LFG Launchpad introduction: Solana EcoTrack ($SET)

Jupiter DAO LFG Introductions
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This is to express interest in launching a unique project, Solana EcoTrack, on the Jupiter Launchpad. It is believed that this project aligns perfectly with Jupiter’s mission and values, and will be an exciting to have the opportunity to collaborate with your team.

Introductory Story:
The Founder as a climate activist, had long been passionate about increasing climate change awareness and promoting the transition to a green society. Understanding the harmful environmental impacts of blockchains like Bitcoin, which require significant energy to mine, inspired me to explore more sustainable alternatives. This journey led us to develop Solana EcoTrack, a project focused on tracking and managing eco-friendly initiatives on the Solana blockchain.

Project Description:
Solana EcoTrack is a project designed to track and manage eco-friendly initiatives on the Solana blockchain. The platform aims to monitor and ensure the sustainability of various activities, resonating well with audiences interested in environmental conservation and blockchain technology. The project will launch a token whose purpose is to remind crypto enthusiasts that there’s need for environmental campaigns. The extent of this actualization will be reflected in the market value and number of holders. The token is to be named $SET

Team:
The team consists of, Christopher Bayode, as the founder, and AjiEth as a team member. You can find more information about us on our social handles: Founder and Team Member.

Background Information:
The founder Christopher have been involved in the web3 space for three years, starting with NFTs on the Solana blockchain. With experience which includes roles such as Alpha hunter, collaboration manager, and NFT advisor. AjiEth is a crypto enthusiast and investor who supports innovative ideas.

Jupiter Ecosystem Collaboration:
Solana’s low energy usage per transaction and carbon intensity of electricity aligns with our goal of promoting environmental friendliness. It is believed that collaborating with Jupiter, an emerging launchpad, will help amplify this message. Additionally, it is aimed to collaborate with environmental organizations in both web2 such as ClimateReality and also in web3 spheres. N.B There are plans to incentivize 35% of our token to $jup holders

Vision Category:
If successful, Solana EcoTrack will fundamentally change the web3 space by increasing environmental awareness and promoting energy-efficient blockchain solutions. Our biggest challenge lies in convincing people that our project is not just advocacy but also a crucial step towards securing a better environment.

Advice to Other Teams:
We’ll advise other teams launching tokens in web3 to focus on building a solid community around their project rather than hype that dies off. We believe in community-driven initiatives, which is why we chose to launch exclusively on Jupiter LFG Launchpad.

Appendix/About:
Currently working on our website

Socials links: [https://x.com/solecotrack/]

Thank you for considering this application. We are excited about the opportunity to collaborate with Jupiter Launchpad and contribute to the advancement of sustainable blockchain solutions.

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Hey Duke,

I love the message of the project, there’s definitely a need for more awareness of climate change. So I have a couple of questions for the project.

Will Solana EcoTrack donate proceed to some charity?

Will there be some utility in the project or is it strictly for raising awareness?

Best Regards,
Tim

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Hi,

I do have some major concerns about how new this project is, but the issue is definitely important.
-need more info on socials and ‘project-level’ social support

For me this project looks like it is more directed about marketing and providing awareness of socio-environmental impact of payment processing/transactions, it is less about providing value to holders, BUT…if they can provide a way to gather data that is used by multiple other projects/vendors this type of data is very important and resale value of ‘said’ data could prove monumental.

I want to support this team and this project, but not sure if it is a good fit for LFG platform.

I have asked in JUP-DC about some supporting data for claims of inefficiency and they were provided and the info is staggering.

Q-Do you have any data on the cost/environmental impact of 10k transactions on VISA/MC vs the cost of 10k transactions on SOL

A- Mastercard consumes approximately 4,025 joules (J) per transaction, equivalent to the energy an active person uses in an average of 1 minute.

Solana blockchain consumes approximately 1,836 joules (J) per transaction. 4 times less than mastercard

While 1 Bitcoin transaction consumes approximately 2,531,700,000 kilojoules (kJ).

The comparison between traditional financial transactions like Mastercard and blockchain transactions like Solana highlights the potential for energy efficiency and sustainability in adopting blockchain technology. By showcasing the significantly lower energy consumption of Solana transactions compared to traditional methods, we can advocate for the adoption of green energy solutions in the financial sector. This analysis underscores the importance of promoting sustainable practices and technologies, ultimately contributing to a greener and more environmentally friendly future.

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Thank you for this wonderful question Tim.

For charity work, we will mainly be sponsoring campaigns & raising awareness about environmental issues and promoting sustainable practices.

Regarding Token Utility, The $SET token itself will serve as a utility within the project ecosystem. For example, token holders will have voting rights to determine which advocacy projects or campaigns to support, thereby providing a democratic mechanism for community engagement and decision-making.

I will like to talk about an Incentive Mechanisms. The project would implement incentive mechanisms to reward token holders who actively participate in environmental initiatives or contribute to the success of advocacy campaigns. These incentives will take the form of token rewards, discounts on eco-friendly products/services, or access to exclusive environmental events.

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Hi Duke,

It is a good Climate initiative project.

It doesn’t indicate the tokenomics.

Also, would like to know how this will be sustainable.

Regards,

VJK

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Regarding tokenomics, we consider it a fundamental aspect of any project. We prioritize collaboration with our launchpad to ensure that rewards and incentives are distributed equitably. Our team is committed to meticulous planning to achieve this goal effectively. So very soon, we will release the tokenomics

In terms of sustainability, our project is anchored primarily by our commitment to driving climate action and fostering change for a greener environment. This commitment extends beyond mere awareness-raising efforts. We aim to implement concrete measures and initiatives that promote sustainability within our project’s ecosystem. This includes exploring ways to minimize our environmental footprint, supporting eco-friendly practices, and collaborating with organizations dedicated to environmental conservation. By integrating sustainability principles into every aspect of our project, we aim to create lasting positive impact and contribute to a more sustainable future for generations to come.

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Awareness for eco friendly projects is very important, but isn’t Solana blockchain as a whole already incredibly energy efficient in comparison to other proof of work blockchains?

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Hi Duke, I think the what you’re aiming to do with this project is super necessary. My two cents would simply be that you’re a little early on for a token launch. I think a foundation has to be secured first. Its just like you mentioned, a supportive community that is hyper focused on championing the mission will be the catalyst for the success of the token & project in general. I think you can start this by continuing to build awareness around the issue & highlighting why the possibility of it being effectively tackled is OPOS. Once you’ve gained some momentum I think it would be much easier to drive forward demand for the token & pushing forward a proposal like this would be a no brainer for people who understand the underlying issue as well as the value proposition

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Dear Duke, this project looks quite good, it is essential for new narratives to incorporate real applications on technological projects, and this one in particular has an important eco-social focus, it also seeks to finance social impact initiatives, so it is quite related to public policies, education and community strengthening. In this sense, the project seems to be a hotbed of socio-environmental projects, so it could be proposed as a social network with compensated socio-ecological participation (like $SWEAT or others that pay to carry out real actions and the profits can be donated to social initiatives ), but you could think of decentralization as the possibility of small-scale communities worldwide being able to participate, whether in the form of a subsidy, social loan, etc.
The biggest disadvantage of working on social policy actions is financing, so thinking about the usefulness of the token and a deflationary tokenomic will be essential. The driving idea that will motivate an outside community to participate, donate and become part of the process is the light towards which we must walk.

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The idea of spreading awareness about how one can be more aware of ecological impacts and nature’s ecosystem is always good. Still, I have a hard time understanding the value proposition, and the use of the token. As explained it seems like some form of meme token?

Also, the pitch about Bitcoin being bad for the climate or nature is something I am not in agreement with at all. Would be interesting to hear OP elaborating a bit more on that too

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