The Rainforest Token is born
Announcing successful tests of our new token, powered by OST technology.
Can the Blockchain save rainforests?
The Rainforest foundation was founded in 1988 by the music superstar Sting and actress Trudie Styler. A simple idea that was radical at that time — What if indigenous people of the rainforest had the legal right to protect the forests we all depend on? — transformed into a huge organization. The new approach in dealing with rainforest deforestation made an enormous impact. It not only helped save countless acres of rainforest, but also empowered indigenous people, who were formally seen as a part of the problem, to fight for preservation of the forests and their habitat.
Three decades later, satellite images and drone footage started offering quantifiable proof that this was by far the best strategy; now we know that rainforests protected by Indigenous communities have the lower rates of deforestation than any other forests in the world including national parks, nature preserves, government land, and private sanctuaries.
Now, three decades into this journey, we are finding new ways to further these goals. Thanks to unlikely ally — Blockchain technology.
- Microtransactions: Blockchain technology enables microtransactions in ways that fiat currency systems cannot. The Rainforest Token enables new ways for us to engage our community by aligning disparate incentives towards a common goal — save rainforests.
- Peer-to-Peer, Cross-border, friction-less transactions: Blockchain technology enables global transactions at higher speeds, lower costs, and greater security than currently available technology. Soon, we plan to use the Rainforest Token to rapidly transfer value to places where it can have the most impact, at lower friction and lower costs.
- Accountability and Fraud Prevention: We aim to leverage the immutability of blockchain to provide irrefutable and quantifiable proof of our work — using territory specific data on forest cover and carbon sequestration by the rainforests protected by our efforts.
Working with OST for the better future.
In our first use case, we demonstrated how a simple consumer action — tagging a picture on Instagram with a designated RFUS hashtag — triggers a token transfer between a donor corporation and the Rainforest Foundation. Donor companies increase engagement with consumers, consumers have a chance to have impact, we raise funds, while lowering costs and ensuring that a higher percentage of money goes towards the communities that need it the most.
OST started as a tool kit for implementing Blockchain, but it transformed into a community of developers, visionaries and entrepreneur. This summer during a meetup in New York our project manager and co-founder — Piotrek, met Kevin, head of business development at OST. That is how Applover and Rainforest Foundation were connected, and thanks to OST software are able to launch branded token using OST’s side-blockchain and software. This way developers and entrepreneurs can use the benefits of Blockchain without time and effort of building the framework theirselves.
Using the advantages of Blockchain backed technology, Foundations like RFUS can not only gather funding through small and fast payments, but also use its funding in the OST economy exchanging it for other services.
Rainforest Foundation experiences showed that right approach with even limited resources can accomplish great things. For the moment Foundation is looking to scale up its operations and for this purpose it wants to focus on Blockchain. It might sound like an odd couple — Rainforests and Blockchain technology, but the implementation of the latter is very much justified. Rainforest Foundation had already shown that unconventional approach can make a lot of difference.