PRESS 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.
As a result of the new standard, all activities related to carbon compensation must be carried out through the blockchain; this ensures that all steps of the carbon compensation process are visible at all times and the process is transparent.
The Floodlight Chainlink node introduces a new level of accountability by monitoring carbon capture projects via satellite and validating the carbon capture process with 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. Before exploring the details behind the CCS, it is essential to 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. Earthood recognises Coorest’s CO2 tokens as a valid carbon compensation method.
The methodology of 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 can only tokenise carbon from newly planted trees that respect the region’s biodiversity. Therefore, planting native tree species is preferable, while using 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 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. For example, Coorest carbon tokens are minted by smart contracts. It is done to secure the tokenisation 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.
CO2 absorption calculations made by Coorest’s science team are the first requirement for minting carbon tokens. These calculations are entered manually into the smart contracts in a well-documented process. They consider 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 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”. This monthly biomass check is done to ensure that the trees on the carbon capture project are present. They continue to absorb carbon at the rate determined by Coorest’s science team. In addition, the smart contracts stop generating carbon tokens if too many trees die or are removed from the carbon capture project. 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. The approval of the Coorest Carbon Standard is an enormous milestone for Coorest. However, it is also an occasion with a colossal impact on the carbon market.
Coorest helps companies and individuals compensate for their CO2 emissions by offering transparent and traceable blockchain-based web3 solutions.
As the 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.