The development of blockchain technology introduced many innovations in the market. First of all, it drove the rise of the crypto market, which is fully decentralised and functions without the control or supervision of any institution.
Moreover, it also became the basis for the development of many new cryptocurrencies in the market. Actually, thanks to the popularity of Bitcoin and other cryptocurrencies that achieved significant success in recent years, the crypto market is thriving, and there are over 6,000 cryptocurrencies at the moment.
Poop coin is a unique cryptocurrency on the market which aims to tackle important social issues while also offering an opportunity for investors to obtain the valuable crypto asset. In fact, it’s one of the first cryptocurrencies that utilises both blockchain technology and the popularity of the crypto market to make societal changes.
Poop Coin is actually related to the real problem in San Francisco and the surrounding area. Namely, there is a huge homeless population in San Francisco, and it’s estimated that there are over 8,000 homeless people that roam the streets of the city, with 30,000 homeless residents in the Bay Area.
But, another issue is the number of people that urinate outside, on the streets, which are generally homeless. There were reported approximately 3,000 sightings of homeless people urinating on the streets, but it’s really estimated that the number is much bigger.
Hart Lambur has come up with the idea to create a cryptocurrency which actually will help tackle the problems in San Francisco. That said, even though it is called a Poop Coin, which strongly resembles Shitcoins, this is far from a useless cryptocurrency (typically, the slang is used to remark on cryptocurrencies that are not valuable or are going to flop on the market.) For more information about the coin make sure to check Learncrypto.com.
Poop Coin was initially developed by Hart Lambur, who is a crypto entrepreneur and has previously worked as a trade for Goldman Sachs. The main objective is to motivate the people to report the number of times they have seen people urinating on the streets, and by doing so, they purchase the coin, increase its value, and it actually has a model that is meant to generate more profit.
The primary idea behind is not only for the residents to make money but also for the authorities to be inclined to actually solve the root of the problem and help tackle the homeless crisis in the city. For example, the governments would be able to ultimately sell the coins and use the funds to resolve the issue.
The best outcome would be for both the city and the residents to benefit from Poop Coin and actually make a difference in the city. The worst-case scenario would be just for the residents to see some kind of benefit when they are reporting sightings of urination and to gain profit from the investment. So, in both cases, the higher the number of people who report the problem and support Poop Coin – the higher the profit. Naturally, the increasing price of Poop Coin would be the main motivation for both the residents and the authorities to support the project and take appropriate actions.
Otherwise, Poop Coin can also be used to resolve other issues as well in other cities, even though currently, as a project, it is based in San Francisco, and its main purpose is regarding this issue.
Blockchain Technology and Societal Change
Obviously, as a concept, it does have some flaws, but it is a really good idea because it shows that blockchain-based solutions can easily be applied to solve certain problems in society, which otherwise would require a highlight bureaucratic approach or take a much longer time to be implemented on the ground.
However, because the blockchain network, which is the basis of any crypto tokens, is decentralised, peer-to-peer based technology, it allows for solutions to be facilitated without regular supervision and control of any other institution. For more information about blockchain technology click here.
Obviously, the blockchain-based solution can be adapted to suit specific needs. So, beyond Poop Coin as an innovative approach to tackling homelessness, blockchain-based solutions can also be used for voting and for preventing electoral fraud. One example is the Follwmyvote application which utilised a blockchain technology for this purpose.
Another similar blockchain project is Littercoin which was developed in partnership with Open Litter Map. The goal was to help with the clearance of litter much similar to PoopToken.
Blockchain technology has the potential to be implemented to resolve pressing political or social issues. Beyond the examples we have given, there are actually non-profit organisations that accept crypto payments which is again another way to use cryptocurrencies to help certain causes.
Moreover, there are businesses that actually believe blockchain technology can solve issues regarding production or database management and even increase the security of financial transactions.
IBM is one example of using blockchain technology to create blockchain-based supply chain management systems which help parties keep track of the products as well as data in the blockchain network. Check out The Economist to learn more about supply chain management.
Another example is Proof Points which is based on blockchain technology, and it helps users check the origin of certain products and services, which promotes transparency and fair trade. So, we would say that blockchain technology represents a significant step toward a better future, especially if they are used in a way that helps society.
Bitcoin was first created a decade ago, and we would say we still have a long way to go in regards to adopting blockchain-based solutions as well as for cryptocurrencies. But, in recent years, there has been a noticeable difference in the general attitude when it comes to crypto tokens and blockchain solutions.
Another major difference is the ever-increasing number of crypto projects in the market, and also as a society, we are more aware of the benefits of implementing the right blockchain-based solutions not just in the business sector but also in the non-profit sector.
In a nutshell, it’s safe to say that in the future, there is huge potential for blockchain-based solutions to take off and to make a great difference in our modern society.