Is It Possible to Create Carbon Neutral Blockchain? NextGen (NXTG) Says Yes

Is It Possible to Create Carbon Neutral Blockchain? NextGen (NXTG) Says Yes


NextGen’s blockchain is the culmination of the dream of its team. Having a soft spot for the earth, they have been moved by how industrialization is damaging the world we live in.

There’s no doubt that the global climate is changing drastically and we are feeling its effects. In recent months, cryptocurrencies have come under fire for their carbon footprint, especially Bitcoin. The University of Cambridge even has an energy consumption index on Bitcoin. NextGen is a platform that intends to not only reduce blockchain carbon footprint but bring it down to zero.

The Crypto Climate Impact

The temperature in summers is at a record high and winters are shrinking. NASA estimates that by the year 2100, oceans can rise as much as 8 feet. Global efforts are underway to reduce the carbon footprint of industries and blockchain is no different. While the discussion on the climate impact is not new, this gained momentum when Elon Musk decided to stop the option to accept Bitcoin for Tesla’s vehicles, citing this very reason.

While the increasing pressure is forcing Bitcoin miners to seek renewable energy, NextGen believes that the solution is to move away completely and redesign the concept.

Xylonchain & Green Staker

Some crypto projects are considering this issue, especially Ethereum, which are testing a transition to Proof of Stake (PoS), reducing its energy consumption by 99%. However, this is not enough in the eyes of the NextGen team and there is more room for improvement. They are employing a hybrid consensus model that taps into PoS and what it calls Proof of Merit (PoM) for the election process of its custom Xylonchain.

PoS lowers energy requirements since it doesn’t require huge amounts of computing power, but the NextGen developers believe an issue still remains with the standard PoS system. Whales and large token holders have a one-sided advantage since they can earn block rewards with their large staked amounts, leaving smaller players effectively out of the game. PoM will offer smaller players a higher probability to participate, levelling the field with the Green Staker, where nodes will need to use a renewable energy-powered device, getting the chance to be a validator every 4th block.

The Green Staker is a small solar-powered computing device that comes with a window-mounted solar panel and a high-density battery. Since PoS requires only a small computer to run and not huge computing power, anyone can get one and become a node.

Taxing for Charities

NextGen is run with its native NXTG token, which initially will be launched on Binance Smart Chain and then will migrate to its native blockchain when its mainnet is launched. While the NXTG is a deflationary token with a limited supply that will increase its price over time, it has a couple of tricks up its sleeve to use the tax for furthering its climate-friendly philosophy.

A total of 10% will be taxed per transaction, with 3% going back to token holders, 2% being burnt to reduce supply, 3% for liquidity pools and the last 2% to different organizations that are working towards protecting the climate.

NextGen has selected 4 charities as of the moment that are focusing on protecting forests and replantation, ocean cleaning and helping the less fortunate.

The IDO date is 10th September.

About the Team

NextGen’s blockchain is the culmination of the dream of its team. Having a soft spot for the earth, they have been moved by how industrialization is damaging the world we live in. Rising temperatures, inconsistent weather patterns and global warming are all the result of unfettered greenhouse gas emissions and the planet’s survival is at a pivotal point.

With their unique approach towards crypto, the team intends to keep the efficiency, security and speed blockchain technology has to offer and at the same time offset the harmful carbon emissions commonly associated with it.

Used resources prepared by: Andrey Sergeenkov for Nextgen

 

More Information:

 

The Green Blockchain Revolution.

 

NextGen is focused on striking the perfect balance between finance, community and fundraising. Our goals are ambitious and expansion plans are vast, we aspire to great things and will work hard to achieve them.

NextGen’s native token, NXTG, will launch on the Binance Smart Chain network, which has a relatively low ecological footprint, however the public has no knowledge on the power consumption of the network. Developing our own blockchain will allow us to properly measure energy consumption used for on-chain activities and put the necessary measures in place to keep them carbon neutral.

At its core NXTG is deflationary, passively rewards holders, funds environmentally focussed charities and will be the launchpad for future innovations we have in store.

Community:

Like all projects with humble beginnings, the community plays a major role in driving our project and assisting with our direction. NextGen’s community can participate in the fun aspects of the project. We are not only focussed on our use cases but also creating an engaging and creative community that can participate in creating memes, gifs and other artwork linked to the environment and our mascot, who will be named by the community.

We will run frequent community competitions and giveaways and will reward community participation.

Charity:

Built into every transaction, funds will be directed towards our 4 main charities and we will happily take on more if our community so desires. Our charity focus is in afforestation, reforestation, forest protection, ocean cleanup and providing funds for infrastructure projects to communities that are less fortunate. Supporting the people who make this their life's work is our mission.

Blockchain Ecosystem:

Our blockchains will use a Proof of Stake/Proof Merit hybrid. Proof of Stake has become widely adopted due to its simplicity in implementation, low power consumption and ability to reward stakers, giving them the  ability to verify transactions on our blockchains, taking ownership in the operations of the system. By staking a minimum amount of tokens that have been held for a minimum period of time to the liquidity pool, validators will go into the running to be picked to verify transactions. Locked tokens have the added bonus of accruing additional tokens from the passive yield farming mechanics built into the smart contract, accumulated with each trade, depending on the balance of the holder. Proof of Stake systems are plutocratic and favour the wealthy, nodes with higher token balances are more likely to be picked. 

This is where the Proof of Merit system comes in, allowing nodes that meet the minimum requirements to be picked with a higher frequency.

Green Staker:

We have started creating our solar powered Single Board Computer (SBC) staking unit aptly named the Green Staker, that can be used to run our blockchain. This unit will primarily run using a window mount solar panel and will have a built in LiFePO4 battery, which is a high recharge cycle battery, made from ethically sourced materials, has improved recyclability, highly stable and made from non-toxic components.

All components of the green staker will be thoroughly researched with sustainability in mind.

Incentives to use this unit will be built into the operation of the blockchain. Our plan is to create a hybrid Proof of Stake/Proof of Merit consensus algorithm. The Green Staker’s universally unique identifier will be registered to a smart contract. Every fourth block, during the validator election process, any operator that meets the minimum proof of stake requirements, has a Green Staker and participates in the regular community participation whitelist, will have the opportunity to be picked to validate transactions and update the ledger.

We hope to make our blockchain not only carbon neutral, but net zero emissions and beyond. Rather than relying on carbon offsets, the more nodes that run the Green Staker, the closer we get to achieving that goal. We hope this drives eco innovation across the entire crypto space.

Xylonchain:

Our eco-fintech project, Xylonchain, will be the home of the NXTG token. We will perform a nuclear swap once we are ready with the mainnet release. It will be the home to our NXTG token, our stablecoin and will have bridging mechanisms in place to swap to other chains. With Xylonchain we will strive to build a net zero emissions blockchain based payment ecosystem for a truly sustainable alternative to financial transactions. 

Fast and quantum resistant security will be an integral part of the operations of our blockchain. The hashing functions and key and exchange 

Rhiza protocol:

The Rhiza protocol is the core of our blockchain’s functional framework. This includes the hybrid consensus mechanism, hash function and the digital signature algorithm for secure communications over the network. Security is at the forefront of the protocol behind our blockchain. We are extensively researching the best post-quantum cryptography standards in order to make sure that we are running one of the most secure, future proofed blockchains available today.

On top of being scalable, right out of the gate we will use fast, post-quantum safe standards that are optimised for low powered computers like the Green Staker.

Classical cryptography is based on algorithms that use factored numbers. Classical computers have a very hard time cracking these. Enter quantum computers, they are incredibly good at factoring numbers, so all base cryptography today is at risk as they grow in speed and capability, it puts our whole financial system and supporting systems at risk.

The PoS/PoM hybrid consensus mechanism is unique to NextGen and the team will be sure to perfect its functionality before going live. 

As our name suggests, we want to be a project that encompases the Next Generation of technologogical advancements across the blockchain space.

Xylonium Wallet:

We will build a safe and secure wallet that can be used as a token host, stake tokens to stake pools and used as a claimer for any vesting used on our platforms. Our team will build upon it, giving as much functionality to users as possible.

Hyphanode Finance: 

If anything the youth climate strikes have shown us, it is that future generations will hold environmentalism with a high degree of priority. The entrepreneurship of the next generation will likely be highly ecocentric and we want to be positioned to assist innovative startups. Furthermore we will work to provide funds to large scale projects that will have a high impact in the fight against climate change. We especially would like to fund renewable energy projects, both storage and generation, innovative sustainable materials and many other eco-focussed organisations.

Ektoschain:

The use of distributed ledger technology has great potential in improving the renewable energy sector. Unifying mixed use renewable energy systems and democratizing the energy supply chain. Allowing individual peer-nodes to share energy units/credits among one another to pool together fragmented localised renewable energy generation techniques like small scale solar and wind installations. In combination these can create a microgrid, where smart contracts can be used in place of smart metres to tie these systems together and allow energy consumers to trade energy among themselves.

Intelligent software systems would help identify weaknesses in the infrastructure. African nations would be the perfect launchpad for a system like this as they begin to rely on microgrids to supply and share power. We hope to work with partners to develop a system the world might one day adopt that gives communities the ability to self sustain their energy needs.

NFT Plans:

From art to voluntary carbon credits, we have some big plans for NFTs and will explore their potential in the trading of voluntary carbon credits. We believe the charities we support would be able to take part in the voluntary carbon credit trading markets if they start to move to the blockchain, we want to be at the helm of these developments to assist them.

Zymocoin

Zymocoin is the name of the NXT-D stablecoin, we will use this to preserve value for our ecosystem during unstable markets.

About NextGen

A team and community driven eco fintech project. NextGen’s vision is to create a carbon neutral blockchain ecosystem. Striking the perfect balance between finance, community and fundraising.Our passionate and driven team will strive to turn these concepts into reality.

Our objectives:

  • Build a fun, engaging and contributive community
  • Create a carbon neutral blockchain based payment system
  • Utilise blockchain technology to improve the renewable energy sector
  • Support environmentally focussed charities and technology development

Moving to an environmentally sustainable world will be possible if we can direct funding to organisations striving to make this a reality. Properly funded research and development will expedite the transition to a cleaner world. We are the crypto solution to earth’s pollution. Join the green blockchain revolution.

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I am Shiller Gorilla! Great to meet you all out there in Cryptoland and beyond! I have been immersed in the jungle that is blockchain and crypto for the past 5 years and love to shill and talk up the projects I most believe in!

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