Carbon Coins system
Empowering Sustainability Through Carbon Credits Token (an idea and sample pilot project)
Hi, I will be demonstrating my idea and sample pilot project initiation of Carbon Coins system.
The Carbon Coins project initiates a new way of approaching carbon emission reductions and carbon trading. Traditional carbon credits, while pivotal, are faced by challenges regarding its transparency which can lead to double counting, undermining its effectiveness in combating global warming.
Brief Introduction to Carbon Coins
Carbon Coins proposed a blockchain-based solution in hopes to tackle this issue. At its core, the system leverages the immutable and transparent nature of blockchain to ensure its integrity of carbon credit transactions. However, recognizing the importance of authenticity and trust we also value the source of carbon credits we retrieve.
Before carbon credits can be tokenized into Carbon Coins, they must be authenticated by a trusted organization. In Thailand for example, this role can be fulfilled by organizations like TGO (Thailand Greenhouse Gas Management Organization), ensuring that only verified and genuine carbon credits are tokenized.
Once verified, these credits will be transformed into Coins and deployed onto the blockchain, making them available in the trading market. This process democratizes access to carbon trading, allowing organizations in Thailand and possibly worldwide to buy and sell these credits as coins with ease and transparency. The Carbon Coins platform acts as a bridge between the traditional carbon credit system verification body and the digital marketplace, facilitating a seamless transition from verified credits to tradable tokens.
Through this approach, Carbon Coins aim to revitalize the carbon market. By ensuring transparency, authenticity, credibility, and accessibility. The project also aims to attract a broader spectrum of participants, including individuals and large corporations to amplify the impact on carbon emissions reductions. In doing so, Carbon Coins platform not only proposes a solution to the limitations of current carbon trading mechanisms but also contributes significantly to the global effort to mitigate climate change.
Project Implementation
We have now implemented some parts of the project included the sample of Admin Carbon Credit interaction system which i will be mainly talking about in this article and discuss how the future of the system will be.
The link to try the pilot out is : https://carbon-coins.vercel.app/
Firstly, lets look at the main page in which users will see after clicking our website
In the landing page we will have a section where we explain how our platform works at “HOW IT WORKS” section
After that you can also see some information about us and organizations that have helped us with the idea since the start and have supported our developers until today at “ABOUT US” section.
Last but not least from the landing page are our developers that have contributed to the project and worked really hard for it.
Admin Carbon Coins Interactions
In this section will be the pilot for our admin system which can interact with the coins in the system.
In this system admin can mint the coin, but in the future the coins will also contain information provided by the trusted organizations which includes, where the credits are from (which project), who owns it, etc.
Similarly, the burning system will be burning coins that are used to offset which also includes information of which company burned the coins.
The transfer and balance systems already speaks for themselves. Coins can be transferred to other accounts and their balance of the coins can also be checked.
Small Demonstration
After the admin pressed login they will be asked to connect to a wallet
After that they will be able to use to systems stated in the previous part.
For any transaction such as minting, burning, and transferring you will ask to confirm your transaction and pay the gas accordingly
After the transaction is complete let’s see the balance of Carbon Coins of the wallet that we transferred to.
End remarks
That is all for my project so far, though the functions are still very simple and we still have a long way to go, but i’m very excited to be working on this project and learn new things from it. Hope you guys likes it.