ZrCoin, a project which includes experienced materials scientists who developed a process for recovering zirconium dioxide (ZrO2) from waste materials, is crowdfunding an investment to deploy the new technology.
Zirconium is a critical commodity for the production of ceramics used in space vehicles and nuclear facilities, due to its stability under extreme temperature and pressure. At present, zirconium is mined from the earth, with harmful impacts to the environment.
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“Our team of international scientists has spent several years and over $1 million in developing this new technology. We now want to start production of our green zirconium,’ comments Andrei Nikonorov, ZrCoin’s financial and blockchain expert. “We know that not only is our product more cost-effective and of higher quality than the alternative, but it is also more environmentally friendly. Despite this, the banks are not interested in lending money to start this kind of project, and we are unwilling to go down the VC route, since this inevitably entails giving up control over your own company.”
Instead, ZrCoin will crowdfund the investment needed to build the factory and purchase the necessary machinery, using the Waves blockchain to host the token. “It seems fitting that a new kind of green industrial process should be launched hand-in-hand with the emerging grassroots financial technology of blockchain,” continues Nikonorov. “We have been very impressed with the Waves platform, and their token facilities and DEX will make it easy to create, distribute and trade ZrCoins.”
ZrCoin will sell blockchain-based options for synthetic ZrO2 –with each token representing 1kg of the underlying commodity. The crowdfund will launch on 25 April and will last until 24 May 2017.