The problem of carbon emission and the result in climate change cannot be overemphasized. One of the main issues with tackling this global threat is by way of how the execution of laws and acts agreed upon by member nations, whether developed, developing and underdeveloped (these are not usually mentioned since it is assumed, based on certain known facts or industrial rating, that they are not industrialized enough to add to this threat), are carried out in order to reduce or mitigate the effects. Administration issues, political influences, lack of transparency and credibility have been a serious bane which to an extent has stalled the process truly combating climate change.
The Kyoto protocol, which was globally adopted at the Paris Agreement in 1997 has so far helped to create a more sustainable technological growth and limit the use of gases that affect climate change, will expire in 2020. It also limits and penalizes carbon dioxide emissions in developed nations. This gave birth to the use of carbon credits by the United Nations under the Kyoto Protocol via a program known as CDM, Clean Development Mechanism, as a market mechanism, to offset these emissions cap. Now, there is the major problem of double accounting which has plagued this space for sometime.
Carbon chain, however, is developing an eco-friendly, secure and transparent blockchain system that will ensure full accountability for the life of the carbon credit through monitoring, thus ensuring complete elimination of double accounting. They have created a global carbon reduction program with an incentive (Ownership of Carbon Chain Tokens, CCT) that allows every citizen in the world to trade carbon credits which allows for development of the blockchain.
Carbon chain tokens are traded to carbon credit buyers to assist them in reaching their carbon reduction targets. By so doing, Carbon chain is making it possible for anyone, anywhere and at anytime to fully participate in this global project. In other words, you can contribute to a greener world from wherever you are. So as more and more countries develop, their tendency to improve the greenhouse threat levels will greatly increase which makes participation from all quarters all the more crucial.
The Paris Agreement through the Nationally Determined Contributions (NDCs) is signalling a shift where national reality, economic approach and political priorities drive climate activities. Also, the World Bank feels that more finance is needed to help countries implement their NDCS and hit the goal of 1.5 - 2C believing that the use of markets will play a major role in the successful implementation of the Paris Agreement by providing cost-effective measures and the ease of mobilizing greater resource.
Carbon credit trading is already an established market internationally which Carbonchain is simply taking advantage of using blockchain technology to ensure a secure, transparent, automated and credible trading process thereby eliminating most, if not all, of the current market problems, most notably - double accounting.
Projections show that the carbon credit market is well positioned for an unprecedented growth in the coming years once the Kyoto protocol expires as seen in the graph below.
Finally, they are offering a discount on the purchase of carbon credits for CCT holders once they launch the exchange called Carbon Credit Exchange, CCX, where these can be traded. As part of their incentivized program, they will offer Carbon chain project tokens, CCPT annually to wallet holders of Carbon chain tokens in a 1:1 ratio which can either be exchanged for CCT or used to purchase Carbon Credits.
Moreso, I know you might want to know, this project has built a solid team with the right blend of knowledge and experience. Some of these things - creating a project to help manage a bigger problem, getting the right people to come together etc - take time and serious work to achieve, but here we are. As a side thought, anything that makes this world a better, greener place should be welcomed except the very hot sunrays haven't gotten to you yet!
Well, for more information, visit carbonchain.org
Bounty0x I.D: jayvince.