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  • Writer's pictureSteven Barrow

From Oil to Blockchain: The Story of RINcoin

Climate change is one of the biggest challenges that the world is facing today. Its effects are widespread and long-lasting, affecting people and ecosystems all over the globe. In the United States, one of the solutions being implemented is the Renewable Fuel Standard (RFS). This federal program requires transportation fuel sold in the country to contain a certain amount of renewable energy, like renewable natural gas (RNG). Renewable Identification Numbers (RINs) are the credits generated to ensure compliance with the RFS.


In this context, RINcoin was created. It is a cryptocurrency built on the Ethereum blockchain that aims to promote the use of RNG and other forms of renewable energy. RINcoin is the brainchild of Patronus Energy, a company that specializes in developing RNG and carbon capture projects. This crypto coin is the first in the world to be linked to RINs, making it a unique and innovative solution for the environmental and energy sectors.


The idea behind RINcoin is simple. When someone purchases RINcoin, they are investing in RNG projects that will generate RINs. These credits can then be sold to obligated parties (fuel producers and importers), which can use them to comply with the RFS. RINcoin holders will be rewarded for their investment in RNG projects by receiving a percentage of the RINs generated. It is a win-win situation for both the environment and investors.


So, what makes RINcoin different from other cryptocurrencies like Bitcoin? The answer lies in its link to RNG and the RFS. Bitcoin and other cryptocurrencies do not have any intrinsic value or connection to real-world assets. RINcoin, on the other hand, is linked to a quantity of carbon that is removed from the atmosphere or offset by the production of renewable energy, which has a real impact on the environment and society. By investing in RINcoin, people are supporting the development of RNG projects that can reduce greenhouse gasses in the atmosphere and promote sustainable energy practices.


RINcoin sets itself apart from other carbon-offset cryptocurrencies by relying on market forces, not just altruism. While other coins may appeal to people's desire to do good, RINcoin appeals to both the environment and investors' financial interests. By investing in RNG projects and receiving a percentage of the RINs generated, investors can potentially earn a return on their investment while supporting sustainable energy practices. RINcoin is a practical solution that aligns with the natural laws of capitalism, making it a promising option for those who care about the environment and want to make a difference in a meaningful way.


It is important to note the author’s bias. I am a fourth-generation oilfield engineer who has worked in the energy sector for my entire career. I have a deep appreciation for the work done by the industry, as it has provided for me and my family, and has afforded us many opportunities in life. I care deeply about the environment and am an enthusiastic outdoorsman who enjoys hunting, fishing, hiking, and camping. I firmly believe that the oil and gas industry has a place in the world's energy portfolio. However, I recognize the need to make room for more sustainable energy solutions, including ones that improve fossil fuels. Many of the so-called "green energy" solutions may seem like they reduce emissions from carbon dioxide or other greenhouse gases, but they often just shift the emissions to other locations. As such, we need solutions like RINcoin, which are based on sound market principles and can promote genuine environmental progress.


The RINcoin whitepaper, available at https://info.patronusenergy.com/rin-coin-whitepaper/introduction/what-is-rincoin, provides a detailed explanation of the RINcoin concept and its potential benefits. It explains the technical aspects of RINcoin and the underlying blockchain technology, as well as the current status of the RNG and RFS markets. The whitepaper also includes a roadmap for the future of RINcoin, including plans for expanding its use to other sectors beyond transportation fuel.


At the moment, RINcoin has been created and released on the Ethereum blockchain, but it is not currently available on public exchanges. However, there are many ways to get involved and invest in RINcoin. As an innovative solution for the environmental and energy sectors, RINcoin has the potential to make a significant impact in the fight against climate change. For those interested in supporting this cause, I invite you to reach out to me on social media to learn more about RINcoin and how to get involved. Let's work together to promote sustainable energy practices.


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