Universal Protocol Alliance (UPA), a coalition of blockchain companies, has launched Bitcoin Zero (BTC0): a real Bitcoin with net-zero emissions.
Bitcoin Zero is a wrapper token that consists of 1 BTC which has been rendered carbon neutral at the time of minting by the retiring of 10 tonnes of REDD+ carbon credits in the form of 10 Universal Carbon, UPCO2 tokens. Bitcoin Zero (BTC0) is now available trading today on digital money platform Uphold.
“The launch of Bitcoin Zero means that finally, everyone can accomplish two important goals: Owning Bitcoin, while also doing good for the planet by stimulating demand for voluntary carbon credits,” said JP Thieriot, CEO of Uphold. “Imagine if, on top of all the other benefits, crypto can be made to save the rainforests?”
Recently UPA also launched Universal Carbon (UPCO2), the world’s first tradable REDD+ carbon credit token. Each UPCO2 Token represents one tonne of CO2 pollution averted by a certified REDD+ project preventing rainforest loss or degradation. Every Token is backed by a Verified Carbon Unit [VCU], a digital certificate issued by Verra and other international standards agencies, which allows certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits.
Matthew Le Merle, Universal Protocol Alliance Chairman and Fifth Era Managing Partner, said: “Once we successfully digitised rainforest carbon credits, our product teams looked around and asked the big question. How do we now attack a massive opportunity with this new tool that we have created? When they came to me with the Bitcoin Zero concept a light bulb went on. The amazing power and utility of the Universal Protocol token factory is that we can create tokens in days not months. Once we had the idea, it has taken us just ten days to make Bitcoin Zero a reality.”
As with all Universal Protocol stablecoin and crypto-commodity tokens (UPCO2, UPXAU, UPUSD, UPBTC, UPEUR, BTC0), Bitcoin Zero is available to any digital wallet, digital exchange or indeed every other entity that would like to make these powerful digital solutions available to their customers.
“The internal combustion engine was an incredible invention. But its creators didn’t anticipate the need to price the externalities of greenhouse gases through a built-in carbon tax. Satoshi’s creation of bitcoin and the proof of work algorithm to secure it was equally creative and equally lacking in a means to price in the externalities. Bitcoin Zero squares the circle by setting the ongoing carbon footprint of Bitcoin back to zero,” said Greg Kidd, Founder Hard Yaka.