Diatom is a decentralized currency that grows more valuable as our ocean is measurably restored and protected. Members of the DAO vote on projects that restore ocean health and expand our buying power to do so.
This is where they explain the model: https://medium.com/@diatomdao/plastic-reduction-credits-prc-whitepaper-pt-3-3-26f6bde1ad34
So ... imagine this was simply a company
- It sells share to investors ...
- It uses the money to fund removal projects
- It accumulates plastic removal credits (PRCs) which are proof of plastic removal
- It sells those to companies or others who want to see plastic removed who retire them
Why does it need to be on blockchain? Other than this is a place you can (currently) raise (incredible amounts of) money from investors (in an unregulated way) ...
Note that in their follow on "How It Works" the financial aspects come first ...
Who is backing it?
Looks like this back by Brock Pierce (though not absolutely certain).