Coorest Integrates Chainlink
Coorest integrates Chainlink to access Floodlight Satellite data, help power tokenized CO2. Coorest has integrated Chainlink on the Polygon mainnet. By integrating the industry-leading oracle solution, Coorest can now access geospatial carbon data from the Floodlight Chainlink node and use it to accurately measure the corresponding emissions of tokenized CO2 for NFTrees owners.
Coorest aims to leverage blockchain and smart contract technology to make the world a more environmentally sustainable place. One of the largest opportunities lies in tokenizing CO2 to add more utility, tangibility, and accountability to the generation of previously intangible and paper-backed carbon credits.
Today, the majority of tokenized carbon credits come from licensed carbon credit dealers working with farmers and corporations.
By tokenizing trees into NFTs, Coorest returns to the source of all carbon compensation. The trees that turn carbon dioxide into oxygen expand the supply-side economy for CO2. It also enables sustainable farmers from around the world to compensate for their environmental impact.
NFTrees are tokenizing trees available for purchase on the Venly and Vulcan Forge marketplaces. Different NFTrees back by trees, or batches of trees, from around the world.
Coorest provides an open platform for farmers with sustainable practices. Forest preservation organizations and other entities sell the ongoing capture of CO2 from their trees. As each NFTree matures in the real world, owners receive tokenized CO2 for how much carbon their NFTree is offsetting.
For smaller trees with more room to grow, owners can see increasing tokenize carbon returns that correspond to the increasing amount of carbon being offset.
COOREST TOKENIZATION PROCESS
On a technical level, Coorest uses a three-step tokenization process to build an end-to-end system for tree tokenization, distribution and tracking for tokenized CO2, and redemption for end users.
- Tree tokenization — NFTrees are minted, backed by trees or batches of trees.
- CO2 tokens — CO2 tokens are then continuously generated and given to NFTree owners, to be used at their prerogative.
- NFT redemption — CO2 tokens can then be burned for an NFT receipt that details the burn amount, timestamp, and reason for redemption.
The end result is a system that brings the entire process on-chain, creating a better market for these assets and removing the ability to double-count or double-claim tokenized CO2.
The Critical Role of Chainlink
While blockchains and smart contracts provide the ultimate verification of carbon credits on-chain, they don’t have the native ability to access data from the external world.
Chainlink seamlessly solves this problem by enabling Coorest to easily access Floodlight’s high-quality geospatial data on biomass and carbon analytics. The data is use to measure the real-world impact of NFTrees and accurately distribute tokenize CO2 to owners. Critical for inspiring confidence in the actual impact each NFTree has and kickstarting a new standard for tokenized CO2 that remains grounded in scientific measurements.
“Generating tokenized CO2 from on-chain trees is a way of reinventing the current on-chain carbon credit ecosystem from the source. Chainlink enables us to access high-quality satellite data from Floodlight, helping power the on-chain measurement and tokenization of carbon offsets from NFTrees.” — William ten Zijthoff, Founder and CEO of Coorest.
ABOUT Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services. Needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API. Leverage secure off-chain computations for enabling feature-rich applications.
ABOUT Coorest
Coorest helps companies and individuals compensate for CO2 emissions. Offering transparent and traceable blockchain-based web3 solutions to invest directly into the earth.
