Forestcoin is a cryptocurrency where the coins are created by planting trees.
Forestcoin users are issued coins for planting a tree and documenting it via the Forestcoin mobile app.
The tree planting is verified through a crowdsourced approval process where it is examined by other Forestcoin users via photos (the hole, the planted tree and an optional selfie), the time between the photos, GPS location of each photo, the distance between the photos, the camera compass orientation and user history. After three crowdsourced approvals, and final approval from Forestcoin administration, the Forestcoins are minted and issued to the user.
Forestcoin is intended as a transactional coin for use as payment and transfer of funds. It’s high transaction speed, low energy architecture, and coin reward formula incentivises the running of the blockchain nodes in the peer to peer network without the need to charge users transaction fees for sending and receiving Forestcoins.
Forestcoin has all of the attributes of major successful cryptocurrencies. It has a limited supply and the coin reward is lowered as more trees are planted. Forestcoin has the goal of planting one tree for every person on the planet, and with this target in mind the maximum number of Forestcoins that will ever be created is one Forestcoin for every person on Earth.
Forestcoin aims to be the cryptocurrency that wins the hearts and minds of millions of people. It aims to monetize the planting of trees. It is an environmentally friendly way of paying for goods and services because all coins have been created through the planting of a tree.
“One tree for every person. One ForestCoin for every tree.”