CENNZnet and CarbonClick have
launched a tool that allows users to buy verified carbon
credits on the blockchain. These carbon credits can then be
sequestered or sold.
CarbonClick has moved its key
functionality onto the CENNZnet blockchain. In the final
piece of the puzzle, $5,000 worth of certified CO2 credits
have today been minted onto CENNZnet. These verified CarbonClick
carbon credits can now be bought and either sequestered
or sold on-chain.
CENNZnet is Centrality’s public
blockchain and Decentralised Application (dApp) platform. It
is using the tool to go beyond carbon neutral, to carbon
negative, monitoring CENNZnet’s
carbon status in real time.
Nicole Upchurch, CEO
of CENNZnet, says that saving the world takes everyone,
including blockchains.
“The impact of blockchains
and more specifically NFTs on the environment is an issue we
all need to address. Climate change is a complex problem
that will require innovative people and technologies to
solve. We need to look at solutions to address consumption,
to be more energy efficient and to find a way to slow
escalating global temperature while we find these
solutions.
“With CENNZnet we have focused on
developing carbon friendly technology first and foremost.
Our blockchain tech uses energy efficient proof
of stake consensus which consumes a similar carbon
footprint to Twitter and much less than gaming applications,
YouTube or Bitcoin,” she says.
“We have purchased
enough verifiable on-chain carbon credits to offset
CENNZnet’s historical and predicted future impact. Even
better, every time our network is used we will purchase and
sequester more carbon so our chain will become more carbon
negative the more it’s used,” says Nicole.
Digital
technology can reduce energy use by allowing more digital
interactions rather than physical ones. It can allow the
consumption of light weight digital goods over heavy carbon
footprint physical ones.
“We want to go one step
further which is why we added offsetting to the mix,”
Nicole says. “This means even the small impacts we make
are offset.
“Having carbon credits on chain will
allow other developers to add offsetting to their own
climate action plans,” she adds.
CarbonClick has
created a fully decentralised structure where carbon credits
can be minted, trusted by the community and then bought,
sold or sequestered. To do this it created and tokenised a
generic asset.
To link carbon credits to real carbon,
CarbonClick has minted NFTs onto the chain. These NFTs
represent each of the carbon sequestering projects it works
with and the amount of carbon these projects are responsible
for sequestering. Community members can verify the number of
credits against those represented by the NFTs, providing an
easy way for users to see where and how the carbon that is
represented is being captured. Users purchase carbon credit
tokens on the chain and store them in their wallet. These
tokens can then be sold on or sequestered (taken out of the
system) by sending purchased carbon credits to the Sequester
Wallet. This is a wallet on the chain which no one has
access to, meaning all tokens in this wallet are essentially
outside the system and can never be used
again.
About CENNZnet
CENNZnet is
a New Zealand based public blockchain and Decentralised
Application platform that puts great user experience first.
We aim to empower developers and future thinkers to harness
the possibilities of blockchain out of the
box.
Currently, the barrier to harnessing the
blockchain in apps is extremely high. For those without
extensive knowledge of blockchain, specifically smart
contract coding, getting your decentralised App idea off the
starting blocks is near impossible. We want to make the
tools of blockchain accessible to those with ideas that
would benefit from blockchain, but without the specialist
skillsets.
With CENNZnet developers can apply
blockchain using just javascript APIs, no smart contracts
will be needed. We will cover 80% of use cases as a platform
out of the box. For more complex requirements, people can
reach for smart contracts to do some simple extension to
what’s already there rather than implement totally from
scratch.
About CarbonClick
CarbonClick
empowers businesses and their customers to tackle climate
change, by making carbon offsets simple, trustworthy and
cost effective. Integrate our solution into your business
with minimal effort, at a fraction of the time and cost
otherwise
possible.
