We caught up with Olga Bergen, CEO of EcoStart, to find out more about how this blockchain start-up plans to empower environmental businesses. You can buy EcoStart’s TER token during their IEO on DOBI from 17th-31 July
What is EcoStart and what is your personal motivation for building the project?
The EcoStart project is a global ecosystem empowering environmental business. What this means essentially is, we will help green projects to be financed in a transparent way, using blockchain technology. We will also help them to find all the resources they need to be successful, from expertise to volunteers.
We will do this through:
-A brand new, environmentally friendly cryptocurrency – TerraEcoCoin (TECO)
-A decentralized global fundraising and resourcing marketplace
-A decentralized Environmental Investment Fund (EIF)
-Offering projects a share of the ‘commission’ from TECO transfers
The EcoStart project is founded by a group of entrepreneurs who share the conviction that business and innovation should be green and enhanced by the capabilities of blockchain technology. We believe that EcoStart will contribute to an open, collaborative, sustainable and prosperous future for our planet.
We believe that, beyond just starting up a project, we are providing a platform that will allow everyone to contribute to saving the planet. We have had the vision, and now we need you to support us by giving us the opportunity to act upon it. We all live on the same planet. We all have a responsibility to care for it – EcoStartwill allow everyone to do so, even in the smallest of ways…
The most successful start-ups tend to be ones that solve existing problems – what problems with the existing Environmental Projects system are EcoStart looking to solve?
The main problem facing environmental projects is a lack of financing. Even those projects that manage to secure funding through traditional institutions also face disadvantages.
a) All investment institutions are intermediaries between investors and objects of financing. Typically, all parties act in their own interests, which do not always coincide with the needs of society and incur unnecessary costs.
b) There is no coordination of activity between various investment institutions when they investing environmental projects. This leads to duplication, dispersion of material, labor and money. As a result, millions of dollars are spent each year on inefficient environmental projects.
c) Often, the investment capital that is available goes to projects that can ‘shout the loudest’ or have the best connections – not necessarily the projects that will have the most positive environmental impact. The public, and the expert community are not consulted on project selection – a massive waste of resources.
d) The process of selecting projects is often unnecessarily politicized.
e) There is no mechanism for attracting investors with small amounts of capital – environmental projects are missing out on the ‘crowdfunding phenomenon’.
f) Small but effective environmental projects often do not have the ability to scale because they lack fame or publicity.
What features of the EcoStart ecosystem will enable you to rectify this?
EcoStart’s platform will provide the following functions:
-A Marketplace uniting all participants of environmental communities (green business, investors, volunteers)
-A Fundraising application -for creating personalized digital tokens as tools for financing environmental (green) projects approved by EcoStart experts
–EcoStart’s own cryptocurrency TerraEcoCoin (TECO) generated by our energy-efficient POI algorithm (Proof-of-Importance, proof of significance).
-A private Crypto-messaging system, based on P2P technology (peer-to-peer);
-An Environmental Investment Fund (EIF) to further finance environmental projects (IEF).
-A decentralized system of expertise and recommendations (the formation of ratings will be based on the confidence of the platform participants).
– An open API allowing developers to create applications for the implementation and support of environmental projects.
-A Space Surface Monitoring Application to find hidden areas of pollution
-A system of motivation (rewards) for participants of the platform
– An environmental lottery, 50% of the funds remaining after the payment of winnings and operating costs will be directed to the Environmental Investment Fund (for jurisdictions with a permitted activity).
With many projects, it’s difficult to see why blockchain technology is needed, other than for a bit of publicity – what makes EcoStart different?
EcoStart is a multi-functional platform for supporting environmental projects, mainly providing financial support.
If money is the blood of the financial market, then trust is the soul of the financial market. Yet, trust is the main problem for any financial service. Traditional investment services are overly regulated, characterized by a complex and expensive control system. Using the blockchain technology as a runtime environment for applications on the EcoStart platform, we can harness the power of decentralization to protect against censorship and ensure all funding and project information remains transparently available online.
Blockchain is not so much a technology as an expression of a business’ need for reliable and transparent processes. It is this need that creates the interest in blockchain tech around the world, including the EcoStartproject team.
In addition, using blockchain technology will allow the EcoStart platform to provide:
– A reduction in transaction costs;
– Efficient distribution and tracking of payments;
– Transparency in the process of collecting investments by specific projects and their spending;
– Equal access to information, opportunities and tools;
– Removal of intermediaries between investors and financial applicants;
– Easy access to investment services;
– Attraction of small investors to the investment process
– Speedy, global transactions;
– Information security. For the financial system – this is the most important property. Blockchain will provide more reliable protection than traditional technologies
– Tokenization of the process of financing environmental projects, which will simplify and automate the routine interactions between platform users using smart contracts (self-fulfillment of contracts).
The most valuable tokens tend to be ones with real utility – what will TECO enable its holders, and the EcoStart project to do?
The cryptocurrency TECO, firstly, is a means of settlement and is not a security.
Secondly, from a financial point of view, it is a means of exchange on cryptocurrency exchanges and in payment systems.
Thirdly, it is the core of the EcoStart platform and will ensure the stable operation of the entire ecosystem using smart contracts, guaranteeing transactions and liquidity.
TECO owners will have the following rights:
– The right to receive partner discounts;
– The right to receive a commission from the involvement of third parties for the development of applications on EcoStart;
– The right to participate in referral programs;
– The right to sell, exchange, donate;
– The ability to provide a voice throughout the EcoStart ecosystem
– TerraEcocoin (TECO) cryptocurrency owners will have the opportunity to invest without intermediaries in “green” startups and create masternodes to confirm TECO transactions.
Thus, TECO is a portable, interchangeable cryptocurrency and can be openly used for depositing, voting, investment and trading.
Is EcoStart a charity?
EcoStart is not a charity, it is a commercial project.
It will achieve income through the following streams:
a. % from TECO transactions
b. % through the Token Generation Event (TGE) service
c. Income from the Environmental Investment Fund
d. Revenues from the EcoStart Crypto Lottery
Reed’s Law states that the usefulness of large networks can exponentially scale with the size of the network. The growth in the capitalization of the EcoStart platform is also subject to this law.
In the EcoStart ecosystem, participants will not only be able to interact with each other, but also create their own tokens, which will lead to the emergence of new communities within the ecosystem (companies within the company).
EcoStart is not just designed for profit, though, but also a decisive step in saving our planet.
How can interested readers buy TECO?
TER tokens are available to buy now, and will be swapped 1:1 for TECO tokens once the EcoStart blockchain has been built.
Investors can benefit from a 30% discount by buying now at the private sale stage (before July 17)
From July 17 to July 31, TER tokens will be available to purchase on the Dobi exchange during our IEO. Click here to take part in the IEO.