Progress on our CO2 Removing Digital Assets
CarbonLand Trust has had some major milestones and delays. And I’m sorry it has been so long since we have shared an update on our progress!
We were hoping to have the Measuring, Reporting, and Validating (MRV) of carbon stored by the pilot project forest done in October 2021, but we ran into a learning curve and it took longer than expected to find the right IOT, AI, and imaging tech stack for being able to reliably do our MRV process. Fortunately we have gained some experienced advisors who are experts in AI and GIS and Forestry who are helping to ensure we have robust carbon accounting principles and highly accurate data.
We are on track to finish the MRV process on the pilot forest in November 2021, and issue the first Carbon Removal Credits ($CRC) based on those results. Originally we were going to use ERC1888 (developed for Renewable Energy Certificates, RECs) for $CRC because of the retire function in ERC1888. But decided on $CRC being an ERC20 since ERC1888 isn’t fully supported by Metamask and other wallets, as we also learned was the case with the CO2 Removal Bonds ($CRB) we issued as an ERC1155. To ensure a seamless user experience and maximum wallet support we are issuing $CRC as a ERC20, and have created a smart contract claiming function so $CRC can be retired by token holders and mint a unique NFT recording the retirement.
During the claiming process a Certificate of Carbon Removal a unique NFT(ERC721) is minted with information about who the claimer is and how many tons of CO2(# of $CRC) they are removing. Certificates of Carbon Removal’s can be used for sustainability reporting purposes and are a transparent and secure way recording the retiring of carbon credits. We also think they are a badge of honor since they symbolize forests saved and CO2 sequestered. We are in the final stages of testing this smart contract on Energy Web Chain testnet and this month will have a Web3 user interface live on CarbonLandTrust.com and $CRC on Energy Web mainnet.
Another exciting update is CarbonLand Trust was selected by the XRPL Foundation for a $25,000 grant to bring our carbon capture financing digital assets to the XRP Ledger. Just this week we launched $CO2 ious of the XRP Ledger and they are trading on the open source DEX now. By creating ESG digitals and multiple blockchains/DLTs we can create cross-chain liquidity and can bring more funding to forest conservation efforts.
We are also having conversations with some carbon credit buyers to find out how they are choosing which credits to buy and what they are willing to pay for carbon credits that have co-benefits like CarbonLand Trust features. Also we have done customer interviews with two large land trusts and some private landowners to learn how to make our conservation protocol as inclusive and regenerative as possible. Both from the carbon credit buyers side and from the landowners perspective the news of our Platform as a Service (PaaS) that helps forest owners tokenize the carbon removal rights of forestland is well received and many of the parties are ready to become customers as soon as possible.
While #COP26 has been happening we have actually been building and launching proof of concepts already implementing many of the innovative strategies being promoted during COP26. CarbonLand Trust’s ESG digital assets have conserved 40 acres of forest since launching on GreenSea Marketpalce September 5th 2021.
And with our new Website, Dapp, and DEX going live sometime this month it will be much easier for anyone to buy/trade/hold our carbon capturing digital assets using CARD, ACH, WIRE, or CRYPTO. There will be options to self custody if you already have a wallet, or create an account at CarbonLand Trust and store your assets in our vault if you don’t want to manage a crypto wallet.
:D the next you hear from from us this month it will be because CarbonLand Trust’s new platform is live and we are preparing to airdrop $CRC to $CRB holders! DeFi for the voluntary carbon market is coming soon!!!