NEM is one of the fastest growing distributed ledger technology platform, powered by XEM cryptocurrency has registered an increase in its value and trading volumes in the recent days. The sudden growth was fueled by its partnership with EcoBit, a green project supported by the Kelantan State Government in Malaysia.
The drastic growth in demand for the out-of-the-box blockchain solution and its underlying XEM tokens during this year started with a Tweet showcasing the platform’s collaboration with EcoBit project and its Blockchain Card. EcoBit Blockchain Card is the first ever implementation of blockchain on a smart card with NEM technology that enables transaction of EcoBits tokens.
“XEM has approximately registered a 1924% growth in its price since the beginning of 2017.”
– EcoBit Team
The correlation between the EcoBit events and spikes in XEM prices was analyzed by Diario Bitcoin, a leading Spanish cryptocurrency news outlet with a huge readership and social media following that exceeds 18000 users. The XEM price chart shows a strong bullish trend line corresponding to the events. A closer look at the graph shows an approximate 154% increase in NEM prices from $0.0037 to $0.0094 between January and March 11, 2017, which signifies the phase two launch of the EcoBit project.
Approximately a month after, XEM experienced another significant climb to reach $0.0247 per token; moving an entire decimal point in a short span of time, which aligned with the launch of EcoBit website and ICO. In the month that followed, XEM price witnessed another shift in the decimal point to cross $0.1276 (as on May 14, 2017).
Following the ICO, EcoBit and its green initiative has gained a lot of popularity among community members, some of whom from Japan have also created EcoBit themed superhero cards.
What is EcoBit?
EcoBit is a green and sustainable lifestyle movement, developed in partnership with the Kelantan State Government in Malaysia. The EcoBit project pledges to manage one million acres of tropical rainforest in the region for the next 30 years. Its mission and accompanying eco-friendly projects will be financed through carbon credits and an ongoing ICO. The first of a kind “green project” ICO has already raised over $1 million in less than ten days. Open till June 8, 2017, EcoBit invites participants to continue contributing towards its sustainable environmental movement.
With NEM blockchain technology, the company creates a public supply chain for all produce created through its green projects on Carey Island. Through blockchain implementation, EcoBit focuses on transparency, immutability, and accountability, ensuring that people know exactly what they are buying, where it is coming from and under what ethical circumstances.
The EcoBit tokens can be traded like any other cryptocurrencies on exchange platforms once the ICO comes to an end. Explaining the difference between EcoBit and other blockchain projects, the CEO of Climate Protector/EcoBit Mr. Tang Too Siah said,
“Unlike many other cryptocurrency projects, EcoBit is backed by real world needs and assets. Within 12 months’ time, we will become an industry leader, and many people will start to question which cryptocurrency is backed by real projects?”
Already five months in the making, EcoBit secured the project to manage and maintain a million acres of tropical rainforest from the government on January 9, 2017. As a part of the project, the platform is responsible for protecting the area from illegal activities, reduce CO2 emissions and increase carbon stocks for trading purposes through the REDD/REDD+ Carbon Trading/Offset Market. The one million acres of forest land is also the home for world’s second oldest rainforest located in Kelantan.
In the second phase, sustainable projects will be implemented at the EcoBit Sanctuary Asia, located on Carey Island. These projects will involve setting up of spirulina farms, aquaponics farms, organic vegetables, free-range chicken, coconut plantations and eco-tourism projects to bolster greener thinking and education (subject to each project milestone being fulfilled). The following third phase will see an expansion of these sanctuaries to the Europe, United States, China, Australia and other regions across the globe.
The use of self-sustaining NEM blockchain-based smart contracts enables projects to manage and monetize natural resources to reduce carbon emissions ethically. It also creates a transparent, immutable digital supply chain ledger that allows anyone to track and monitor the carbon credits/impact, project’s yields (agricultural produce) and the movement of products from the origin to supermarket shelves. Through the ledger, consumers can be assured of the organic nature and ethical handling of food produce. The recently introduced EcoBit Blockchain Card can be used by members to “earn” EcoBit tokens via recycling program and “pay” merchants for their goods and services.
The ongoing ICO offers an attractive, once in a lifetime opportunity for investors interest in not only cryptocurrency revolution but environmental consciousness to contribute towards and eco-friendly blockchain-based project, fighting global warming and climate change in the process.
EcoBit is the latest in crypto credit offered to the general public which has its foundation built on a sustainable program to reduce carbon footprints on planet earth. The green project is taking charge in the fight to make the world a safe and healthier place for all to live in.
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