What is Carboncoin (CARBON) Crypto Beginner’s Guide
Bitcoin and resulting cryptocurrencies have offered many incredible opportunities to investors. Spending money in a trustless, secure system has allowed for more financial freedom and an entire market dedicated to those who hope to amplify their assets. However, the reputation of Bitcoin has suffered a little, as anonymity and privacy has made way for some nefarious activities associated with the currency. Carboncoin is a crypto created to behave like Bitcoin, but to better the market morally and environmentally.
When Bitcoin was introduced, it completely redefined finance in the digital age. Unregulated currencies allowed for a financial ecosystem run by the people and bypassed certain frustrations associated with censorship and intermediaries. Development of the blockchain allowed for a trustless and borderless system that could move globally and without resistance. Unfortunately, problems also arose; Bitcoin’s freedom allowed it to be used for criminal activity and the dark web, which sullied the reputation of Bitcoin for much of the public and resulted in government regulations that worked against cryptocurrency rather for it.
The developer of Carboncoin witnessed this decline, but still saw the positive effects Bitcoin could have on communities and the world at large. Thus, the mission of Carboncoin was to create a cryptocurrency that could be an alternative to Bitcoin and avoid dark web use in favor of mainstream implementation.
Finding a reliable alternative to Bitcoin wasn’t the only factor; Carboncoin was also designed to help lower the carbon footprint caused by several other cryptocurrencies. Bitcoin and many altcoins function on Proof-of-Work, and mining is incredibly energy inefficient and not good for the environment. While some cryptocurrencies have attempted to create models that curb the amount of time PoW is in play, mining is a still a huge part of the investment community as many crypto enthusiasts mine coins to expand their assets.
Proof-of-Stake, which allows coin holders to gather interest, also did not seem like a good fit for Carboncoin, as it can cause scalability issues on the blockchain and doesn’t pay out well for those who have less coins in their wallets, and the stress on the blockchain also has environmental effects.
Thus, Carboncoin is not utilizing PoW or PoS and will instead be concentrating on maintaining the blockchain, coin migration, and rewards.
Originally CARBON, CCE will be replacing the coin with the redirection of Carboncoin. CARBON holders will need to trade in their coins for CCE, which will represent the cryptocurrency until future roadmap goals are met. Since Carboncoin’s main directive is the betterment of the environment, future earning of CCE will be tied into fundraising associated with planting trees.
As of right now, Carboncoin as an alternative to Bitcoin is only just beginning. Unfortunately, the lack of a whitepaper on their website muddles some of their mission, but the coin is intent on being a positive influence on the environment. If it is successful, it may prove to be a welcome switch from energy inefficient and misused cryptocurrencies.