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Earn Carbon Credits With Actions (via CoMakery)
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Team Name: CoMakery Nightshift
Participants: Noah Thorp, Ryan Morris
Contact: [email protected]
Mentors: Martin Wainstein
Node: Remote
Demo
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Summary
Earn ERC20 tokens backed by notarized carbon offset credits for direct actions that reduce carbon emissions. Compound the value of carbon credits by investing carbon credits in other carbon offset projects that create more carbon offsets.
Motivation
- 1.Problem: People need a direct way to both know how to take direct climate action and to connect with larger projects.
- 2.Compounding Climate Investment: By reinvesting carbon credits into additional carbon offset projects the benefits of carbon credits compound. For instance an individual can purchase carbon credits to offset their airfare and instead of retiring them, they can invest the credits to pay people to plant trees to sequester carbon for a carbon sequestration farmer.
Demo Project
Demo ERC20 Certified Carbon Offset Backed Token
Demo of Notarized Carbon Offset Stored In IPFS
- Certificate of carbon offset stored on decentralized file storage (IPFS) with a unique file specific hash here
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How The ERC20 Token Works
Here's how it works:
- 1.
- 2.The project admin upload the certificate purchase details to IPFS using a service like Pinata and gets the file address called the ipfs Hash. For example: the ipfs hash
QmUEGNbwdjLjk7C2hh2WDFwkNjixszwH3B1sFWqLseXTPican be used to look up a certificate receipt at any ipfs gateway like https://gateway.pinata.cloud/ipfs/QmUEGNbwdjLjk7C2hh2WDFwkNjixszwH3B1sFWqLseXTPi or https://cloudflare-ipfs.com/ipfs/QmUEGNbwdjLjk7C2hh2WDFwkNjixszwH3B1sFWqLseXTPi​ - 3.The project admin uses a smart contract like Etherscan dApp explorer to call the
depositCarbonCreditsFromCertificatefunction on the Carbon Credit ERC20 token with the value of the certificate. Note that the token has 18 decimals of precision so it should be the value of carbon credits times 10^18. - 4.The project admin now has the value of the certificate in their account. Other people can view the event log to see the carbon certificate IPFS hash and look it up on IPFS to verify the certificate.
- 5.A contributor contributes work to a Climate Impact Project on CoMakery
- 6.The admin pays the contributor in carbon credits
- 7.The contributor transfers some of their tokens to an exchange to sell
- 8.The contributor retires the remaining carbon credit tokens to offset some of their own carbon footprint.
- 9.The contributor has impacted the climate and a new carbon credit certificate is issued to the Project Admin
- 10.The Project Admin deposits the carbon credit certificate in the CoMakery Climate Project and the cycle continues.
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Resources
Next Steps
The next steps are:
- 1.Gather additional carbon offset tasks that people can perform. For example: design the best carbon offset meal that consists of low resource use AND the planting of maximum carbon sequestering plants.
- 2.Identify projects, such as carbon sequestration farms that need people to plant trees or templateable solar projects.
- 3.Connect the projects to carbon offset crowdfunding - where people or companies purchase their offsets and then invest the tokens before they are retired. Or impact investors invest for capped project returns from the asset (e.g. solar production & offset credit value) and maximized carbon offset.
- 4.Move the token to a low energy blockchain or Ethereum sidechain.
- 5.Look for partners who want to pilot and scale the model.
Get In Touch
Get in touch with Noah (founder of CoMakery and collabathon Hacker) if you are interested in collaborating:
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Last modified 2yr ago