The HBAR Foundation, a philanthropic and independent subsidiary of distributed ledger Hedera Hashgraph, announced the launch of an environmentally responsible sustainability fund, SIF, conceived to help develop sustainable solutions within the Hedera ecosystem.
The first recipient, a Welsh blockchain company called DOVU, will receive $100 million to develop its open-source Guardian technology to develop publicly transparent mechanisms, such as their audit trail, to verify carbon offset data.
Dovu, a climate-friendly carbon-focused crypto-currency platform, collects a wealth of real-time quantitative data on all Ethereum-based projects, tracking and publicly publishing their carbon debt based on transaction results, and offering tokenomic deniability measures through investments. in Dovu’s own assets, DOV.
Stablecoins Tether (USDT) and USD Coin (USDC) are currently in the top two positions with compensation costs estimated at $64,514,997 and $11,361,957 respectively, while Wrapped Ethereum (WETH) is in third place with $2,722,699.
Dovu is working with rural farming communities around the world to measure and report soil carbon levels, cultivating a circular economic model in which farmers are motivated to extract an element from the atmosphere and return it underground to access carbon credit sales. on the market.
The HBAR Foundation was founded in mid-September last year following a successful vote by the Hedera Board of Governors two months earlier. Board members voted to initially allocate 5.35 billion HBAR to the token treasury, then valued at $2.5 billion and now just over $1.1 billion, to invest in a disparate number of projects and developers looking to accelerate growth.of the Hedera ecosystem.
According to the data metrics provided on their website, the HBAR Foundation has to date awarded over $32.1 million in grants to fund 19 projects across 4 industry sectors, each based on some aspect of the Hedera consensus algorithm. Sectors include payments and fintech, the cryptocurrency economy, Metaverse, and the newly launched Sustainability Fund.
Of the four available quadrants for funding applicants, the Economy and Metaverse cryptocurrency funds are the most complete, featuring established brands such as Binance US, Bittrex, Huobi Global, and Moonpay, among others, while the Metaverse category includes eight companies, including Venly. , Tune.fm and Calaxy.
Cointelegraph spoke with Wes Heisenberger, Vice President of Sustainability, Environment, Social Affairs and Governance (ESG) at the HBAR Foundation, to find out which of the specific 17 environmental goals under the UN Sustainable Development Goals initiative are most aligned with SIF, which also how the foundation expects their partnership with DOVU to positively impact this goal.
Heisenberger stated that the foundation intends to “reach out to all 17 UN SDGs where we can make a tangible impact” and noted that “DLT plays an important role in this impact”, and also indicated his ambitions for the year:
“In 2022, we will invest a significant portion of the Sustainability Fund in grantees addressing major challenges in climate change (13), renewable energy (7) and sustainable consumption and production (12) as key areas of focus.”
Related: Crypto Climate Impact: Is Carbon Offsetting Good Enough?
Welcome to the bandwidth performance test here at @dovuofficial, you thought yesterday was fun, today is going to be really bad. 1 million transactions per hour for starters, that’s a steady 277 TPS ⚡️⚡️ Thanks for being awesome @dragonglassme @hedera @MrLemonBird pic.twitter.com/savY8pr0h1 — Matt Smithies (,) (@flyinggazelle) March 10, 2022
Carbon offsets became a common topic of discussion during the COP26 summit in Glasgow late last year, with some experts in the field arguing that the measures were less of a preventive measure and more of a way for corporations to defer or delay environmental action.
Focusing on the traceability aspect of DOVU technology, Dovu CTO Matt Smithies talked about how the company intends to support accountability and transparency in the ecosystem through blockchain tokenization.
Smithies stated that: “Every member who plays a role in the audit trail will be recorded, allowing anyone who makes a purchase, be it an organization or an individual, to understand its journey from origin to retirement” before revealing as an unbalanced ratio supply and demand can affect the industry.
“This will continue to push up the price of carbon – whether it be a cheaper offset or a premium, proven quality carbon rebate. So it’s in the buyer’s best interest to reduce their carbon footprint in the first place, rather than making it even more costly.”