Carbon Credit with Carbon Chain Blockchain Protocol

in #carbonchain3 years ago (edited)

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Have you ever wonder if your activities contribute to the atmospheric change that causes global warming? Climate change is not brought about by only large companies or corporations that release carbon dioxide and other greenhouse gases (GHG) into the air. Individuals also contribute to this change.

Every day, the climate changes due to the rise in the average surface temperature on earth. This is primarily as a result of the various human activities going on daily. Simple chores that we individually do in combination with Industries activities that our modern life depends on have raised the level of atmospheric carbon dioxide levels from 280 parts per million to 400 parts per million in the last 150 years. Activities like the use of fossil fuels, deforestation, electricity generation, the release of carbon dioxide and other greenhouse gases (GHG) into the air. Greenhouse gases are water vapor, Carbon dioxide (CO2), Methane, Nitrous oxide and Chlorofluorocarbons (CFCs). The gases trap heat from the atmosphere.

The sun gives us energy for food and other vital things. Light energy passes through the air and cloud to the surface of the earth. The energy is absorbed and radiated upward in form of infrared heat. About 90% of the heat is absorbed by the GHG and radiated back towards the earth surface. The GHG trap heat within the atmosphere, which have a range of effects on ecosystems like rising sea levels, severe weather events, and droughts that render landscapes more susceptible to wildfires.

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Why We Need Carbon Credit

The world needs to control or reduce the emission of harmful gases into the atmosphere. Gases that contributes to the greenhouse effect which causes global warming. The Kyoto Protocol and Paris Agreement has created an agreement to combat climate change, accelerate and to intensify the actions and investments needed for a sustainable low carbon future. Countries and industries that have been emitting more carbon and greenhouse gases agreed to reduce the amount they emit. Industries agreed to find ways to reduce GHG emission by adopting new or improving technology that will reduce gas emission or collaborate with developing nations to set up eco-friendly projects that will earn them carbon credit.

What is Carbon Credit?

A carbon credit or credit offset is a credit for greenhouse gas emission reduced or removed from the atmosphere through an emission reduction project. It is used by industries, nations, or individuals as compensation for the emission of gas they are generating. The carbon credit is used as incentives to countries or corporations that emit fewer carbon dioxides and GHG.

Carbon Credit with Carbon Chain Blockchain Protocol

The Carbon Chain program has built a decentralized blockchain platform. Here, stakeholders in carbon reduction projects can buy or sell carbon credit using the cryptocurrency economy. The carbon Chain project has created a transparent, reliable, efficient and immutable platform using the blockchain protocol. Member nations who are signatories to Paris Agreement can actually show how and what they have accomplished with their National Determined Contributions.

The platform will use 30% of its funds to buy carbon credit from registered vendors. The platform has a mechanism in place that will help generate sustainable carbon credit so that they will be able to give a discount to their buyers. A discount of 20% on the market price of carbon credit will be issued to the buyers on the Carbon Chain platform.Carbon Chain platform will utilize the Carbon Chain token CCT as the means of payment on its ecosystem. The Platform also avails a trading exchange Carbon Credit Exchange CCX where users can trade their CCT for carbon credits.

The Carbon Chain project aims to help stakeholders to reduce their carbon and other gases emission by providing a secured and transparent environment. Buying and selling of carbon credit on the platform will reduce the processes and cost of carbon asset development.

Conclusion


The Carbon Chain program has some existing successful projects that are currently generating carbon credit. The projects are Wind farm, Solar farm and Hydro electric project . The team will use its experience in their existing projects to make Carbon Chain one of the best carbon credit project on the blockchain. The Carbon Chain platform has created a well-developed mechanism that will help member nations of the Kyoto Protocol and Paris Agreement to achieve their pledge to reduce carbon reduction using carbon credit. The platform avails a discount on carbon credit purchases thereby encouraging them to use carbon credit to offset what they emit. The platform gives monetary value to carbon credit hence enabling users to buy or sell carbon credits in international markets at a 20 % discount of the prevailing market price.

For more detailed information. Visit the project Website and read the Whitepaper for more insight into the project. Follow the project's Facebook and Twitter for the latest update.

Author's Authentication Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1163494

Bounty0x Username: Munareal

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through the air and cloud to the surface

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