CarbonClick minting C02 on CENNZnet
A few months ago we had a spectacular hackathon helping our partner, CarbonClick, to take their key functionality onto the CENNZnet blockchain. Now we are super excited to announce that the final product is now live on the blockchain!
The team has minted 5,000 NZD worth of certified CO2 credits onto CENNZnet. These verified CarbonClick carbon credits can now be bought and either sequestered or sold on-chain.
To celebrate CarbonClick’s groundbreaking achievement and maintain our commitment to unfucking the world, we are using the new system to go carbon negative.
Carbon negative for CENNZnet
Saving the world takes everyone, including blockchains. To contribute to combating the increasingly critical climate situation, CENNZnet has gone carbon negative.
We have purchased enough verifiable on-chain carbon credits to offset CENNZnet’s historical and predicted future impact. Even cooler, every time our network is used we will purchase and sequester more carbon so our chain will become more carbon negative the more it’s used!
You can monitor CENNZnet’s carbon status real-time using our tracker site: https://carbon.centrality.ai/
How does CarbonClick’s on-chain carbon sequester work?
CarbonClick has created a fully decentralised structure where genuine carbon credits could be minted, trusted by the community and then bought by individuals who could either sell them on or sequester them (take the carbon out of the system).
So how did they do it?
- Creating a generic asset: Based on their sequestering projects CarbonClick has calculated that there are 1,454.111 tons of carbon that can currently be sold as credits. To represent this carbon on the blockchain the team made a generic asset.
- Tokenising the generic asset: Once made, the generic asset can then be divided into tokens. In this case, 1,454.111000 CO2 tokens can be bought individually or in bulk as carbon credits.
- Verifying the carbon with NFTs: But how can the community trust that carbon credits they buy on this blockchain actually represent real carbon sequestered from the atmosphere? To link carbon credits to real carbon, CarbonClick has minted NFTs onto the chain. These NFTs represent each of the carbon sequestering projects they work with and the amount of carbon these projects are responsible for sequestering. For example, they may calculate that a reforestation project in Timaru sequesters 1,000 credits worth of carbon. Before purchasing carbon credits from the generic asset, community members can first verify the number of credits against those represented by the NFTs. This provides an easy way for users to see where and how the carbon that is represented is being captured.
- Buying carbon credits: After auditing the number of carbon credits and checking which projects they are aligned to, a user can purchase carbon credit tokens on the chain and store them in their wallet. These tokens can then be sold on or sequestered (taken out of the system)
- Selling carbon credits: A user can choose to sell their carbon credits. This essentially just creates a trade out of the carbon system.
5. Sequestering carbon credits: A user can sequester their carbon credits on the chain, symbolising that the carbon has been taken out of the atmosphere. To do this they send their purchased carbon credits to the Sequester Wallet. This is a wallet on the chain which no one has access to, meaning all tokens in this wallet are essentially outside the system and can never be used again.
Make your DApps carbon neutral on CENNZnet
Thanks to CarbonClick’s success, building on CENNZnet is not just fast and friendly, it’s also carbon negative. As a network we are constantly tracking and sequestering so that we’re helping the planet.
DApps on our network will also be able to access the on-chain carbon credits so you can easily include company or user offsetting as part of your own climate action plans!