Nature and entrepreneurship are two of my favorite things. And crowdfunding is a popular way to support others and causes you care about.
What it does
CO2 Farmers Market is like crowdfunding platforms Kickstarter and WeFunder mixed with a Carbon Credit Marketplace. We offer climate action entrepreneurs a place to raise funding to support CO2 sequestering startups or activities. And offer those looking for carbon credits a place to buy CO2 credits that are verifiable on Hedera's Distributed Ledger Technology (DLT) and are connected to carbon farming projects that create green jobs.
How we built it
The platform is setup to be a central hub for information about our CO2 Credit model, and a place for CO2 sequestering projects to have their own crowdfunding page where businesses and people can buy CO2 Credits to support specific projects and track their progress. We used the Github repo Hedera Token Service (HTS) demo to create our TCO2E (1 Ton CO2 Equivalent) tokens for the first project trying to raise funds on the platform.
Challenges we ran into
Hedera Token Service (HTS) demo was not as easy as it looked to setup and ran into some problems with using it on VPS. Could not get it to connect with my account ID or private key at first, but ended getting the token minter running on VPS. Whole process was a good learning experience.
Accomplishments that we're proud of
The idea itself. And we have a working prototype that is ready to go to market. We have already sold 1 CO2 Credit for the current project crowdfunding, and have already had another startup apply to crowdfund that found out about us through our marketing efforts (an example https://www.publish0x.com/crypto-projects-information/tokenizing-carbon-credit-marketplace-xgpqpkj). CO2 Farmers Market has huge potential to have a positive impact on people and planet this year. The demand for carbon credits over the next few years is going to outpace the production of them with all the pledges to go carbon neutral/negative. And if businesses are going to be making such big investments into going carbon natural or negative then why not do it buying credits that generate economic development(green jobs) at the same time. Some of the carbon credits on the market now are not really very impactful, have little job creation benefits, and some are actually sold more than once. Our HTS CO2 Credit would prevent this double counting scheme and incubate job creation worldwide.
What we learned
About Hedera HTS coming to mainnet, and that some of network of node partners have commitments to reducing CO2. And about some of the other great use cases coming to Hedera, there is a lot of potential and opportunity to use HTS for societal and environmental good use cases.
What's next for CO2 Farmers Market
Letting others know they can buy carbon credits from our CO2 Farmers. We will reach out to the businesses seen here https://www.theclimatepledge.com/us/en/Signatories.html to try and find some early adopters to buy our first CO2 Credits and help us kickstart our progress. We will also be working on attracting more CO2 Farmers to post projects to the platform. In addition to figuring out the best way to estimate, measure, and report the CO2 sequestered by projects. Once we have that framework we will work to get our CO2 Credits accredited by one or more of the carbon credit certifiers. Also hopefully we will sell some of our first HTS CO2 Credits to some of the businesses that are running Hedera nodes, since some of them have made commitments to becoming carbon neutral or negative.
UPDATE!!! we have been invited to take part in https://www.climatefounders.com/climate-hack :D