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Climate change and global warming are the two ecological factors that in recent times threaten human existence the world over. Since the Paris Agreement reached at by United Nations body for developed countries of the world to reduce their gas emissions in order to curb this crisis, countries have adopted carbon credits trading as a mechanism to help them reach this agreement. Carbon trading is a system in which countries are issued permits that allow them emit limited amount of gas to save their environment and this has been in practice off the blockchain for quite some years.
Carbon chain project is poised to revolutionize this trading system by utilizing the trending blockchain technology. It aims to offer a blockchain-based platform by which individuals, governments, and organizations from around the globe would be able to easily purchase carbon credits at discount thus, contributing their quota in reversing the crisis our world faces due to the devastating impact of global warming resulting from gas emissions. To achieve this, carbon chain project has mapped out an ecosystem with different components which include the following:
- Carbon credits
- Tokens (CCT & CCPT)
- E-wallets, and
- Carbon Chain Exchange (CCX)
Now let’s look briefly at these different components one after the other.
Carbon Credits:
This is the most important component of the carbon chain ecosystem, one that bears the entire essence of the carbon chain project itself. Carbon credits are some kind of permit that allows the holders to emit limited amount of carbon dioxide equal to their holdings. These credits would not be generated by the carbon chain project itself, but would be purchased at huge discounts from already registered projects in carbon credits such as the United Nations Framework Conventions on Climate Change. These credits then would be made available to individual, corporations, and governments on the carbon credit exchange from where they can purchase the credits using the Carbon Chain Token (CCT).
Tokens: (CCT vs CCPT)
Carbon chain ecosystem would have two different types of tokens co-existing side-by-side. These are the Carbon chain token (CCT) and Carbon Chain Project Token (CCPT).
Both the CCT and CCPT would be generated and offered to the public through private and crowd sales. However, carbon chain Token (CCT) would serve as a store of value for carbon credits. This implies that CCT would be a medium by which carbon credits would be acquired in the ecosystem. CCT will be the major currency on the carbon chain ecosystem which every project created or registered theron would be required to utilize in all their transactions.
The Carbon Chain Project Token (CCPT) on the other hand, has quite distinct functions from CCT. This currency would be for use on the carbon chain e-wallet. With this, users can acquire loans from carbon chain international, purchase cryptocurrencies, etc.
Carbon Chain E-Wallets:
This is yet another awesome provision to be made available to users in the carbon chain ecosystem. With this, users would have the liberty to choose where to store their carbon chain tokens – ie in the carbon chain e-wallet or in an ethereum wallet. The carbon chain wallet has trading features with which users would be able to trade major cryptocurrencies like bitcoin and ethereum.
The Carbon Credit Exchange (CCX)
The carbon credit exchange would facilitate the buying and selling of carbon credits on the carbon chain ecosystem. It would be the go-to place for purchase of carbon credits by individuals, companies and governments to meet their Paris agreement of reducing their carbon footprint. Here, buyers would be able t acquire carbon credits at good discount compared to its real market price off blockchain. All transactions here would be facilitated using the carbon credit token (CCT)
These a just a few of the features/components of carbon chain ecosystem we should all get acquainted with before hand.
For more information on carbon chain project, feel free to visit their official website at https://carbonchain.org/#home
And read their whitepaper here: https://carbonchain.org/wp-content/uploads/Carbon-Chain-White-Paper-21-Aug.pdf
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