How the GroveCoin Blockchain is building towards a greener and more sustainable future

by Arthur · April 20, 2023

Blockchain technology has developed spectacularly over the past decade, generating healthy new technologies, such as cryptocurrencies and NFTs, and new economic models such as decentralized finance (DeFi). Unfortunately, expansion into its virtually unlimited but unexplored territory has produced several unfortunate side effects, namely environmental damage.

Many blockchain networks rely on now-outdated consensus mechanisms, such as Proof-of-Work (PoW), which require significant energy consumption. Their long-term use can seriously, potentially irreversibly, affect our planet and future generations.

The good news is that not all blockchain-based projects continue in this erroneous use of distributed ledger technology. Some are taking an eco-friendly approach, trying to provide all the benefits of blockchain, crypto and DeFi with a significantly lower carbon footprint.

GroveToken is leading this eco-conscious revolution with an ecosystem of planet-friendly DeFi products. The GroveCoin network goes beyond wishful thinking into concrete evidence that we can use blockchain to build a greener and more sustainable future.

This GroveToken review discusses the project’s features and products with an eye on future development plans.

Table of Contents

The GroveCoin Network

The GroveToken team has designed the GroveCoin Network as a hard fork of the Ethereum blockchain. But in addition to the origin network’s energy efficiency and proof-of-stake (PoS) mechanism, they added the security and validator transparency of the Proof-of-Authority consensus mechanism. This combination should help the new blockchain remain highly efficient and secure while being more environmentally friendly.

The GroveCoin network will use smart contracts almost like other PoS blockchains use it. Generally, predetermined conditions must be met before the agreement between two parties is confirmed.

The network’s primary modus operandi consists of these simple steps:

Blocks are produced by validators who stake their assets to the network.
Validators randomly take turns creating blocks in a PoS fashion.
Validator set and efficiency is based on the amount of coins or tokens staked.
Stakers are rewarded for contributing to the network with a proportional amount of their stake.

Like Ethereum, the GroveCoin Network aims to become a supportive catalyst for other projects and developers in the long term. The project will help environmentally friendly initiatives to develop safely and cost-effectively through the “Build with Grove” programme.

Finally, the GroveCoin network ranks high in security for new blockchain networks. The project has passed audits from Certik and Stay, two of the industry’s most reliable auditors.

GroveCoin ($GRV) Token

Token: GROVECOIN
Ticker: GRV
Net supply: 100 million tokens
Number of decimal places: 8

The GroveCoin network’s main digital currency is the GroveCoin token ($GRV), with a design that enables its creation and use across different blockchains. For example, GRV can be a BEP20, ERC20 or GRV20 protocol token, according to these contract addresses:

GRV Native Contract: 0xF33893DE6eB6aE9A67442E066aE9aBd228f5290c
GRV-BEP20 Contract: 0xF33893DE6eB6aE9A67442E066aE9aBd228f5290c
GRV-ERC20 Contract: 0xF33893DE6eB6aE9A67442E066aE9aBd228f5290c

The project wants GRV to be the primary use of digital currency for GroveCoin Network users (Grovers). Moreover, the token should become a gateway to a variety of earning opportunities for holders. For example, Grovers can use it in staking and farming practices across all networks available via GroveCoin. Participants will receive APY rewards proportional to their efforts.

Furthermore, investors can use GRV to purchase nodes on the GroveCoin network. This will enable them to earn rewards from the network traffic passing through their nodes.

GRV will allow other projects and developers to build on the GroveCoin network. The token’s design is cost-effective as the network does not charge for its use. So startup projects can build tokenomics models and only pay the fees for all blockchain transactions.

Finally, the project’s GroveBusiness model will distribute a portion of the profits to manually buy back and burn GRV tokens. This practice should gradually reduce GRV’s total supply while increasing its value.

The GRV token is available for purchase on several crypto exchanges, including PancakeSwap, SafemoonSwap, UniSwap, Gate.Io, Huobi and MEXC.

The GroveGold (GRVG) Stablecoin

GRV is not the only token GroveCoin plans towards a greener, richer and more sustainable future. The project also operates on GroveGold (GRVC), a stable coin cryptocurrency backed by real gold reserves safely stored in a vault.

The GRVG token relies on gold’s historical reputation as a consistently valuable asset regardless of the ups and downs of the economy. For reference, stablecoins that peg their value to USD or other fiat currencies tend to devalue in the long run.

Each GRVG token will be the blockchain representation of 20 milligrams of real gold at the current commodity market value. Furthermore, it will have various benefits for its holders. For example, it will enable crypto-to-fiat off-ramping via credit cards and count as a trading pair in crypto swaps. Those who invest in GRVG will also enjoy the benefits of using it with other products within the GroveCoin ecosystem, such as GroveSwap DEX, GroveKeeper Wallet and GroveX CEX.

Ultimately, GRVG holders will appreciate the opportunity to invest in and hold real gold. Holding approximately 5,000 GRVG tokens on the blockchain would be equivalent to 1 kg of the actual precious metal in the real world. More importantly, holders can at any time choose to collect their gold and have it sent home as bullion.

GroveKeeper

GroveCoin Network aims to become an all-in-one crypto ecosystem for environmentally conscious users worldwide. To this end, it develops all the tools and products a modern crypto-enthusiast needs to generate value with long-term sustainability.

One of these tools is GroveKeeper, a secure wallet that enables users to securely store and use their digital assets, including crypto and NFT. The wallet bridges other products in the GroveCoin ecosystem, such as DEX, CEX and farming platforms. It uses an easy-to-use policy with minimal transaction fees, low-energy features and multiple layers of insurance.

GroveSwap DEX

Grovers can use the GroveSwap DEX to buy, sell, exchange and trade different cryptocurrencies across all the blockchains supported by the GroveCoin Network.

Other GroveCoin features currently under development include:

GroveX CEX – The project’s centralized cryptocurrency exchange

GroveM – GroveCoin’s marketplace for NFTs (Non-Fungible Tokens)

The GreenOasis program – a unique support platform that helps eco-friendly niche projects get more community support.

Another interesting feature to look forward to is GroveCoin’s immersion in the Metaverse. This should happen when the New Era Metaverse, owned by Her Highness Shaikha Dubai Al Maktoum, is underway. The new project will use GRV as the virtual currency for any project developed or licensed through the business.

About GroveCoin

GroveToken is the banner of a larger community, the Grove Green Army, which seeks to use blockchain and other innovative technologies to create a greener, more sustainable future for all. Leading this community is a team of professionals with years of experience in various fields including computer engineering, accounting, market analysis, sales, marketing, cryptocurrency and running multi-million dollar businesses:

They believe GroveCoin can help cryptocurrency reach its latent potential and reduce environmental damage. Furthermore, through a solid investment business plan, GroveBusiness, they aim to cultivate environmental conservation while generating internal wealth and improving the health of our planet.

GroveToken ($GVR) was originally launched in 2022, with the transition to GroveCoin ($GRV) occurring in January 2023. It has largely operated from Australia, with a physical headquarters being built in Dubai. The project’s mission and rapid development of sustainable agricultural solutions has attracted the attention of a number of individuals and groups worldwide. More importantly, GroveToken is honored with the support of prestigious members of the Al Maktoum Royal Family of Dubai. A recent partnership with Western Australian Energy (WA Energy) will also soon enable the company to offer renewable power purchase agreements.

The company’s progress is visible in the goals they reached in 2022 alone. Achievements include launching $GRV on BSC, CoinMarketCap, CoinGecko and several top-10 crypto exchanges. Furthermore, the project launched staking and farming as earning opportunities for Grovers.

In the near future, GroveToken plans to officially launch GroveX and Grove blockchain, GroveGold stablecoin and GroveM NFT Marketplace. Next, the team should strengthen the growing ecosystem by forming new partnerships, reach over 100 projects listed on GroveSwap, and release their own GroveMetaverse.

Overall, the GroveCoin network is a remarkable project worthy of investors’ consideration. The company aims to take blockchain and crypto use on a more environmentally conscious path and just as rewarding for those who choose to join.