PolyCarbonX

PolyCarbonX is an innovative Peer-to-Peer Carbon Credit system. The aim of the project is to incentivise individuals to reduce their CO2 emissions by earnin yields. In this way we achieve to reduce green premium for vehicles by up to 60%. The user enters the PolyCarbonX environment using a WalletConnect/Metamask/Coinbase wallet and proceeds by entering his/her vehicle registration number. We use the MOT API which provides us with the car service history, yearly mileage and carbon emissions by year. In this way, PolyCarbonX users have a yearly profile of CO2 emissions. Our system takes the average emissions of all users and sets it as threshold. Users stake Matic/DAI at the start of the year. Prosumers (users with lower than average emissions) enjoy a higher yield corresponding to their deviation from the average. The yields of polluters (users with higher than average emissions) get slashed. In this demo, the carbon profile is formed by vehicle emission data but future features will include Household Utility bills and purchase receipts. By giving higher yields to prosumers, we have created an innovative incentive system that works better than taxation and reduces the green premium. Green premium in vehicles has been identified to be 30% by British Transportation Report 2021. This means that if a prosumer car buyer stakes the equivalent amount of downpayment in PolycarbonX, he/she will receive 12% yield, which corresponds to 40% reduction of the green premium

The project uses Chainlink oracles to bring individual car emission data on chain. Users stake DAI on our platform, we in turn lend the DAI out to AAVE having integrated with the protocol. Users are locked into the protocol for 1 year after which they are required by UK law to have their vehicles checked for another MOT hence a fresh set of emissions data is supplied. The emissions data is compared against the system-wide levels using our smart contract and a suitable level of yield is given to the user. Yields are boosted when CO2 emissions are lower than the dynamic average and Yields are slashed when emissions are higher. We used brownie for our local development blockchains, this made it easy to quickly iterate and ideate with smart contracts. We ran into issues getting government API keys so we made a hacky web scrapper using selenium and BeatuifulSoup instead to pull data without needing keys. We integrated wallet connect and Tatum in the project both were implemented in the front end.