Over the past couple of weeks, shitcoins are hitting headlines. Shitcoins are funky and provide the easiest opportunities to become rich. Recently, the South Korean government is making headlines for inspiring the creation of a shitcoin, you can also call it a 'poop-coin'. The South Korean authorities terminated a science program that created bathrooms designed to turn human waste into electricity, heat, and apparently a digital currency known as Ggool.
The project is known as the Science Walden project and was introduced in July 2021 for the entertainment of the crypto community and the wider digital asset market. The project aimed to create the 'BeeVi' toilet that turned human excrement into methane gas and rewarded its 'depositors' with a digital currency known as Ggool. The BeeVi toilet project was led by Ulsan National Institute of Science and Technology's Cho Jae-weon, who is a professor of urban and environmental engineering.
Even though the South Korean authorities planned to put a lid on the project, there are still a few BeeVi toilets inside the university's campus at its Science cabin at the Ulsan National Institute of Science and Technology campus. Since this innovation, BeeVi users have been using the Ggool digital currency. The Korean translation of 'Ggool' is honey and tokens for providing energy to the university. Ggool can be used to buy goods on campuses such as coffee and snacks inside the campus.
Reportedly, Ggool tokens were designed with a negative interest rate of 7% to discourage hodling, meaning earners must be regular in liquidating their assets or risk losing their purchasing power. Besides, 30% of the tokens earned by an investor are distributed to other holders upon receipt. But investors should consider that the token is not a government-backed or blockchain-based entity. Nevertheless, the emergence of these shitcoins is attracting more new investors to the market, eventually enhancing the value of the crypto market.
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