To fight the current and biggest threat to humanity in a possible and outside the box solution. Climate Change creates a massive burden on us and our planet therefore, it is crucial to figure out a quick and swift solution.
What it does
ChainOut registers the production cycle that a product has gone through and records different data points and interactions that the product has had on that journey. All the information is registered on the ledger within the blockchain system, then an algorithm uses that data and outputs a specific value-added green tax on an individual good that acts as a fairer price mechanism.
How we built it
We used Solidity for the blockchain, and have used Python to plan the price mechanism system. We are planning to use Hedera Hashgraph next.
Challenges we ran into
Our biggest challenge was understanding the beautiful world of blockchain, finding the best solutions to creating the technology aspect and figuring out the economic theory.
Accomplishments that we're proud of
The economic theory is really interesting, as it is the first time that such a system is created there are lots of new ideas and additions to our economic theories that are outdated. Creating a strong team connected by a strong bond with large potential to success.
What we learned
A lot about blockchain technology through the webinars and research, a lot about the business side again through the webinars but also by looking at other companies within the blockchain world, a lot about cryptocurrencies and decentraland where we saw the GDA capital land.
What's next for ChainOut
Next for ChainOut is to improve the technology side and brand identity, then proceed to receive some seed funding then expand from there. I have a roadmap in my head I hope to follow, but the beauty of business is that there are obstacles and new opportunities on every corner therefore we will shall see. The crucial thing is that the team knows what we are aiming for and is excited to work on ChainOut.
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