Since its origin, the carbon credit market has been riddled with issues of transparency, market efficiencies, quality control, and verifiability. `
Carbon Credits is the MVP for the first seamless IoT Carbon Credit Minting process which allows for on chain ESG monitoring of
CO2 emissions. The direct tokenization of carbon credits through IoT data significantly improves the transparency, quality, liquidity, and transaction costs of the carbon credit market.
Our project uses live feeds of data from established IoT devices from renewable energy projects to seamlessly mint ERC 721 Carbon Credit Tokens on the Polygon network. In doing so, we are able to provide transparent and immutable data for the supply side of the carbon credit market. `
Through adherance to the standards of the United Nations Framework Convention on Climate Change, quality control will be set, and the exchange of these tokens in an open marketplace will allow market powers to more accurately price these assets, circumvent the 3-8% transaction fee's of the current system, increase market liquidity through reduced entry barriers of SME's and retail investors to the market.
In addition, rather than only focus on the flashy technologies and buzzwords of `Web 3.0, we appeal to through a Carbon Credit marketplace catered to older, more established industry players by easing onboard process through account abstractions.
In the long term, the projects transparency and quality standard lays the foundation for an ecosystem through the possibilities of rewarding sustainable market participants as a result of increased transparency, DAO and community formations, membership, and other climate related initiatives.
This project was for learning purposes.
We were a team of three with a product designer, an economist and a developer (with no blockchain experience),
For the product designer, it was an opportunity to dive into the technical details on ERC standards and how they can be used in product development.
For the economist, it was an opportunity to dive into the real-world applications of crypto and ideate a solution for a real world problem.
For the developer, it was an opportunity to learn a new programming language and learn a completely different workflow that comes with developing on the blockchain.
We created an express server that would take receive and store carbon emissions data from IOT devices and calculate the carbon credits a company would receive. This server than connected to a smart contract to mint NFT tokens with a 1:1 value with carbon credits.
Thank you for the opportunity to learn in a supportive environment.