New cryptocurrency, Rhino Coin, will generate funding for rhino conservation and allow the public to contribute to safeguarding the future of South Africa’s rhino population.
South Africa holds approximately 80% of the world’s rhino population; unfortunately, the rhino is currently being killed at a rate of almost three per day. Instead of roaming carefree in their natural environment, rhinos live with the constant threat of being massacred without mercy for their horn. Although the moratorium on domestic rhino horn trade was introduced in 2009, the number of rhino poached averages at around 867 rhinos per year, with more than a thousand killed per year since 2013 (excludes 2018 figures).
According to Rhino Coin, a new cryptocurrency with a conscience has been launched with the purpose of generating a new untapped source of revenue to aid rhino conservation efforts. Rhino Coin’s key motivation is to save the rhino and create a steady and sustainable source of revenue for rhino conservation. Through Rhino Coin’s cryptocurrency all participants become active custodians of rhino conservation.
Co-founding Rhino Coin members appeal to the public to stand together and prioritise the welfare of the rhino by participating in the initiative and to play their part in ensuring the survival of the rhino.
“By tackling the problem on a local and global scale, through cutting-edge digital technology, and cryptocurrency as its vehicle for change, we hope to impact positively on the issue of dwindling numbers of rhino and empower the public to do the same,” said Alexander Wilcocks, Co-founding member of Rhino Coin.
Based on a private blockchain built on Ethereum, Rhino Coin will unlock the value of ethically obtained stockpiles of rhino horn, by allowing the public to exchange one gram of rhino horn for one Rhino Coin. Horn exchanged for Rhino Coin will be subject to participants having the legislative permits required to prove that the horn has been legally and ethically obtained. Once exchanged, all rhino horn reserves are placed in secure storage, positioning Rhino Coin as the replacement and preferred mode of value exchange.
As the platform digitises the value of rhino horn, the value of Rhino Coin increases through increased public participation and a much-needed borderless resource model is created to save the rhino. Those interested in participation will be able to make an international monetary contribution to the platform and subsequently conserve the rhino.
Rhino Coin is also honouring the participation of supporters through transparent and auditable fund distribution, mitigating donor fatigue. 74% of the coin value is allocated to conservation and community causes, 26% goes towards the continued development and sustainability of the platform.
The Rhino Coin Foundation, a non-profit organisation, has been created as a separate entity made up of an external board of directors who are mandated to manage and direct the flow of funds to identified rhino conservation and community socio-economic development projects.
Their main objective is to get the funds to where it is needed most, which is on the ground, including investing in the wellbeing of communities based in and around rhino reserves and range areas.
“By providing communities with a better means in which to receive a sustained income, we hope to lower the benefit and temptation of participating in illegal poaching in the immediate areas,” explains Rhino Coin Co-founding member, Jacques Durandt.
Rhino Coin participants contribute directly to rhino conservation when they buy Rhino Coin and in addition, they enjoy the advantages of cryptocurrency. The platform provides a creative mechanism to add value to rhino horn without having to trade physical horn. Coin holders will hold enormous value in the fight to ensure that rhino horn stays out of illegal circulation.
Every project undertaken and invested in is reported and shared in detail with the public via the Rhino Coin website – www.rhinocoin.com – providing opportunity for all participants and/or interested parties to see and follow exactly how Rhino Coin is helping to save the rhino.
For more information about this crypto-conservation effort and to support the initiative, visit the Rhino Coin website or find them on Facebook, Twitter and YouTube.