Our current society is marked by a growing eco-consciousness that has already penetrated various fields and sectors, including the governments. This paradigm shift has also made a significant change to the way businesses have approached their client base so far. The positive sentiments towards a business nowadays revolve around accountability, especially in view of the environmental impacts. The new announcement by the HBAR Foundation pays heed to this growing perspective by providing measurable and audible tools for the cause.
The HBAR Foundation is the administrative wing of the Hedera ecosystem. This network is often seen as the next step in the evolution of blockchain technology. HBAR tokens use a specific and much more efficient technology known as the Distributed Ledger for their transactions. We could say the coin was faced with significant demand in the market, helping it reach an all-time high of $0.5 and cross the $4 billion market cap mark in less than a year since the launch. If you would like to know more about how these changes could affect HBAR price in the future, click on the linked article. Now, Hedera reaches the headlines again with its announcement for the Sustainable Impact Fund.
Hedera takes the initiative to launch the first-ever project of its kind to help the growing projects with issues related to sustainability. The project has allocated an initial fund of $100 million in 2022 towards this cause. This will help to reduce the carbon footprints from the Hedera ecosystem in support of the ongoing crisis. The project will help the projects in the ecosystem with technologically advanced data-based solutions to minimize their impact on the planet.
First of all, this project will standardize the whole environment with tokenized credits to measure and maintain the data in their digital footprints. The standardization process will be powered by ecological data projects like Open Source Guardian. Their solid methodology will help make sure the roles of the projects and transparency regarding environmental impacts. Along with this, the project will introduce tools like decentralized identifiers, NFT custodians, data oracles, carbon exchange integrations, and more. As implementations such as these are made, the project expects to see results very soon.
The HBAR Foundation has already made a call for the projects that want to make systematic and visible changes in the ecology of our planet. These projects will receive help in terms of funding, tools, and solutions. Apart from the projects on the ecosystem, the Sustainable Impact Fund will also focus on various other sectors like transportation, manufacturing, energy, food supply, and others. We can clearly see that HBAR is trying to establish itself as a viable and sustainable alternative for blockchain technology. Given the fact that bigger blockchains like Bitcoin and Ethereum have for long been criticized for their carbon emissions, this initiative could easily put Hedera on the map.