The Carboncoin Trust’s Carboncoin was started by a developer using the pseudonym AxisMundi who, having been involved in Cryptocurrencies from early on in their development, had grown extremely frustrated with the amount of electricity being unnecessarily wasted in the coin derivation or “mining” process

The industry presented two problems, one technology specific and one much wider. Firstly, how do you stop energy being wasted on the mining process without jeopardising the security of the network? – And second, what can be done to rectify the damage already done to the environment?

The Carboncoin development team is focussed on solving the first problem, while the trustees of the Carboncoin Trust are committed to addressing the second problem; and the combined force of the two serves to present a real, viable solution not just to the damage done to the environment by the cryptocurrency industry, but to the damage done to the environment by all human endeavour

What if some portion of the value created by Bitcoin had been committed to supporting the environment and in particular to efforts to rebalance the carbon cycle - to help nature accelerate the removal of Carbon Dioxide and other greenhouse gases from the atmosphere. What if the currency which did so was the most efficient out there? Could it replace Bitcoin as the banking alternative of choice?

When the first problem came to light Cryptocurrency developers were actively involved in finding a solution and some significant steps were made. The solution which went on to become status quo was the invention of proof of stake techhnology, but this solution – while a considerable improvement – contained some striking inefficiencies, and it is these which will be solved in Carboncoin in its final form.