GRNGrid, a Layer 1 blockchain with a focus on renewable energy, declared on Monday that Bahamas-based venture capital firm GEM Digital has invested $50 million in it.
According to a Monday press statement from the Swiss initiative, the funds will be used to create partnerships, link with exchanges, and advance GRNGrid’s blockchain technology.
GRNGrid’s blockchain technology
Users of the Layer 1 blockchain can choose only nodes powered by renewable energy to validate transactions, making it scalable and ecologically beneficial. The company’s whitepaper states that verified renewable nodes are available for customers to choose from, and that the company also imposes particular hardware criteria on validators.
“The GRNGrid will also register the devices of validators on grid through a smart contract and penalize any validator for repeatedly changing their hardware,” the whitepaper reads.
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