Building the world’s first compliant and green crypto-currency thanks to Stellar
The move from Ethereum to Stellar (see our previous post for all of the 6 reasons behind this move) has opened the possibility of what we think is an exciting positioning for Tellus — Irene Energy’s token. Fully leveraging the powerful and very distinctive characteristics of the Stellar Blockchain, French start-up Irene Energy has embedded unique features in its token: making it the world’s first compliant (as in fully KYC/AML compliant) and green crypto-currency.
1. Tellus, a compliant token
What does “compliant” mean?
It means two things.
First, it means that all blockchain addresses holding Tellus (now and tomorrow) will have passed strict KYC/AML screenings. This is because, whether on the primary market (meaning in the coming Tellus Pre-sale and Main Sales) and on the future secondary market, a new address will need to have successfully gone through a strict KYC/AML screenings before being able to purchase Tellus.
Second, addresses that will be identified by the relevant authorities as being linked to terrorist or criminal organizations or states will be able to be frozen by the same authorities.
The Stellar blockchain gives token-issuers the option to implement such features simply by ticking two flags upon issuance. This is a dramatic difference with Ethereum where (i) KYC/AML screening can be implemented on the primary market by means of white-listing but not on the secondary market and (ii) freezing addresses is not possible.
Why implementing these features?
For at least three reasons.
First and foremost, because sustainability is in our DNA. Irene Energy is a renewable energy supplier with global ambitions that uses blockchain to pioneer radical transparency in the electricity supply chain. Which in turns, allows consumers, around the globe, to know exactly who they send their electricity money to. Our vision is to give back to the people control over local and national energy policies. The Tellus token is the enabler of this vision. While the Bitcoin/Ethereum libertarian legacy has its merits and proponents, for Irene Energy’s token, the more KYC/AML compliant, was simply the better.
Second, we want to give prospective Tellus buyers confidence that they are entering a vetted circle. Future new Tellus entrants will have the insurance that they will be buying their coins from sellers that have themselves been previously KYC/AML approved.
Third, we made Tellus to possibly become a crypto hedge against coming crypto regulations. Globally, states are increasingly looking to regulate the crypto-world. They may fail. But they may also succeed — in the short-term, medium-term or longer-term. Irene Energy therefore thinks that there is value in pre-emptively positioning Tellus as a token compliant with existing financial regulations.
2. Tellus, a twice-green token
Tellus is a green token because it is built on the energy-efficient Stellar blockchain
The Federated Byzantine Agreement mechanism that replaces proof-of-work and proof-of-stake at the heart of the Stellar Blockchain makes it a notoriously energy-efficient network.
No mining is required to operate Stellar. Given the current state of the Ethereum technology (and while we are still waiting for Ethereum to move to prove-of-stake), this makes a significant difference in terms of carbon-footprint, cost and speed.
Being one of the very first token to have been issued on Stellar, Tellus is therefore one of the greenest.
Tellus is a green token because it will pay for renewable electricity
Finally, for as long as Irene Energy remains in business, one Tellus will pay its market value in Irene Energy electricity bill. And because Irene will exclusively provide renewable electricity to its consumers, one Tellus will essentially be tradable for green electricity.
Irene Energy’s vision is finally to convince other sustainable utilities to adopt its Tellus platform to perform verifiable, accountable, public micropayments which will empower their owner customers — turning Tellus into a cross-border means of paying for green and sustainable services.
The Irene Team
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