Home / Crypto Currency / Manila Residents Paid in Ethereum For Cleaning Up Philippines’ Polluted Beaches

Manila Residents Paid in Ethereum For Cleaning Up Philippines’ Polluted Beaches


Advertisement

CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

A decentralized application (dApp) based on the Ethereum (ETH) network will begin rewarding residents of Manila, the Philippines, with ETH for cleaning up a heavily polluted beach in the capital city of the nation.

Joseph Lubin, an Ethereum co-creator and the CEO of ConsenSys, the largest blockchain software development firm in the world, said:

“In Manila, participants will be paid in ETH for spending a few hours cleaning up one of the most heavily polluted beaches in the world. Bounties Network and ConsenSys Impact are proving a new model where people fund causes directly without intermediaries.”

Why the Philippines is a Great Place to Start

Bounty has been recognized as a viable application of blockchain technology because participants are compensated transparently using the public ledger of a blockchain network.

Bounties Network, a dApp on Ethereum, enables anyone on the platform to create bounties and reward participants with ETH, supporting various causes and initiatives.

Recently, ConsenSys Impact, a subsidiary of the New York-based ConsenSys, introduced a non-profit initiative called “Bounties for the Oceans: Philippines Pilot – Sustained, Verifiable Plastic Cleanups” to promote the usage of the blockchain in the country.

“Plastic pollution costs the lives of 1 million seabirds and 100,000 marine mammals per year. Fish eat plastic, and we eat the fish. Plastic causes $8 billion in damage to marine ecosystems each year. With Bounties for the Ocean, we are asking people everywhere to submit verifiable proof of their direct plastic cleanup contribution as a way of fostering widespread and long-term behavioral shift. Do not depend on centralized organizations, go out there and do it yourselves,” the program read.

The initiative comes in a time during which the Philippines recently re-opened Boracay, a popular tourist destination in the country known for its crystal-clear seawater, acclaimed diving spots, and distinctive white sugary and powdery sand after the island suffered from heavy pollution.

The Philippines is considered an ideal region to kickstart non-profit blockchain-based initiatives because the country has adopted cryptocurrencies like Bitcoin as a legitimate form of payment and the central bank officially recognized Bitcoin as a remittance method.

As a result, the usage of Bitcoin and other major cryptocurrencies like Ethereum has increased rapidly, facilitated by the work of local platforms like Coins.ph that have provided significant liquidity to local users.

Through partnerships with major commercial banks, remittance outlets, credit card companies, electric grid operators, and convenience stores, Coins.ph has allowed cryptocurrency users to deposit and withdraw digital assets through tens of thousands of physical locations. The platform, which remains as the biggest cryptocurrency application in Southeast Asia, now has over 5 million active users.

ConsenSys and Union Bank

In May, ConsenSys also secured a strategic partnership with Union Bank, one of the largest commercial banks in the Philippines, to conduct a real-time domestic retail payment system pilot test with five rural banks.

At the time, Union Bank technology and operations chief Henry Aguda said:

“With this [blockchain platform], they don’t have to spend anything. They just have to load the application i2i in their computers, tablets, or smartphones then they can transact bank-to-bank connected to blockchain.”

A large number of companies including Consensys and several high profile conglomerates in South Korea are working with individuals, businesses, and cryptocurrency ventures in the Philippines to help the local market sustain its exponential rate of growth.

Featured image from Shutterstock.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Advertisement
Read more

Check Also

Ripple Price Analysis: Break Below $0.2900 Could Speed Up XRP Losses

Key Highlights Ripple price seems to be struggling to clear the $0.3100 resistance area against the US dollar. There is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline heavily if there is a break below the $0.2900 and $0.2880 supports. Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD failed to move past $0.3100 and now it could decline further towards $0.2650. Ripple Price Analysis There was a decent base formed near $0.2920 in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.3000 resistance area. However, buyers struggled to clear the $0.3090-0.3100 resistance. As a result, the price declined below $0.3020 and the 100 hourly simple moving average. The price retested the $0.2920 support area, which is currently protecting further losses. An initial resistance is the $0.3000 level and the 23.6% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. The stated $0.3000 level also coincides with the 100 hourly SMA. Above $0.3000, there is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. Therefore, the price is likely to struggle near $0.3000 and $0.3020 if it corrects higher. Above $0.3020, the next key resistance is at $0.3090-0.3100. Looking at the chart, ripple price remains at a risk of a sharp decline if there is a break below the $0.2900-0.2880 support area. The next main support below $0.2800 is near the $0.2650 level where buyers may emerge. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level. Major Support Level – $0.2900 Major Resistance Level – $0.3020 The post Ripple Price Analysis: Break Below $0.2900 Could Speed Up XRP Losses appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.