The CryptoMadness and Blockchain digital business are not always a synonym of lucrative product for venal traders. When CryptoProgress meets good attention, then we see a true revolution. Here is the case with the WaterCoin currency.
How the WaterCoin currency was elaborated?
It was on March 22, this year, for the occasion of the World Water Day. A French start-up O’Claire launched WaterCoin currency. A project dedicated to the purchase of clean water at low prices. And the company is preparing to raise twenty million euros to develop its system in several African countries: Ivory Coast, Senegal and Kenya firstly.
At the origin of the creation of the WaterCoin currency, a finding! Drinking water will become a rare commodity, and therefore expensive, in the coming years. The company aims to influence the price of water in areas where this issue will soon become an emergency. This is crucial challenge: initiate a global course of clean water.
The idea originated a while ago in the French company O’Claire, a subsidiary of the water purification company Sunwaterlife. Christophe Camperi-Ginestet, co-founders with Hervé Le Berre, describes a “fairly simple” concept, according to his terms. “I buy online x WaterCoin currency, in the form of tokken, digital tokens. Then I exchange these coins for one or more liters of clean water directly in one of our water kiosks. You pay by a prepaid card or by your mobile device. He continues: “There is a need right now, we have to go on the ground very quickly”.
To go on the field quickly, cryptocurrency is the fastest way to perform a substantial fundraising. By an ICO (Initial Corner Offering), that centralizes the trade of these WaterCoin currencies. O’Claire hopes to raise some twenty million euros to finance the establishment of a network of 1,000 water kiosks around the world. 300 in Latin America, 300 in Asia, and 400 in Ivory Coast (where some are already operating), Senegal and Kenya.
WaterCoin currency lift to circumvent the constraints
The use of a cryptocurrency is much more advantageous than a traditional currency. Nathalie Janson, professor of economics at Neoma Business School, and specialist in digital currencies, confirms this idea. “In a traditional fundraiser, you have to provide a lot of documents, publish certified accounts for a certain period of time. When we go through the cryptocurrency, we are outside the rules and legal constraints. So the fundraising is much more faster. “
The goal of this ICO is also to attract the interest of potential investors. NGOs, foundations, governments… Moreover the price of the clean water will be attractive. The equation is simple: a WaterCoin currency = a liter of clean water = 1 cent. On average, a water price 12 to 15 times lower than the market price.
A cryptocurrency for philanthropic purposes? Not only. WaterCoin currency’s goal is to secure access to water by circumventing all forms of corruption. As they use a dematerialized currency, intended for a single use. “It is this aspect that interests the foundations, details Christopher Camperi-Ginestet. A WaterCoin is like a liter of water in your hand. It will not be changed in beer, it will not become a wheel of SUV or whatever. There can be no misuse of its use”.
Faced with investors’ skepticism
Beyond the social ambition, the approach is ecological. To achieve its goal of 500 million liters of water produced a year, O’Claire relies on an already existing technology. Water kiosks, designed by its other company, Sunwaterlife. Thanks to a filtration system, these kiosks can treat up to 1000 L of contaminated water per hour. All thanks to renewable energies, because the pump is fully powered by a solar panel.
The main advantage of this system is that it can be installed in remote rural areas where access to water is a major issue. The carbon footprint is thus limited via a short distribution channel. And it enabled by the multiplication of small decentralized production units. Last challenge: limit plastic waste. The distribution of water will be via bottles of 10 or 20 liters.
It remains to convince now the different actors to invest. Christophe Camperi-Ginestet himself recognizes that WaterCoin currency suffers from the bad image associated with cryptocurrency. “When we approached investors, there were skeptics. It is likened to Bitcoin, speculative and not very transparent, and it’s scary. But it’s like the beginning of the Internet, it sounds crazy, there are people who believe in it and those who do not believe it”.
For the WaterCoin currency: Governments and NGOs as privileged targets
The French company is working to convince skeptics. Its founders say two West African governments have expressed interest in investing. But prefer to wait for an effective signature to communicate more.
NGOs are also prime targets for O’Claire. This is the case of the Magic System Foundation, founded by the eponymous group based in Ivory Coast. “We are sensitive to themes related to education and this system would allow us to supply schools with water. Including in the most remote areas.” As Jean-Louis Boua, its executive director, confirmed it. The final amount of the planned investment is still under consideration.
Today, the issue of access to water is significant. 1.8 billion people use a source of water contaminated with fecal materials. Hence it exposes them to cholera, dysentery, typhoid or polio. 842,000 people die each year from inadequate sanitation, says the World Health Organisation.