Solving the Climate Change Problem Using Blockhain Technology – Start of the FOSTER Project
The FOSTER project has been in development for several months to leverage blockchain technology to mass plant trees worldwide to increase carbon dioxide absorption.
Climate change is defined as “changes in the mean state and/or variability of the climate over decades or more, regardless of the cause.” To reduce greenhouse gas emissions due to global warming, forestation and reforestation can solve carbon emissions.
Researchers state that the goal of limiting global warming to a maximum of 1.5 °C can be achieved with afforestation. However, to achieve this goal, approximately one billion hectares of land must be afforested. Researchers state that 2 billion 800 million hectares of land are now afforested globally, and they argue that 900 million hectares of afforestation are possible.
Considering this, FOSTER plans to employ blockchain technology to offer tokenized tree ownership. Each token will represent a tree. FOSTER is in charge of the entire process, from land acquisition to preparation for tree planting to certification and trade of CO2 credits on worldwide exchanges. In addition, FOSTER will operate as a guarantor of the planted trees in one of the six countries chosen by the company.
The development of biomass and the trading of COrea2 credits will create income for FOSTER. Local communities, who had been jeopardizing forest survival by rearing livestock or farming, would now be able to produce alternative economic revenues by ensuring the long-term viability of forests valued by tokenized tree ownership and the generation of CO2 credits.
The total supply of 8.000.000.000 tokens for FOSTER, which is the primary token. 20% of these tokens are allocated for sale. This is a company utility token that will be used for the firm’s development, land acquisition, marketing, advertising, product, tokenization, exchange listing, and other vital components for the FOSTER project’s successful implementation.
The TREE token is a corporate utility token used to plant, cultivate, and care for trees. 1 TREE token will be equal to one actual tree.
O2PLUS tokens are utility tokens with no finite supply. These coins will be released based on international certificates for CO2 credits created by Foster reforestation initiatives that have been issued. These certificates will be tokenized and traded as O2PLUS tokens on exchanges. All TREE token holders will receive a portion of the proceeds from the sale of O2PLUS tokens.
Mounir Bouaziz, FOSTER President (former Shell Vice President), said that he spent 30 years working for Shell, where he learned a lot about sustainability, energy transition, and global warming issues. He intends to focus on Nature-Based Solutions for the next 30 years, leveraging his international and diverse experience.