What makes this token different from Bitcoin, and other Altcoins, is that BlockChain Asset Ltd's [Little Green Token](about:blank) (LGT) represents the world's first Social Good asset, provided on the blockchain.
Today we witness another world-first. Block Chain Asset Co has announced it is issuing tokens on Bitcoin’s distributed platform, the Blockchain. The mission statement is to provide Little Green Tokens (LGT) for “Social Responsibility” focusing on the ”Global Social Good.”
Students of Ethics, Philosophy & Political Science often speak of ‘Social Good’ or the ‘Common Good’. This term implies a positive impact that is shared and beneficial for all or most members of a given community. In the case of LGTs, the Social Good it embodies is protecting the environment.
“Let’s all work together to save the Planet from Carbon Pollution “
— – Little Green Token
Block Chain Asset Co is a newly created Joint Venture between bitSIM and Conservation Central Network.
Conservation Central Network (CCN) is the marketing arm of CCN Holdings Limited. Launched in 2011, CCN aims to build a global community called the "Green Social Network" stating that that "CCN is in the business of saving the forests one hectare at a time using an innovative rewards system to generate profits, bonuses and incentives as a mechanism for business and economic trade not aid."
The company manages Verified Carbon Standard (VCS) projects across the world, VCS is described as “the world’s most widely used voluntary greenhouse gas (GHG) reduction program”. According to the V-C-S.org website, “In just a few short years, more than 1000 registered projects have collectively removed more than 130 million tons of emissions from the atmosphere.”
The new assets, LGT, provide access to CCNs’ global business that provides individuals the opportunity to be directly involved in the new green economy. CCN use an innovative rewards system to generate bonuses and incentives so that those members making a contribution can benefit from their direct efforts.
BitSIM Holdings Ltd provides the access to LGTs. BitSIM enables users to trade tokens with their ThinSIM, this Sim overlay solution provides access to digital assets and currencies for the owners of over 7 Billion Sim cards globally.
Like many companies around the world who have begun to tokenise assets on the Counterparty platform, CCN and bitSIM have turned to vennd.io to simplify and automate the distribution process. Vennd, the flagship product of the Sydney-based company, is provided as a service and can be thought of as very similar to a physical vending machine: customers put money in and automatically receive the appropriate Counterparty token in return.
Leon-Gerard Vandenberg, Co-Founder of BitSIM, describes the new joint venture as an effort to peel back the layers of programmes like the UNs REDD, Reducing Emissions from Deforestation and Forest Degradation (REDD) is an effort by the United Nations (UN) to create a financial value for the carbon stored in forests, offering incentives for developing countries to reduce emissions from forested lands and invest in low-carbon paths to sustainable development. "REDD+" goes beyond deforestation and forest degradation, and adds the role of conservation, sustainable management of forests and enhancement of forest carbon stocks.
Vandenberg goes on to clarify how this can be done, “monetize this by wrapping the asset within the Blockchain for Global Distribution”. According to new research (Sept 2014) done by the International Carbon Offset and Reduction Alliance (ICROA), Offsetting one tonne of CO2 emissions brings an additional $664 USD in benefits to the communities where carbon reduction projects are based.
Counterparty has provided a situation where assets can be sold through the decentralised network Bitcoin exemplifies. To date there have been few, if any, real world applications for the revolutionary platform. The release of LGT shows that progressive business models can leverage innovative solutions to provide tangible results. By allowing anyone with a phone, via BitSIM, to access the token, on Counterparty, LGTs provide an example for future tech savvy entrepreneurs.
Counterparty assets have recently been the focus of US regulation, the term Initial Public Offerings (IPO) is falling out of favour due to the association with Securities, as defined by the United States Securities and Exchange Commission. Block Chain Asset Co has been carefully structured to mitigate this regulatory risk, “ Voluntary Carbon Instruments are NOT a Financial Product in Australian Law or HK Law. So this is a further way to deal with CounterParty using a safe Asset Class category that does not have the local or global regulatory overhang”
“The Conservation of our remaining forests is one of the most important issues facing our world today.”