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Crypto Mining Goes Green with Blockchain Startup ‘GEAR’

GEAR is the world’s first Closed Loop blockchain solution to green energy and renewable focused solution. Being ahead of its time, Gear has not only set the bar high for the blockchain industry but has also meticulously planned solutions to overcome energy problems that are globally prevalent. They are collaborating with today’s conspicuous blockchain and cryptocurrency technologies to gather investments for renewable energy creation and environment sustainability. To make matters more simple, they have a token, a blockchain, Larry King on board as adviser, and more than a few possible ways to propel renewable energy into crypto mining.

The Energy Crisis

Taking a look at the milestones of the 21st century, the fact that cryptocurrency and blockchain have been the most ingenious paradigms to enter the market is indisputable. The rewards of using digital assets that are decentralized are shifting traditions conceived thousands of years back. Unmistakably, crypto has the power to revolutionize our cities, schools, homes, hospitals, banks, governments, and even our workplaces. Yet, the price to pay is high and, clearly, known to a minute handful.

The energy required for cryptocurrency transactions can power houses. And not just a number of houses, millions of them on a yearly basis. Crypto mining is the process of using methods to upload a valid crypto transaction to its digital ledger of transactions on the concerned blockchain. This very process requires specialized hardware in the form of Graphical Processing Units or GPUs to undergo Proof of Work (PoW) checks, creating energy consumption for the actual process. Here, the system consumes a big chunk of your electricity supply, revealing the high cost of crypto mining. As the demand for electricity increases, the damage to our planet also increases. Even more alarming is the fact that crypto mining is a profession sought out by computer scientists and data analysts alike, from all corners of the world. Its competitive nature presents the energy crisis an even greater predicament to soothe.

According to their website and whitepaper, Gear is determined to expose the public to the detrimental realities regarding two of the most valued cryptocurrencies as of today. For each Bitcoin transaction, 34 homes can be powered per day and subsequently, 6.5 million houses can be powered per year. For each Ethereum transaction, 2.55 homes can be powered per day and subsequently, nearly 2 million homes can be powered per year. Some third world countries cannot incorporate cryptocurrency as a legitimate business for this very reason. If we’re not careful, the rest of the privileged countries that remain may fall into the same despair.

The GEAR Token and GEAR Vision

GEAR introduced its official GEAR Token, a green token that promotes the use of renewable as well as sustainable energy. The token will be an attempt to transform cryptocurrency mining into a green, clean and efficient activity that has a positive impact on the environment. GEAR has built the token around the ERC20 and Securities & Exchange Commission (SEC), encouraging token holders to focus on environmental sustainability and ensuring a long lasting value for the token itself.

The GEAR Vision, a form of solutions and methods to promote all things green, is what GEAR has up its sleeve. The GEAR vision is executed on the basis of their GEAR Token and a bucket load of social, environmental and tech-inducing work from both advisers and investors. The GEAR Vision includes:

  1. Closed Loop Green Energy investment platform.
  2. Promotion of investments into green energy.
  3. Financing research into renewables.
  4. Cleaning out the cryptocurrency sector with green energy.
  5. Incubating PoS (Proof of Stake) cryptocurrencies.

To further classify this design, GEAR explains their inner workings on their website. Their network income is to be divided to contribute to a number of different schemes.

First, the GEAR GROW program aims to finance green energy farms, data centers, and PoS master-nodes. Their goal reduces the need for external capital to finance GEAR’s expansion. An outstanding 40% of the network income will be allocated to the program. Next, the GEAR EARN program provides token holders with an income stream from green-mined cryptocurrency with 40% of network income being incubated here too. Third, the GEAR CAPITAL investment program will shed light on the promotion and incubation of investments towards green and sustainable energy production, use of recyclables, and renewable technologies. Lastly, the GEAR RESERVE operational funding is GEAR’s support for the promotion, reliability, continuation and preservation of the company and its products as well as a safe haven in case of unforeseen events. Indi Pathak, Founder of GEAR, said in an interview:

Our mission is to use blockchain and crypto to help and give back to the Earth through things such as building more and more tangible, real-world assets, such as hydroelectric farms, solar farms, etc. every year with GEAR GROW, while also using GEAR CAPITAL to fund and support startups working on the next big technological innovations in green energy and renewables.

Advisory

Among the advisory board for GEAR is celebrity and late night talk show host Larry King, who joined the movement back in May of this year. A supporter of the green initiative, Larry has constantly backed the company with compelling words to raise funds for the development of green mining technology to reduce energy consumption in bitcoin mining.

Progress and ICO Token Sales

Indi Pathak explains:

We want GEAR to be a way to connect and introduce standard fiat investors to crypto in a way they already understand and trust. Using the team’s background in traditional finance, we’re aiming to bridge the gap between standard capital markets and current crypto investors to create an investment opportunity that is attractive to both.

Since last year’s latter half, the company has been consistently working to design and test methods to overcome the energy crisis caused by crypto mining. Their SEC incorporated GEAR token was formulated back in December 2017. Since then they have built core teams to divide and conquer their goals, met with investors, research institutes, and development centers to build a NEUTRAL GEAR program and have initiated discussions circling the green solution across various social media platforms.

This month marks the commencement of this year’s GEAR token sale. The private ICO token sale of $0.5 has launched today, August 15th, and will continue till the 31st of October. Its pre-sale counterpart will stretch over the month of November at $0.7 per token. Finally, the main sale will begin on the 1st of December till the 31st of December, at $1.00 per token.

Gear is set to debut their spot their market with this milestone. In summation, the solution starts from GEAR’s green energy producing farms, which will provide clean and renewable energy to data mining centers to and beyond their reach. These centers will use the energy to produce electricity, rather than using non-renewable fossil fuels to power their systems. Then data centers will start producing income from the green crypto mining strategy and 40% of the network income will be reinvested, reimbursed into GEAR’s expansion programs as well as research and development teams to find renewable energy solutions. As a form of payment, token holders will receive certain amounts of network income produced by GEAR. One cannot argue that this, in itself, is a pretty wholesome deal!

Noefal Ahmed

Software developer, graphics artist and crypto enthusiast. Noefal is a performing artist and covers blockchain startups for BlockPublisher. Contact the editor at editor.startups@blockpublisher.com

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