Blockchain technology has evolved spectacularly within the past decade, generating wholesome new technologies, such as cryptocurrencies and NFTs, and new economic models like decentralized finance (DeFi). Unfortunately, expanding into its virtually limitless but unexplored territory has produced several adverse side effects, namely environmental damage.
Many blockchain networks rely on now outdated consensus mechanisms, such as Proof-of-Work (PoW), which requires substantial energy consumption. Their long-term use could severely, potentially irreversibly, impact our planet and future generations.
The good news is that not all blockchain-based projects persevere in this erroneous use of distributed ledger technology. Some take an eco-friendly approach, seeking to provide all the benefits of blockchain, crypto, and DeFi with a significantly smaller carbon print.
GroveToken is leading this environmentally conscious revolution with an ecosystem of planet-friendly DeFi products. Its GroveCoin network transcends wishful thinking to tangible proof 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 its future development plans.
The GroveCoin Network
The GroveToken team has designed GroveCoin Network as a hard fork from the Ethereum blockchain. However, besides 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 safe while being more eco-friendly.
The GroveCoin Network will use smart contracts virtually like other PoS blockchains use it. Typically, pre-decided conditions must be met before the agreement between two parties obtains confirmation.
The network’s primary modus operandi consists of these simple steps:
- Blocks are produced by validators staking their assets to the network.
- Validators randomly take turns to create blocks in a PoS manner.
- Validator set and efficiency are based on the quantity of staked coins or tokens.
- Stakers are rewarded for contributing to the network with a proportional amount of the staked asset.
Similar to Ethereum, GroveCoin Network aims to become a supporting catalyst for other projects and developers in the long run. The project will help eco-friendly initiatives develop safely and cost-efficiently through the “Build with Grove” program.
Lastly, the GroveCoin Network ranks high in security for new blockchain networks. The project has successfully passed audits from Certik and Stay, two of the industry’s most reliable auditors.
The GroveCoin ($GRV) Token
- Token: GROVECOIN
- Ticker: GRV
- Net supply: 100 million tokens
- Number of decimals: 8
The GroveCoin Network’s main digital currency is the GroveCoin token ($GRV), with a design enabling creation and use across different blockchains. For instance, GRV can be a BEP20, ERC20, or GRV20 protocol token, as per 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 numerous earning opportunities for holders. For instance, Grovers can use it in staking and farming practices across all networks available via GroveCoin. The stakers will receive APY rewards proportionately to their stakes.
Furthermore, investors can use GRV to purchase nodes on the GroveCoin Network. This will enable them to earn rewards from the network traffic going through their nodes.
GRV will allow other projects and developers to build on the GroveCoin Network. The token’s design is cost-efficient as the network will not tax its use. So, startup projects can build tokenomics models and only pay the fees for all blockchain transactions.
Lastly, the project’s GroveBusiness model will distribute a part of the profits toward manually buying back and burning GRV tokens. This practice should gradually reduce the GRV total supply while increasing its value.
The GRV token is available to buy at several crypto exchanges, including PancakeSwap, SafemoonSwap, UniSwap, Gate.Io, Huobi, and MEXC.
The GroveGold (GRVG) Stablecoin
GRV is not the only token GroveCoin is planning toward a greener, wealthier, and more sustainable future. The project also works on GroveGold (GRVC), a stablecoin cryptocurrency backed by real gold reserves safely stored in a vault.
The GRVG token relies on the historical reputation of gold as a consistently valuable asset regardless of the economy’s ups and downs. As a reference, stablecoins pegging 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 its current commodity market value. Furthermore, it will have different 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 investing 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 will be the equivalent of 1 kg of the actual precious metal in the real world. More importantly, holders can opt anytime to retrieve their gold and have it shipped at home as gold bullions.
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 requires to generate value with long-term sustainability.
One of these tools is the GroveKeeper, a secure wallet enabling users to safely store and use their digital assets, including crypto and NFTs. The wallet bridges other products in the GroveCoin ecosystem, such as the DEX, CEX, and farming platforms. It employs a user-friendly policy with minimal transaction fees, low-energy functions, and several layers of insurance.
Grovers can use the GroveSwap DEX to buy, sell, swap, and trade various cryptocurrencies across all the blockchains supported by the GroveCoin Network.
Other GroveCoin features currently in development include:
The GroveX CEX – The project’s centralized cryptocurrency exchange
GroveM – GroveCoin’s marketplace for NFTs (non-fungible tokens)
The GreenOasis Program – a unique support platform helping eco-friendly, niche projects obtain more community support.
Another interesting feature to look forward to is GroveCoin’s immersion into the Metaverse. This should happen once New Era Metaverse, owned by Her Highness Shaikha Dubai Al Maktoum, is up and running. The new project will use GRV as the virtual currency for any project developed or licensed through the business.
GroveToken is the banner of a larger community, the Grove Green Army, seeking to use blockchain and other innovative technologies to create a greener, more sustainable future for everyone. Leading this community is a team of professionals with numerous years of experience in different fields, including computer engineering, accounting, market analysis, sales, marketing, cryptocurrency, and running multi-million dollar businesses:
- John Ghemrawi (GroveCoin’s CEO)
- Carlo Di Clemente (GroveCoin’s COO)
- Nouha Elmasri (GroveCoin’s CMO)
They believe GroveCoin can help cryptocurrency reach its latent potential and reduce environmental damage. Moreover, through a solid investment business plan, GroveBusiness, they aim to cultivate environmental preservation while generating internal wealth and improving the health of our planet.
The GroveToken ($GVR) was originally launched in 2022, with the GroveCoin ($GRV) transition occurring in January 2023. It has operated largely from Australia, with a physical headquarters being constructed in Dubai. The project’s mission and rapid development of sustainable farming solutions have attracted the attention of numerous individuals and groups worldwide. More importantly, GroveToken is honored with the support of prestigious members of the Al Maktoum royal family of Dubai. Also, a recent partnership with Western Australian Energy (WA Energy) will soon enable it to provide renewable power purchase agreements.
The company’s progress is visible in the goals it reached in 2022 alone. Its achievements include launching $GRV on BSC, CoinMarketCap, CoinGecko, and multiple 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 the Grove blockchain, the GroveGold stablecoin, and the GroveM NFT Marketplace. Next, the team should strengthen the growing ecosystem by striking new partnerships, reaching over 100 projects listed on GroveSwap, and releasing its 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 equally rewarding to those choosing to join it.
You can learn more about GroveCoin at these links: Website | Twitter | Telegram | Discord | YouTube | Facebook | Instagram | Reddit