The destruction of the Earths tropical forests has not been effectively prevented through traditional incentive systems
Slash and burn agriculture is the cheapest and easiest way to clear native rainforest for crops and grazing. It is a shortsighted practice that can deplete the viability of the soil within a couple years before having to clear the next patch of forest.
In Indonesia this practice is performed both by poor subsistence farmers and large palm oil corporations alike.
It has driven native wildlife into smaller and smaller patches of unaffected forest and has driven dozens of species close to or past the point of extinction. Namely: Orangatangs, Pangolins, and Javan Rhinoceros’s which are now extinct in the wild.
Instead of the tropical forests of Indonesia acting as a natural carbon sink, slash and burn practices have turned Indonesia into one of the worlds biggest carbon emitters.
The peaty marshes of Indonesia release exorbitant amounts of methane which is a potent greenhouse gas.
Total slash and burn practices release 1.6 billion metric tons of carbon dioxide, ~20% of human emissions.
Ash and smoke annually make their way into neighboring countries and negatively affect the air quality. Singapore citizens would be willing to pay a significant amount of their income not to have the smoke from the annual slash and burn in Indonesia come into Singapore.
What it does
Very Raw / Hypothetical) We set out to create a delegated proof of stake system for Carbon Bonds. The staked crypto from donators are used as collaterized assets, whereby the margin is used as a project budget operated by a non-profit via the Dai Stable coin. The primary use case is evaluating reforestation projects via satellite imagery. Social Impact proposals can be funded by n-number of contributors where each proposal is its own crowdfunding contract and redeemable / voteable tokens for a project.
Use GPS imaging software to reward communities that veritably protect or grow their forests.
Communities around the world that are at risk of deforestation or have the potential to reforest can vote on what their community needs. Those communities that both have high levels of engagement and community buy in on what they need most will partner with a nonprofit that con help deliver the resource.
We created a bounty that rewards the community with funds for needed community resources, and rewards the funder with an ERC 721 token that represents the carbon credits of the land they incentivized the preservation of.
The community will self police itself from the ground up to receive the bounty. The sweat equity the community puts in helps increase the buy in for the communities and should increase the long term success rate of the project.
NGO's and Governments are more likely to give aid in the form of education and medical buildings if it also helps reduce environmental damage, and Vice Versa. Norway already is willing to pay countries not to destroy their resources, if instead they could have the same incentivization affect by giving them other resources that will make the community more informed and better off in the long term, even better.
Blockchain is necessary to guarantee that the community actually receives the resources that they earned rather than corrupt officials skimming money off of the top. NGO’s and government aid programs are also more likely to donate if they can verify that the limited funds they have actually benefit the communities in need.
How I built it
We used an open source decentralized voting mechanism that communities around the world can vote on having projects come to their communities. We integrated with the Maker Dai network to make the amount of crypto in the bounty network stable. We created an ERC721 token representing the area preserved that would be rewarded to the successful funder that can be tied to a carbon credit system in the near future. This ERC721 could have multiownership, and possibly use DPoS in the future as a consensus and mechanism, and incentive to hold the coin. We used an AI algorithm to determine the difference in forest coverage, and acts as an oracle as to whether the bounty was achieved as well as the value of the carbon credit for the resultant ERC 721 token.
Challenges I ran into
Slow Internet. Designing the High level Architecture, Connecting the blockchain to the real world, need GPU's for the a more accurate Neural Net.
Accomplishments that I'm proud of
Multiple ownership of fungible tokens.
What I learned
MakerDao CDPs, ERC721, Dharma