Grove Token Price Prediction | Can the green crypto rise further?

Environmental cryptocurrency GroveToken’s (GVR) price rose in the past two days after the project’s CEO was named CEO of Dubai’s first royally owned metaverse business.

GroveToken CEO John Ghemrawi was appointed CEO of the recently launched metaverse business in Dubai, which was owned by Sheikh Dubai Al Maktoum.

The news boosted sentiment for the project and supported some analysts’ GroveToken price prediction. The GroveToken price rose to a high of $0.000000002686 on July 22, up 73% in the past 24 hours, data from CoinMarketCap shows. The token traded at $0.00000000012 when it launched in May on CoinMarketCap.com.

Are you interested in learning more about the GroveToken network and the prospects for this project? Read on for more analysis and a Grove crypto price prediction.

What is the GroveToken Project?

The Grove Token was launched on the Binance Smart Chain (BSC) in March 2022 by the Dubai-based green investment company Grove.

According to the project’s whitepaper: “GroveToken’s vision is to become the number one Global Green Payment System (GGPS).”

The cryptocurrency project plans to reduce its environmental footprint by implementing a long-term “green plan”, which “focuses on technology that will reduce emissions and create jobs”.

Grove said it will contribute 3% of all transactions to token optimization and marketing, with a portion of this invested in charitable donations supporting environmental initiatives.

The investment company said it will re-invest part of the proceeds from the project in renewable energy, solar energy and hydroponic agriculture in the second quarter of this year. The firm claims “The first areas of infrastructure will be in the United Arab Emirates, Australia and Canada”. It did not disclose further details.

As part of the project’s green initiative, it will provide regular updates to all GroveToken holders on the progress of environmental development.

Grove plans to launch cryptocurrency wallet GroveKeeper by the fourth quarter of this year and cryptocurrency exchange GreenOasis in 2023-2024.

Reduce energy consumption in crypto transactions

Many cryptocurrencies such as bitcoin (BTC) use a Proof-of-Work (PoW) consensus, which requires large amounts of energy and computational power to solve puzzles in blockchain technology to mine and validate transactions. This mining process led to increased electronic waste as application-specific integrated circuit (ASIC) machines were used to keep the blockchain running.

GroveToken plans to adopt a different architecture for its cryptocurrency to cut down on energy consumption and transaction costs.

According to GroveToken’s whitepaper, the project aims to combine Proof-of-Authority (PoA) and Delegated Proof-of-Stake (DPoS) consensus for validating transactions on the network. Both PoA and DPoS are less energy intensive compared to PoW as they do not require as much hardware for block generation and validation.

A PoA is a reputation-based consensus algorithm proposed in 2017 by ethereum (ETH) co-founder and former chief technology officer Gavin Wood. In this consensus, block validators bet on their own reputation instead of tokens to ensure the network’s credibility.

In a DPoS-based network, stakeholders can vote on third-party delegates, known as witnesses, to secure the network on their behalf. These witnesses are responsible for achieving consensus during the transaction process. The voting power of the stakeholders is proportional to the coin holding of each user, and rewards are usually divided proportionally between the parties. Witnesses that do not perform their block generation and validation functions may be voted out.

GroveToken supply and features

BEP-20 GroveToken (GVR) is a utility coin to be used in the network. The GVR token supply is limited to 100 quadrillion and 2% of the transaction volume will be burned.

According to Grove, token holders can stake their GVR coins under four different conditions without deposit fees:

• Term 1: day by day 1% withdrawal fee

• Period 2: 60 days 0.5% withdrawal fee

• Period 3: 90 days 0.3% withdrawal fee

• Term 4: 180 days 0% withdrawal fee

In order to secure the value and demand of the GVR token, Grove will use a portion of the profits for the “buyback” of cryptocurrency.

In accordance CoinMarketCapthe coin is available for purchase and trading on cryptocurrency exchanges BitMart, XT.com, LBank, Hotbit and PancakeSwap (V2).

The team behind GroveToken

The founders of the project are John Ghemrawi, Richard Sultan, Mendy Parker and John Elmasri.

Of the four founders, Ghemrawi and Parker hold executive positions in the company, GroveToken’s website showed.

Ghemrawi is the project’s CEO and CFO. His profile showed that he “has over five years of experience in the crypto world” and was awarded a “Master in Telecommunication Engineering”. Ghemrawi has been a proprietor in an Australian retail franchise Harvey Norman for more than 11 years, and continues to hold the position to date .

Parker’s profile stated that she has over 15 years of experience in executive management from marketing, research and development of several projects throughout the United States. Her profile did not reveal which companies she has previously worked for.

The director of the project is Carlo DC, who claims to be a business leader with over 30 years of retail experience.

GroveToken’s website does not mention technology team members and developers.

The project’s risk profile

GroveToken’s smart contract was audited by blockchain security expert Certificatewhich revealed some flaws in the project design.

“We advise the customer to carefully manage the privileged account’s private key to avoid the potential risk of being hacked. In general, we strongly recommend that centralized privileges or roles in the protocol be enhanced via a decentralized mechanism or smart contract-based accounts with enhanced security practices, such as multi-signature wallets, says Certik.

The team acknowledged the findings and said they will fix all the issues found.

GroveToken Price Prediction

Since GroveToken (GVR) is a relatively new project that was only launched in March this year, few analysts have given their GVR price prediction. However, the project has already attracted a community of 16,000 holders.

Despite the high-risk nature of this new cryptocurrency project, several AI-powered price forecasting providers had bullish Grove coin price predictions.

As of July 22, Price prediction Grove price prediction 2030 expected it to reach $0.00000001, and believed that the token could be worth $0 from 2022 to 2029.

In accordance Crypto Predictions’ Grove price prediction 2022, the average GroveToken price was expected to rise to $0.00000000186765 by December this year. Data forecasting provider Grove Price Prediction 2025 projected the average coin value to increase to $0.00000003531188 by December 2025, nearly doubling from 2022.

Please note that analysts’ GroveToken price prediction may be wrong. Forecasts should not be used as a substitute for your own research. Always do your own due diligence before trading. And never trade money you can’t afford to lose.

Common questions

Further reading: