Chaingreen, a project running on a 100% decentralized and eco-friendly blockchain, has become the first hard disk drive (HDD) farmed token wrapped on Binance Smart Chain (BSC). As a result, users can now trade the wrapped token (wCGN) on decentralized exchanges (DEXs) and benefit from the full spectrum of yield farming activities on DeFi - staking, lending, and liquidity providing.
In the initial phase after the announcement, the team behind Chaingreen provides farmers with the opportunity to exchange CGN tokens into wCGN and vice versa over the counter. In the meantime, it is working on a blockchain bridge that will allow CGN tokens to go through a wrapping protocol, thereby making them compatible with the BSC blockchain. Farmers interested in OTC exchanging must have at least 1 million CGNs available.
Mio Sukakura, the Lead Developer at Chaingreen, says: "Blockchain as a technology is amazing, but the carbon footprint is too high. With Chaingreen, we aim to lower the carbon footprint by using hard drives instead of graphic cards for mining. To bring the DeFi world to Chaingreen, we are releasing wrapped tokens on Binance Smart Chain and Solana."
The news comes seven months after Chaingreen first became known in the crypto community. The project claims to have wanted to get the best of both worlds - the one of Bitcoin and the green blockchain approach.
The project has ambitious milestones in the pipeline - it is working on an explorer, lite wallet, and a wrapping protocol for the Ethereum network, while its farming pool functionality has just become available. The Chaingreen team aims at listings on decentralized exchanges to grant the wider crypto community access to the token and its philosophy.
Chaingreen is a project funded by community donations and in-house CGN farming. It does not rely on third-party investments, which means that the project and its ethics and initiatives are not subject to external influences, be it financial or structural, or in any other form.
The Chaingreen blockchain is based on the Proof of Space and Time consensus algorithm, much more energy-efficient than the generally used Proof of Work one.
The Chaingreen team consists of crypto enthusiasts and true believers in the potential of blockchain technology. According to CGN's creators Mio Sukakura and Yakoshiba Momiti, access to blockchain and cryptocurrency projects should be democratized. Both developers are enthusiastic about the technology on which Chaingreen runs and foresee that the project can become the eco-friendly "Bitcoin" used for global transactions and means of payment.