Press release
PRICE RELEASE 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, thereby demonstrating that the newly certified Coorest Carbon Standard (CCS) is an excellent alternative to other pre-existing standards.
The new standard requires that carbon compensation activities be conducted through blockchain. This ensures transparency and visibility of all carbon compensation steps.
Floodlight Chainlink’s node adds an additional level of accountability, monitoring satellite carbon capture projects and verifying the carbon capture process using satellite data. This feature proves actual carbon capture, thereby ensuring that Coorest’s carbon tokens are provably backed by absorbed CO2. Furthermore, the standard guarantees the additionality of Coorest’s carbon tokens, backed by carbon capture. It is important to first understand the basics of the CCS before we can get into the finer details.
A certified United Nations official auditor will confirm the authenticity
CCS certification is by The EarthoodOfficial United Nations auditor. Earthood recognises Coorest’s CO2 tokens as a valid carbon compensation method.
CCS has a set of strict rules that govern carbon capture projects. The requirement to add carbon capture is one of them. Carbon capture projects can only tokenise carbon from newly planted trees that respect the region’s biodiversity. It is better to plant native trees than invasive ones.
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 guarantees the validity of Coorest’s carbon standard and ensures accountability right from the beginning.
Smart contracts secure carbon compensation
Smart contracts, which are programs built on blockchain technology, run automatically when certain conditions are satisfied. Smart contracts can be used for example to create Coorest carbon tokens. This is to ensure that carbon tokens can be tokenized and that carbon capture will back them.
There are two main conditions required by Coorest’s smart contracts to mint carbon tokens — satellite data and CO2 absorption calculations.
CO2 absorption calculations made by Coorest’s science team are the first requirement for minting carbon tokens. In a documented process, these calculations are manually entered into smart contracts. The calculations consider soil type, tree species and climate of the carbon capture projects and calculate the amount of carbon tokens it will produce.
Satellite Monitoring confirms Carbon Capture
The second prerequisite for minting carbon tokens is satellite data — a product of Coorest’s recent partnership with FloodlightIntegration of Chainlink.
Floodlight is a monitoring and tracking device that monitors all the carbon capture projects approved for by Coorest. It collects data and sends it to Coorest’s smart contracts via the Chainlink network.
Once a project is on-boarded, 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”. The monthly biomass check ensures that all trees in the carbon capture project remain present. They continue to absorb carbon at the rate determined by Coorest’s science team. The smart contracts also stop producing carbon tokens when too many trees are killed or removed from the carbon capture program. It guarantees that Coorest’s carbon tokens are 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. Coorest is proud to have the Coorest carbon standard approved. But it’s also a moment with enormous impact on carbon market.
Coorest
Coorest assists individuals and companies to offset their carbon emissions through transparent, traceable and blockchain-based web3 services.
Coorest, the first official web3 project with a certified blockchain carbon standard is aiming for transparency, fairness, and global compensation. The core of Coorest’s efforts to achieve this goal is blockchain technology. Coorest is a platform that offers CO2-traceable solutions. It also has decentralised platforms. Coorest hopes to invent and disrupt carbon compensation.
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