Building a banking ledger for a currency to fight carbon emissions
- 95% cost savings
- 20x PoC time reduction
Background
CO2IN is an ambitious project that aims to turn European businesses, communities, and citizens into active participants in the fight against global warming. How? By buying up carbon allowances that would otherwise be used by Europe’s worst polluters.
With CO2IN, users can purchase carbon offsets that are backed by real and limited underlying assets. With many carbon offset programs, companies sell offsets with the promise that they will do something environmentally beneficial — like planting trees or otherwise contributing to sustainability initiatives. However, when users buy a carbon offset with CO2IN, they remove an EU-issued carbon allowance from circulation. Organizations typically use these allowances to allow them to pollute more. By buying them up, CO2IN users are making a real and measurable impact on the environment.
The Challenge
CO2IN approached Tatum with their ambitious plan to create a currency to fight carbon emissions. The CO2IN currency is based on an app that enables users to buy and sell carbon allowances. They required a fast, secure, and scalable banking ledger to underly the whole solution, as their currency ecosystem would potentially have to accommodate millions of daily users. They had no previous experience with building a ledger and needed a solution fast.
The Solution
Tatum designed and created a banking ledger that seamlessly integrates with the CO2IN app and offers unparalleled performance. The solution saved CO2IN enormous amounts of time and money, and the entire ledger and integration were ready in just a couple of weeks.
Tatum enabled us to build a banking ledger in weeks without any prior experience in blockchain development. We saved a lot of time and money thanks to their solution.
— Jan Palaščák, CEO of CO2IN
With Tatum Private Ledger, CO2IN was able to leverage the unique features that make blockchain technology desirable, such as security and transparency, without even connecting to a blockchain. Because the private ledger is not constrained by transaction fees or limits, it is also faster and more cost-effective than most blockchains. It can be connected to a blockchain (public or private) with the flip of a switch, maintaining its speedy off-chain functionality while periodically synchronizing with the blockchain.
As the fight against global warming ramps up, demand for CO2IN’s solution could skyrocket at any moment. Tatum Private Ledger will allow them to scale to keep up with their growing user base, however quickly that needs to happen. We at Tatum truly believe that the CO2IN currency ecosystem is an innovative and inspiring solution to combat global warming, and we are proud to be a part of their journey.
Tatum is allowing us to pursue our dream of an emissionless environment so we can focus on shaping a carbonless future.
