TerraGreen, a blockchain based renewable energy trading platform, has come up with an ambitious project. It attempts to revolutionize the Biomass waste management industry and revive the earth. The project will leverage blockchain technology, smart contracts, IoT, big data and adaptive intelligence to make the world a greener place.
The key feature of the platform is the TerraGreen Coin, a Bitcoin-inspired digital currency that can be used on TerraGreen’s platform as well as other platforms. TGN coin originated as an expansion of DeKo thesis which emphasizes that a currency backed by electrical energy is more stable than being backed by gold or debt. It is a currency backed by green energy, the value of which will increase with an increase in its usage.The coin will be used to raise capital for producers of renewable energy, who can sell energy in advance to users or investors. Users of the platform will also have access to TerraGreen wallet through which they can pay their bills directly, using a combination of crypto and fiat currency. The amount of each transaction made by users will be transferred to the wallet in real-time which can either be stored as TGN or converted to other currencies. A transaction fee of 0.0001 TGN will be charged for the services, comparatively cheaper than fiat-based payment systems.
Currencies accepted currently are BTC, LTC, XRP, BCH and TGN, however, an update accepting more cryptocurrencies may be introduced in the future. The main purpose of TerraGreen platform is to design a renewable energy ecosystem that leverages blockchain technology to produce and trade green energy without the involvement of a central authority or trusted third party. The platform is designed to contain a transparent data of the renewable energy produced, sold, the energy price and the management of biomass waste supply chain.
Human confidence in mathematical algorithms, numbers, encryptions and the overall blockchain technology fosters trust in TGN coin. The coin structure is based on three pillars; decentralization, genuine peer-to-peer technology and an open source code. These pillars enable a decentralized financial system and a high level of privacy & trust. The technology used for TGN coin is bound to boost confidence and trust of users in the platform. In a quest for a green revolution, TerraGreen’s effort is a collaborative vision of masses.