Bitgreen, a Polkadot parachain purpose-built to promote sustainability and impact innovation in blockchain, has received a $200,000 mandate from the Parity Treasury to build a real-time carbon dashboard and integrate carbon offsetting for all parachains in the Polkadot and Kusama blockchain networks.
Parachains, which are application-specific “parallel blockchains” depoyed in the Polkadot and Kusama ecosystems, can collaborate with the Bitgreen and the Sequester team to architect their desired participation in the project and share their sources of Scope 1 and Scope 2 emissions for computation. Bitgreen will provide a roadmap and a methodology for teams to follow.
In H1 2023, Sequester will release a suite of tools which automates the process of aggregating transaction fees, exchanging them into carbon-backed tokens, and retiring underlying carbon offsets that meet the community’s specifications. This will include a “contributions” pallet and a Common Good parachain. Individual parachains and their communities decide how much to offset, and the setup is expected to take less than one day of development time.
Parachains can deploy the donations pallet and configure it to move a portion of their network’s transaction fees or other allocated resources into a merged treasury. The Sequester parachain will then exchange contributed treasury funds for verified carbon offsets from Bitgreen. Once purchased, the credits are immediately retired and a proof NFT is generated. Parachains can use the NFTs to prove their offsets. A visualization is featured here:
This initiative showcases decentralized innovation at its best. We were two teams working on sustainability in the Dotsama ecosystem who came together to create a simple rail for any parachain to identify and offset their footprint. Let this be an example how positive climate action will be a new ethos that brings Web3 communities together,” says Adam Carver, Bitgreen CEO.
About Bitgreen
Bitgreen is a purpose-built blockchain designed for sustainability innovation that has targeted raising $1 trillion for impact initiatives within 10 years. Bitgreen’s green DeFi platform provides a marketplace for exchanging high-quality carbon credits and other impact investments.
About Sequester
Sequester seeks to establish a common good parachain on both Polkadot and Kusama. This parachain will allow any parachain team to utilize the donations pallet and become climate-positive in less than 1 day of development time. Sequester will propose a common good parachain first on Kusama and then on Polkadot. Sequester received a Web3 Foundation grant for the initial version of the donations pallet.
More Information and Updates
For more information on offsetting your Polkadot ecosystem project, reach out to info@bitgreen.org or sequester.chain@gmail.com. Follow project updates by following @Bitgreen_ and @SequesterChain, and by subscribing to the Bitgreen mailing list.
