A cryptocurrency designed to create scalable carbon removal
Blockchains provide a powerful systems abstraction: they allow mutually untrusted entities (members) to collectively manage a ledger of transactions in a decentralized manner.All blockchains today require member nodes to run powerful servers with significant network, storage, and compute resources. Blockchains based on proof-of-work push resource usage to an extreme, requiring significant compute for puzzle-solving, but even consortium blockchains and blockchains based on proof-of-stake incur significant network and storage costs to keep the blockchain up to date at a high transaction throughput.
Interestingly, the high resource requirement of blockchains also weakens reliability for several real-world applications. Blockchains require that majority (typically two-thirds) of members are honest, a property that is easier to guarantee when a large number of members participate. However, widescale adoption of a blockchain is hard given the high resource requirement.
We are excited to present Nanochain, an ultra-lightweight, large scale layer 2 blockchain solution that provides high throughput for real-world transactions by using relatively small amount of energy thus reducing the carbon emission. By being lightweight and scalable, it enables wide-scale adoption by millions of users. By enabling large scale of participation, Nanochain makes it plausible to assume honest-majority. By being high-throughput, Nanochain supports real-world transaction rates. The real innovation in Nanochain is the shared-trust multi-tier architecture among the validating nodes.
Introducing Nanodeedz Coin — A Carbon Avoidance Cryptocurrency
Nano created deedz coin, a cryptocurrency minted in a carbon-optimized Nanochain, to provide incentives to Players who are actually completing verifiable Nano Tasks resulting in behavior change for positive climate impact. Deedz coins are used as an incentive for Nanochain validators, as well as an additional incentive for hi-achieving Players who want to become Nano Task validators.
Companies purchase deedz coins from Nano, to use them as a reward for Players (employees, suppliers, consumers) to engage them in meeting the company’s Scope 1-3 objectives to avoid/reduce carbon emissions.
deedz can be redeemed in sustainable product/service marketplaces or traded in crypto exchanges. Players can also donate deedz to their favorite non-profit.