This Community Fund project is designed to offset the carbon footprint of the NavCoin network, making NAV the worlds first carbon neutral cryptocurrency.
Calculating the carbon output of the NavCoin network is not an exact science. Some assumptions need to be made and of course the network size can fluctuate. The calculations here have erred on the side of caution and also have a lot of buffer to account for network growth.
At the time of writing there are approximately 200 NavCoin full nodes.
A lot of full nodes use low power devices (5 watts) or laptops (60 watts) and a minority using full desktop systems (200 watts). For the purpose of this calculation we will assume each device consumes around 60 watt hours on average.
We will also assume a full node count of 500 to account for future network growth.
500 x 60 x 24 x 365 / 1000 = 262,800 kwh annually.
There are also about 10,000 people using NavPay. We'll approximate their power consumption at 5 watt hours per day which is the average daily energy consumption of a smart phone.
10,000 x 5 x 365 / 1000 = 18,250 kwh annually.
This totals to;
262,800 + 18,250 = 281,050 kwh annually.
We also have roughly 100k people who read our digital news publications and social media. If we're going to be thorough there are also software engineers who build the apps and consume electricity as well as users who use computers to purchase NAV from exchanges. It's hard to quantity how much electricity that uses, but we'll round up our total to 300,000 kwh annually.
These assumptions confirmed as reasonable from EKOS which is the charity that has been approached to supply the carbon credits.
We want to participate in a programme which helps regenerate the New Zealand native forests.
The cost to offset
300,000 kwh has been quoted at
At the time of writing
NZD $1081.08 is equal to
5,240 NAV. Additionally, there will be fees involved in converting the NAV to NZD, effort from myself to coordinate the proposal and follow up promotion of NavCoin's carbon neutral status including tweets, an article and website updates.
The total proposal amount will be for