The residents of San Marino are now set to get rewarded in digital currency for saving water and recycling as well as performing other sustainable activities. According to reports, the San Marino Innovation firm, a government company that has been tasked to push and facilitate “open innovation initiatives,” has reportedly entered a partnership with VeChain.
The San Marino Innovation Entered Partnerships with VeChain and DNVGL
VeChain is the Blockchain application platform with a VET its native crypto. Per the report, the San Marino Innovation organization also partnered with DNVGL as well. DNVGL is an international certification body. The purpose of the accord between DNGL and the San Marino Innovation firm is to work on the development of the “San Marino Low Carbon Ecosystem” initiative.
This is another milestone for the VeChain network.
The Project Will Encourage Environmentally Friendly Practices
The purpose of the initiative is to encourage environmentally-friendly practices. According to the DNV press release:
“The platform is designed to encourage environmentally-friendly practices like water saving, and waste disposal or waste management. The above mentioned practices will be rewarded via a utility token, which is the San Marino Innovation Token. This token will be issued by the San Marino Innovation. It can be used to access services that are offered in the Republic of San Marino. The introduction of a low carbon ecosystem clearly represents the first global example of the incentive through Blockchain tech and a utility token.”
Not that, utility tokens are designed to work within specific Blockchain ecosystems. These types of tokens allow their users to transfer or send value to incentivize specific activities. Note that utility tokens can also be used to cover methods of payment for rendering or receiving goods and services in the particular ecosystem it operates within.
The San Marino Innovation Token Will Run on VeChain’s Blockchain
According to Sunny Lu who serves as the CEO of the VeChain network, the San Marino Innovation Token is designed and issued to run on VeChain’s Blockchain. He declared that the project will use the tech know-how, tokenization experience and the global influence of the VeChain network to ensure that the project delivers on its promise. In his words when speaking on the matter Lu said:
“This isn’t about just any significant milestone achieved for the VeChain network, it is a win for the Blockchain community as a whole. We will use our technical know-how, tokenization experience and VeChain’s global influence to make sure the new project can create a vast amount of value and benefits to the citizens of the Republic of San Marino.”
What’s more to know about the new initiative for the citizens of the Republic of San Marino? According to people familiar with the matter, the memorandum of understanding between all three partners involved in the offering, calls for the formation of two working groups. The two groups will comprise of both technical and legal specialists as well as “institutions.” The goal of the two working groups is to make sure that the San Marino Innovation token can be swiftly implemented and is effective in fulfilling its original purpose.