By: LBX Editorial Team
Submitted by Land Betterment Corporation
Across the country, thousands of sites formerly used by fossil fuel companies sit abandoned and polluted, creating a toxic stain on our environment and communities. It’s estimated that there’s a staggering $15 billion worth of work to be done in order to restore these lands to their original state, but the Environmental Protection Agency doesn’t have a single comprehensive data source to track the full extent of contaminated land in the United States—the problem is that large. Even as public policy slowly pushes industry into cleaner initiatives, the issue of contaminated land across the country remains.
At the Land Betterment Exchange (LBX), we’ve created a solution by rethinking the environmental remediation process historically governed by municipalities and bond issuers. By harnessing the value of cryptocurrency, we’re incentivizing the clean-up of scarred lands for a healthier, greener future.
How did we get here?
In the United States, fossil fuel companies seeking to extract coal or other fossil fuels from land must commit to remediating that land once their activities on the site are completed. This involves a complicated and expensive process to return the land to an expected standard, but one that’s motivated by a deposit of money known as surety bonds. Similar to the deposit a tenant might pay a landlord, these surety bonds are held by an authorized third-party until the remediation work is completed and verified.
However, often is the case that the cleanup is more expensive than the deposit—especially when factoring in time and inflation. Because of this, as well as the increased rate of bankruptcy among fossil fuel companies, more companies are walking away from their bond without completing the remediation work. It’s akin to a tenant walking out on a deposit, which isn’t good for communities left behind to deal with the mess.
With the traditional environmental remediation plan often working as a negative incentive, what can we do to right this problem and help restore lands? The answer is crypto.
The Land Betterment Exchange Incentivizes Cleanup
LBX is flipping the narrative by using crypto as an environmental force for good.
The LBX Token is an innovative solution to this problem that utilizes the power of distributed ledger technology and smart contracts to provide a parallel incentive designed to accelerate the remediation of impacted lands and ultimately fully replace the existing system. In short, we’re replacing surety bonds with an LBX Token that’s inherently more valuable and will incentivize companies to finish their remediation work.
By doing so, our mission is to not only create greener spaces throughout communities, but also aid in the creation of greener jobs. As remediation work becomes more profitable through token-issuance, we’re expecting the industry to grow as well.
How Does a Token Incentivize Cleanup?
Upon completion of qualified remediation work, individuals and companies can apply for an audit to confirm the work and release the associated LBX tokens, which can be sold on the open market. One token will be issued for every $250 worth of work completed. By linking remediation work to a token that’s inherently more valuable than a static surety bond, it’s the vision of LBX that remediation work will be swifter, more efficient and see a higher completion rate.
There are currently 60,000,000 tokens available. With an exchange rate of $250, the potential amount of money that can be awarded to companies completing remediation work is estimated at $15 billion. That’s a game-changing amount of environmental cleanup thanks to the power of crypto.
How does LBX token work?
The development of the LBX was commissioned using the ERC-20 standard. ERC-20 is one of the more significant Ethereum tokens, which has become a technical standard for smart contracts. As smart contracts can be used for token issuance, it’s the perfect mechanism for remediation work. Remediation work is measured by benchmarks, which can be aligned with smart contracts, so tokens are released via the blockchain whenever those benchmarks are reached.
With the security of ERC-20 and the growing value of LBX tokens, we’re predicting a “gold rush” on land remediation work that will arise from this new solution to a problem that has plagued our nation’s lands for far too long.
How do I get involved?
A rising tide floats all boats, so we’d love for anyone and everyone to get involved. The first step is to read up on LBX by navigating over to our main page for news and information. To begin the token issuance applications, simply fill out an application form and we’ll be in touch.
Learn more about LBX and how you can get involved here.
About Land Betterment Exchange (LBX)
Land Betterment Exchange (LBX) is an environmentally driven token that creates a financial incentive and trading market to pull forward environmental cleanup and expedite the transition away from fossil fuels while providing new sustainable livable wage jobs for the local community. It is a token built off the ERC-20 Ethereum framework that provides a direct financial incentive to promote and accelerate environmental cleanup of negatively impacted lands from the fossil fuel industry. Land Betterment Exchange has engaged Land Betterment as its token issuance partner to ensure that the integrity of the token issuance process is adhered to and the environment cleanup is completed. Land Betterment Exchange (LBX) is in the final stages of selecting a cryptocurrency exchange for its initial token listing. Track us on your favorite platform for more information on our imminent listing and the environmental value of the LBX token. Facebook, LinkedIn, Instagram, Reddit, Tiktok.
About Land Betterment Corporation
Land Betterment Corporation, an Indiana Benefit Corporation and Pending B-Corp, is an environmental solutions company focused on fostering a positive impact through upcycling former coal mining sites to create sustainable community development and job creation. The Company utilizes a complete solution-based lifecycle program to restore and rehabilitate the environment and revitalize communities in need of change and opportunity. Land Betterment accomplishes this by identifying un-reclaimed, run-down and neglected coal mining sites, fixing the environment through reclamation and remediation, and then repurposing the land to support a sustainable business that serves the community. Land Betterment firmly believes that with real solutions it is possible for restoration of impacted areas to live side-by-side long term employment, while building sustainable and safe surroundings for communities and our planet. Connect with the Company on LinkedIn Twitter and Facebook.
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Chief Governance Officer, Corporate Finance
Stakeholder Engagement Director
Land Betterment Corporation, an Indiana Benefit Corporation, is an environmental solutions company focused on fostering a positive impact through upcycling former coal mining sites to create sustainable community development and job creation. The Company utilizes a complete solution-based lifecycle program to restore and rehabilitate the environment and revitalize communities in need of change and opportunity. Land Betterment accomplishes this by identifying un-reclaimed, run-down and neglected coal mining sites, fixing the environment through reclamation and remediation, and then repurposing the land to support a sustainable business that serves the community. Land Betterment firmly believes that with real solutions it is possible for restoration of impacted areas to live side-by-side long term employment, while building sustainable and safe surroundings for communities and our planet.
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