The BitGreen foundation is proud to announce that it has initiated the migration from its own blockchain to a Substrate-based chain, with the intention of active involvement in the growing Web3 ecosystem. This decision follows a community-wide vote where the BitGreen holders showed overwhelming support for the migration.
The foundation has released a preliminary timeline aiming to achieve full migration by April 2021.
BitGreen, a decentralized nonprofit organization incorporated in Wyoming U.S.A, was founded in 2017 as a community-driven project aimed at providing a sustainable alternative to Bitcoin. The project, a Bitcoin fork, has been an early innovator in the application of proof of stake consensus and use of masternode governance. Since its successful launch and incorporation as a nonprofit, the community has expanded its mission to the goal of serving as a true global impact currency.
The foundation is building an ecosystem of opportunities, impactful actions such as volunteering or recycling, that are rewarded with the protocol’s tokens (BITG). These everyday impactful actions are matched with opportunities to spend impactfully; with a growing global community of vendors, service providers, impactful charities and offset partners all committed to accepting BITG as payment. Through strategic partnerships with mission-aligned companies and organizations who intend to use the token and underlying technology (a white-label backend database and the BitGreen wallet module), the BitGreen foundation replaces disparate point and rewards systems with a single, interoperable, blockchain-powered, and liquid impact currency.
As the expanded value proposition drew traction with partners, limitations of the current blockchain became impediments to growth. Following a review of the potential frameworks, the choice to build on Substrate was based on the robustness of the framework and the versatility and potential for scale presented by the ecosystem itself. As mentioned by BitGreen CTO Dennis Reichelt:
“Having the ability to easily generate contracts tailored for such a diverse crowd of partners is of particular need. The ease of the Substrate framework, matched with its focus on interoperability with other projects in the Web3 ecosystem made this decision an easy one.”
With our migration to Substrate, the BitGreen team is excited to add a clear impact-focused facet to this fast-growing community. Moreover, the team is committed to contribute by building an open-sourced payment gateway which will enable seamless integration between the Polkadot universe and the wider commercial/philanthropic ecosystem. As said by foundation director Jason Stone:
“After several years spent building an impact-focused crypto project with proven real-world application and traction, we are thrilled to join a community that will help change the face of this sector, and together bring the promise of blockchain changing the world for the better to reality.”
For more information:
COO — BitGreen Foundation