Carbon Grid Protocol Roadmap Highlights
Since the completion of Token Sale, the CGRID team has been hard at work on several fronts, trying to cover as much grounds as possible as previously shared in our initial roadmaps. While the team faced countless setbacks, mostly due to the blockchain space still maturing, and having to deal with an almost a year-long bearish sentiments of the market, we have managed to make several progress, of which there are 2 main highlights we are very proud to be sharing.
- Demo Day is near
Update 14th Feb 2019: Due to a delay in finding a breakthrough in standardising the set of data collected from our use cases in agreement with compliance and the relevant regulators, there will be a delay in the public release of our demo till further notice. We are actively seeking a breakthrough in this area to push our progress further. We apologise for the delay.
Yes. The first version of our product to be unveiled to the public, is almost ready. We have used our own token sale as a trial to calibrate our tracking of CO2 emission on the blockchain.
Our findings:
A token sale of our scale emitted a total of 66,710 kg of CO2 emission. This was a one-time token distribution exercise which all we did was to transfer CGRID tokens from our multi-sig wallets, into the wallets of 1,027 of our token holders. The Ethereum network was congested at that time, and our token transfer was completed within 36 hours with an average GWEI of 5 was used.
Armed with the data of our carbon footprint based on the transactions we made, we have proceeded to the next steps of offsetting our carbon footprint with carbon credits. We are in the midst of performing this task via a smart contract, although the actual cancellation is still pretty manual at this point, something we have to solution on.
We will be reporting the offset results during our Demo Day. Watch this space!
Some other interesting findings, without mentioning names, are carbon footprint of the top crypto exchanges. 137,509,620 kg of CO2 emission for just one exchange! The carbon offset market within the blockchain space is immense.
Projected release: Early Q1 2019
2. Tokenising Carbon Credits
Our listing on GBX was strategic for a key reason: Security Token Offerings will be the next progression for the blockchain space and GBX, a subsidiary under GSX, have announced their intent to launch GSP, the Global Security Protocol. Being a project already listed on GBX, it gives our project the much flexibility of exploring the creation of tokenised carbon credits that will be fuelled by our CGRID tokens.
Increasing the utility of CGRID tokens will always be one of our main priority. Besides using the tokens to unlock the accessibility of our product, we believe the main driver of the value will come from using the token as a bridge for fractionalised carbon offset. To enable this, steps will be taken to utilize CGRID tokens in the smart contracts of tokenised carbon credits.
Taking our case where we would like to offset 66,710 kg (which is approximately equivalent to 73.535188 tons) of CO2 emission, we will require 73.535188 Carbon Credits. Upon successfully tokenising carbon credits, a work-in-progress procedure will see us purchasing 73.535188 carbon credits worth of CGRID tokens from the public to perform the offset.
Besides working with carbon projects globally, we have the privilege of working closely with our partners Bamboo Capital Group, where we will be collaborating on research and development works in the tokenisation of their renewable energy offset mechanism, which will be featured in our protocol.
Projected release: Late Q4 2019
As we enter the last quarter of 2018, the Carbon Grid team would like to thank everyone in our community for the continuous support as we strive to make our mark in the Blockchain for Sustainability space.
Best regards,
Carbon Grid Protocol team
