Applying blockchain technology to ‘W Green Pay’, a global greenhouse gas reduction compensation system
Greetings from the ICON Team,
August 29, 2018 — ICON and the W Foundation, a nonprofit organization for environmental preservation and refugee relief, signed an MOU today to apply blockchain technology to the W Green Pay(WGP), a pollution reduction compensation system.
The W Foundation has been partnering with government agencies, enterprises, and international organizations since 2012 to operate the ‘HOOXI Campaign’ to mitigate the release of greenhouse gases. They have now introduced WGP to incentivize general citizens in addition to the institutions already part of the agreement. WGP is a blockchain-based reward system that rewards individual greenhouse gas mitigation efforts with additional utility as a real-life payment instrument.
ICON is excited to be integrating blockchain technology into the W Foundation’s WGP compensation system. Various communities in the ICON ecosystem are expected to contribute to greenhouse gas reduction campaigns in conjunction with the practical use of W Foundation’s HOOXI Mall, online shopping mall partners, and credit cards. Additionally this will bring transparency, which is a key advantage of blockchain technology, and it is expected to operate more transparently and stably than existing incentive schemes.
“This agreement applies not only to business, but also to nonprofit areas including natural conservation campaigns. This agreement has great significance as a starting point for changing the world” said J.H.Kim, council member of the ICON Foundation.
“Since W Green Pay is a reward system provided to the people, it is important to have a security system. Through this agreement, ICON and the W Foundation will cooperate to make sure WGP can become a more stable blockchain project”, added YuRi Christine Lee, the CEO of the W Foundation.
The ICON team works with the W Foundation to realize the public good in the blockchain and cryptocurrency ecosystem and hope to create a ‘social impact’.
Hyperconnect the World
Founded in 2012, the W Foundation(the Wisdomforfuture Foundation) is a non-profit organization(NPO), partnered with a wide range of organizations around the world, and committed to environment preservation projects as well as refugee relief activities related to climate change and natural disasters. The W Foundation carries out various environmental preservation activities by promoting the HOOXI campaign and operating its own broadcasting studio specialized in nature.
The W Foundation’s HOOXI Campaign provides substantial compensation based on individual contributions to reduce greenhouse gas emissions in daily lives. The rewards according to individual greenhouse gas reduction efforts can be stored and used through diverse channels including HOOXI Mall and W Exchange, operated by the W Foundation.
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