Hedera (HBAR) Makes Progress On New Projects Using $100M Sustainable Impact Fund• March 25, 2022 11:27 am • Comments
The Hedera network (HBAR) recently made news when they announced the launch of a new $100M Sustainable Impact fund which would provide the capital to support projects related to sustainable ventures.
The fund would encourage the development of more projects on the Hedera blockchain while tackling an emerging market sector that is becoming increasingly important with high market potential.
Meeco, a data privacy and digital identity company, has started contributions to the blockchain using this new fund and has launched a new application that will allow provide high value data to governments and organizations involved in ESG.
.@hedera-based @meeco_me is tracking ESG data with zero-knowledge identity tech.@IanAllison123 reportshttps://t.co/iGVqMV2U0A
— CoinDesk (@CoinDesk) March 24, 2022
The project enables Hedera-based tokens to maintain a linked relationship to the roles, actors and data created by ecological projects that follow a science-backed methodology, according to a press release.
This allows for transparent communication to stakeholders, including governments and non-governmental organizations (NGO), with the full auditability of specific assets, it said.
“It’s a combination of work to identify actors and how they fit within ESG processes and mapping them to these processes,” Wes Geisenberger, vice president of ESG at the HBAR Foundation, said in an interview.
The system comes with “privacy by design,” said Meeco CEO Katryna Dow, courtesy of some zero-knowledge proof technology layered on top.
Other projects that will certainly expand the role of the Hedera network is the growing usage of carbon credits which will be used by organizations and corporations in the future.
The carbon credits are a way of reducing greenhouse emissions through a particular financial system where the credits can be used for environmental restoration as compensation for existing emissions.
The role that Hedera would play here is being the foundational blockchain that supports trust layers which provides the tracking services of carbon credits and makes it public in a transparent way.
That way, all buyers of carbon credits can be sure that the credits that they are buying are coming from a verifiable source and that there is no market manipulation in any way.
As the growth of the carbon credit industry grows, Hedera (HBAR) would be in a prime position to take advantage of that growth in the future given its large focus on this market sector right now.
.@TymlezBV is delighted to announce a strategic partnership and grant with the @HBAR_foundation Sustainable Impact Fund, which funds projects focused on increasing transparency in environmental markets on the @hedera network.https://t.co/52zFZvxOh0
— TYMLEZ (@TymlezBV) March 21, 2022
Hedera’s universe of decentralized apps is largely based on enterprise usage. The blockchain protocol launched in September 2019 after an initial coin offering (ICO) in 2018.
The HBAR Foundation was started last year and was allocated $2.5 billion in HBAR tokens by Hedera’s governing body.
Hedera is a distributed ledger of transactions using a new consensus algorithm known as hashgraph to process more transactions at scale than proof-of-work and proof-of-stake networks.
HBAR was trading at around 20 cents and has a market cap of just over $4 billion.
Meeco was one of the first to start releasing related projects due to the new sustainable impact fund and the HBAR community is expecting ongoing projects to be released later on in the year.
If Hedera is one of the blockchains to successfully capture this market sector which has the potentially to grow tremendously in the next 10 years, it could be a positive outlook for the organic growth of the Hedera ecosystem.
As part of the partnership, TYMLEZ has been awarded a US$1 million (approx. AU$1.4 million) grant by the HBAR Foundation, a fund dedicated to growing the Hedera ecosystem, and will receive US$100,000 (approx. AU$140,000) as an upfront payment.
— TYMLEZ (@TymlezBV) March 21, 2022
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