The Philippines becomes the first country to adopt blockchain officially as a state currency when it decided to use a decentralized application based on Ethereum network to reward the residents of Manila with ETH for cleaning up a heavily polluted beach in the capital city of the nation.
Joseph Lubin, an Ethereum co-creator and the CEO of ConsenSys, the largest blockchain software development firm in the world, said, “In Manila, participants will be paid in ETH for spending a few hours cleaning up one of the most heavily polluted beaches in the world. Bounties Network and ConsenSys Impact are proving a new model where people fund causes directly without intermediaries.”
Bounties Network, a decentralized application on Ethereum enables anyone on the platform to create a reward system supporting various causes and initiatives for the participants and give bonuses in ETH. Blockchain technology has many applications and one of them is the use in bounties where participants are compensated transparently using the public ledger of the blockchain network.
ConsenSys Impact, a subsidiary of ConsenSys, a company headed by Ethereum co-creator, introduced a non-profit initiative to promote the use of blockchain in the Philippines. The initiative is termed as ‘Bounties for the Oceans: Philippines Pilot – Sustained, Verifiable Plastic Cleanups’.
“Plastic pollution costs the lives of 1 million seabirds and 100,000 marine mammals per year. Fish eat plastic, and we eat the fish. Plastic causes $8 billion in damage to marine ecosystems each year. With Bounties for the Ocean, we are asking people everywhere to submit verifiable proof of their direct plastic cleanup contribution as a way of fostering widespread and long-term behavioural shift. Do not depend on centralized organizations, go out there and do it yourselves,” the program read.
The Philippines has recently opened gates to Boracay, a popular tourist destination in the country famous for its crystal clear water and acclaimed diving spots. Earlier, the destination with a distinctive white sugary and powdery sand suffered from heavy pollution. The initiative will help to eradicate current pollution and prevent future pollution in Boracay.
The Philippines has adopted cryptocurrencies like Bitcoin as a legal tender and the central bank of the country has officially recognized Bitcoin as a payment method. It is considered an ideal state to kickstart non-profit based blockchain and cryptocurrency initiatives. Platforms like Coins.ph has provided liquidity to local users in the country. And the use of Bitcoin and other cryptocurrencies is increasing rapidly in the region.
Coins.ph have partnered up with major commercial banks, credit card companies and convenience stores to allow users to deposit and withdraw digital assets at physical locations throughout the country. The platform is the biggest cryptocurrency exchange in Southeast Asia with more than 5 million active users.
On the other hand, ConsenSys has strategically partnered with Union Bank, one of the largest commercial banks in the Philippines to develop a real-time domestic retail payment system.