A local weather change initiative of the United Nations signed a Memorandum of Understanding (MoU) with blockchain agency W-Foundation to collaborate on local weather motion, in accordance to a press launch shared with Cointelegraph on May 16.
In accordance with the brand new MoU, the Secretariat of the UN Framework Convention on Climate Change (UNFCCC) will work with South Korea-based W-Foundation to promote world local weather motion initiatives, together with compensation of greenhouse gasoline emissions through the use of rewards in cryptocurrency.
Specifically, the latest MoU primarily focuses on implementing the W-Foundation’s blockchain software HOOXI, which is a blockchain-based gaming and cell social community.
Available on iOS and Android, HOOXI app encourages individuals to take local weather motion on greenhouse gasoline emissions reductions in trade for mission factors which might be used for a aggressive rating the customers. Each month, the highest 20% customers are rewarded with W Green Pay (WGP) cryptocurrency.
The UNFCCC Secretariat and W-Foundation started working collectively on the initiative again in November 2018.
Apart from HOOXI, the brand new MoU embodies numerous different initiatives, together with the formation of a Program of Activities-based methodology for a subset of HOOXI App’s portfolio and making use of distributed ledger expertise (DLT) in offset markets.
The UNFCCC secretariat was established in 1992, following the adoption of the UNFCCC conference, which represents a dad or mum treaty for the Kyoto Protocol signed in 1997, and the Paris Agreement made in 2015. The Secretariat first revealed its plans to use blockchain tech for local weather change motion again in 2017, as reported by Cointelegraph.