representations are transformed into unique tokens on the basis of blockchain technology.
It could either be a single animal, a fragment of a species population or even components of the habitat of that species. So assuming lions become rare species and we had the need to generate funds to help preserve them, we could create tokens for either one particular species of that cat family, or a token for lions in a certain region let's say a jungle in South Africa, or even a token for the "Den" of those lions.
The possibilities for what we can do with Tokenization to help these rare animals is almost limitless.
Marketplace and Ownership
After creating the tokens, they are then listed on specialized marketplaces where individuals, organizations or investors can buy them.
Now of course purchasing tokens sometimes means you kind of own the physical item however it's a bit different in this case. While owning an animal in terms of the token might not provide you with the animal in physical form but it would show your dedication towards its preservation and would definitely include advantages like access to exclusive updates and the possibility to contribute in conservations efforts.
So when I go to the online marketplace where they're selling these rare animal tokens and decide to purchase one, I could be given some special privileges like even seeing them exclusively or having my name mentioned in the historic endeavor to preserve them. - To me it's really all about the effort to ensure our world is sustained, I believe that's the main profitability here.
Raising Funds and Tracking Them
We've definitely had funds raised to preserve these rare animals lots of times but to do it via Blockchain and crypto sends it to a whole other level.
The revenue that will be generated on the market from selling the rare animal tokens will go straight into wildlife preservation activities. The good thing here is that transparency is pretty much guaranteed by the use of blockchain technology.
We will be able to record all transactions thanks to the Blockchain public ledger. That is going to reduce misappropriation risks or even stop it from happening. There have been cases where the funds raised to support a project got embezzled by third-parties or even the people who established the funds to be raised. Lots of crooks and lying thieves are there and they use human sentiment and emotions towards protecting the environment and Preserving rare or engaged species to take money from them and use it for themselves instead of the animals. The transparency of Blockchain and crypto would ensure that we can track how the funds are being used and ensure that it serves its purpose.
Also smart contracts can help automate some aspects of fund management like releasing the funds once a conservation milestone has been achieved.
The Importance of Tokenizing Endangered Animals
The thing with conventional fundings is its limitations like how it's usually dependent on gifts as well as state allowances. Those gifts or allowances may be uncertain sometimes or even not enough to get the job done. However with token sales, it's a matter of selling the right number of the tokens and generating the income needed. It's no longer a case of hoping to get gifts but would only need smart selling strategies and the funds can be raised.
Also the buyers can resell the tokens and perhaps make more profits. This would mean we're making money for saving rare or endangered species. Sounds like a win-win situation for me.
Another pretty good thing about Tokenization of the rare animal species is how it's able to help raise more awareness in society about the state of those endangered species. Since we'll be tokenizing the animals it would be shown on the same online marketplace that investors, crypto enthusiasts, tech geeks and business men or women go to. They'll all notice the situation meaning a larger demographic is involved in the fund raising.
Using Tokenization will definitely build trust among the sponsors, fund raiders, investors or donors. Why do I say this? Well the transparency of the blockchain technology itself means that all transactions made during the fund raising and the use of the money to preserve the species are visible and can be verified. We can all see our monies being used effectively to save these animals. When trust is built amongst all those involved it goes further to establish a sense of community amongst them and that I think is a positive thing for the projects.
Challenges and Considerations
I believe from the little you have read above, you're beginning to appreciate the value of Blockchain and Tokenization of rare animal species. However there are quite a handful of obstacles associated with tokenizing rare animal species.
Crypto has been around for a little over a decade and it's been more like a tag of war for Government to fully accept its operations in countries. The reason being that when crypto dominates, government loses a bit of control over the finances of the Economy. We all know how governments love and literally thrive on controlling the people. So unfortunately at the moment, the legal framework governing cryptocurrencies and tokens is still developing. The laws surrounding crypto can change at any given time and it is important to adhere with both international and local laws. So in a way, the government is one reason why it's a bit of a hassle to fully establish Tokenization of rare or endangered species.
Besides the government, there are also some ethical concerns here. The mere idea of having part ownership even symbolically of an extinct species may raise moral issues about its integrity. Some people might actually think they have every power or right over the animals which shouldn't be the case. So for this reason, there should be clear communication indicating what these tokens signify in real life terms. You don't exactly own the animal just because you own its token.
The last challenge that's certainly going to be a concern for the investors would be volatility. Cryptocurrency markets are known to be pretty volatile. So this means the tokens can have significant price fluctuations, which might have implications on funding stability.
Perhaps a stable coin payment system or method to merge both stable coin and Altcoins or Bitcoin is needed. Regardless we would have to come up with a way to keep the values in a state that would encourage more token buyers
Thanks for the time friends. It's really amazing what we could do with Blockchain, Crypto and Web 3.0. It's not just about ourselves now, it's also about the wildlife so I'm hopeful that wildlife enthusiasts will get on board and join the crypto world.
All this use case of Crypto and Web 3.0 if established well will really help in its worldwide adoption. Would love to get your feedback on this topic.
Let's Make Web 3.0 Great ✊