Please describe your proposed solution.
Carbonno is a Carbon Exchange Marketplace dApp.
Our goal is to provide a uniform, trusted and straightforward platform, where retail investors and businesses can exchange or invest in carbon credits effortlessly without worrying for the trustworthiness of the underlying credits.
Carbonno ensures the above by ICP (Investor Confidence Project) verifying submitted energy-efficiency projects that would like to have their credits onboarded to our platform.
All verified carbon credits are then minted as NFTs on the Cardano blockchain and directly linked to their source.
Investors can simply open up the Carbonno dApp and choose to buy carbon credits originating from a variety of carbon reduction projects including but not limited to energy-efficiency, carbon-sequestering, reforestation, solar, nuclear etc.
The native token of Carbonno is called CNC.
CNC is a fungible token that is used in all transactions in our system. It also lets us provide efficiency upgrade incentives that don't depend on energy utility companies.
CNCs will be earned as rewards through the Carbonno dApp in two different ways:
- Carbonno Projects - carbon-reducing building projects registered and verified by Carbonno will be awarded CNCs based on the amount of carbon reduced. Tokens are only generated when carbon is actively reduced, making it a genuinely carbon-negative token. Carbonno verifies the amount of carbon reduction through either utility data or revenue-grade measurement of energy usage at the meter level.
- Carbonno Staking - investors will be able to choose a Carbonno Project of their liking and stake in it. Rewards will be calculated based on the specific Carbonno Project's carbon-reduction.
(For business and design philosophy, please dive into our F8 funded proposal $272Bn Carbon Credits on Cardano, current proposal is only for its dapp building.)
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Voluntary carbon markets allow carbon emitters to offset their unavoidable emissions by purchasing carbon credits emitted by projects targeted at removing or reducing Greenhouse Gases (GHG) from the atmosphere.
Based on reputable sources, demand for voluntary carbon credits could increase by a factor of 15 or more by 2030 and by a factor of up to 100 by 2050 and the market could be worth upward for $50 billion in 2030.
Carbonno's mission is to democratize voluntary carbon markets for all.
We believe that everyone should have access to an asset that is capable of reducing the effects of GHG, so we are building Carbonno to make investing in carbon credits friendly, approachable and understandable for newcomers and experts alike.
Carbonno will become a central point for carbon exchange and at the same time contribute to the mass adoption of the Cardano blockchain.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
From business to technology, we believe more problems will emerge as our project progress, while we are working on our MVP, we anticipate the following main challenges.
Business Model
- Carbon credits, carbon neutrality and energy efficiency may be terms not easily relatable to ordinary people or investors. People may have heard of agencies selling carbon credits to corporations, however the whole process is more of a black box to them and they may be totally unaware of the possibility of investing in such an asset. Building a universal carbon trading and investing platform will definitely require to educate the public about the possibilities of investing in something that could revert the effects of greenhouse gases.
Blockchain and Energy Efficient Technology
- Although we have full confidence in the Cardano ecosystem, the whole space is still in its early stages. With the Plutus smart contract architecture still in active development, building dApps on top of it means we might face certain development risks. We are excited about what this project can bring to the Cardano ecosystem/community and we can't wait to move forward.