Coorest, a Polygon-native project, is the first blockchain project to have a certified standard for carbon compensation entirely on-chain — allowing anyone with an internet connection to compensate for their carbon footprint. This makes the newly certified Coorest Carbon Standard (CCS) a good alternative to other pre-existing carbon standards on the carbon market.
The new standard requires all the activities related to carbon compensation to happen on the blockchain. This makes every step of the process visible at any given time and makes carbon compensation completely transparent.
It introduces an entirely new level of accountability — the satellite monitoring of carbon capture projects and the validation of carbon capture with satellite data via the Floodlight Chainlink node. This feature serves as proof of actual carbon capture, thereby ensuring that Coorest’s carbon tokens are provably backed by absorbed CO2. The standard also guarantees the additionality of the carbon capture backing Coorest carbon tokens.
Before exploring the details behind the CCS, it is important to first understand what makes it a legitimate methodology for carbon compensation.
Certified by an official United Nations auditor
The CCS is certified by Earthood, an official United Nations auditor. With this, Earthood officially recognises Coorest’s CO2 tokens as a valid carbon compensation method.
The methodology of the CCS includes a strict set of rules for carbon capture projects. Among these is the requirement for the additionality of carbon capture. Carbon capture projects are only allowed to tokenize carbon from newly planted trees that respect the biodiversity of the region. Planting native tree species is preferable, while the use of invasive species is strictly prohibited.
Finally, the carbon capture project must submit to regular satellite monitoring and agree that its carbon capture can only be used as carbon compensation in the form of Coorest CO2 tokens.
This is what guarantees the validity of Coorest’s carbon standard and ensures accountability right from the beginning.
Carbon compensation secured by smart contracts
Smart contracts are blockchain programs that automatically run when certain conditions are met. Coorest carbon tokens are minted by smart contracts. This is done to secure the tokenization of carbon and guarantees that all carbon tokens are backed by carbon capture.
There are two main conditions required by Coorest’s smart contracts to mint carbon tokens — satellite data and CO2 absorption calculations.
The first condition needed for minting carbon tokens is the presence of CO2 absorption calculations made by Coorest’s science team. These calculations are entered manually into the smart contracts in a well-documented process. They take into account the soil type, tree species, climate and geography of the carbon capture project and determine the rate at which it will generate carbon tokens.
Carbon capture verified through satellite monitoring
The second prerequisite for minting carbon tokens is satellite data — a product of Coorest’s recent partnership with Floodlight and integration of Chainlink.
Floodlight tracks and monitors the trees of all carbon capture projects approved by Coorest. It collects data and sends it to Coorest’s smart contracts via the Chainlink network.
Once a project is onboarded, Floodlight takes a “snapshot” of its trees and uses it as a reference. Floodlight then does a monthly biomass check using satellites and compares the data to the initial “snapshot”. This monthly biomass check is done to make sure that the trees on the carbon capture project are present and continue to absorb carbon at the rate determined by Coorest’s science team. If too many trees die or are removed from the carbon capture project, the smart contracts stop generating carbon tokens.
This guarantees that Coorest’s carbon tokens are provably backed by effective and continuous carbon capture.
The satellite validation of carbon capture and the integral use of smart contracts provide Coorest’s carbon compensation method with unparalleled transparency and accountability.
The approval of the Coorest Carbon Standard is an enormous milestone for Coorest but it is also an occasion with a colossal impact on the carbon market.
About Coorest
Coorest helps companies and individuals compensate for their CO2 emissions by offering transparent and traceable blockchain-based web3 solutions.
As the very first web3 project with an officially certified blockchain carbon standard, Coorest strives for global, unbiased and transparent compensation solutions at the core of which is blockchain technology. By offering 100% traceable CO2 compensation solutions and a decentralised platform, Coorest aims to disrupt and innovate carbon compensation solutions.
Learn more about Coorest by visiting coorest.io or follow us on our socials:
