Our world is losing its forest cover and greenery at an unprecedented rate. While firms are willing to offset their carbon footprint by purchasing carbon credits, the carbon credit market is not accessible to individuals and communities around the world. One method of carbon offsetting is by planting or maintaining trees, which naturally exist in rural and remote parts of the world. Our idea connects individuals passionate about conservation with communities that can rewild or maintain their existing forest cover, resulting in carbon sequestration and empowering rural communities.
What it does
- Vendors who can plant or maintain an existing tree can list their details - GPS location, a photo of a tree, each installment cost and how long the contract is valid for.
- Buyers can browse the listed trees and buy them using their wallets. When they buy a tree, 10% of the first installment is minted as a LeafCoin. 1 LeafCoin = 1 R-BTC. 10% of the first instalment is stored in the pot. As more trees are listed and purchased, the buyers get a fraction of the pot that is proportional to how long they are invested in the tree contracts. This offers a small incentive to the Buyers.
- For each subsequent instalment, vendors submit proof of tree's existence in the form of latest photo with timestamp. Validators are independent entities who review the new data and validate. Once the proof is validated, the next instalment is released. Contract ends when all instalments are paid. Validators get 10% of the instalment for their service.
How we built it
- RSK Blockchain, RIF Storage and RNS - https://cryptoforests.rsk (Requires Chrome plug in: https://github.com/aapkasaarthi/rskresolver-extension)
- ERC20, ERC721 & IPFS
- Github & Netlify
Challenges we ran into
Several interesting ones :-)
Accomplishments we are proud of
A viable proof of concept to use blockchain for social economic inclusion and conservation.
What we learned
RSK and RIF
What's next for CryptoForests
Validation can be automated using satellite or drone images that are automatically compared. A periodic task can independently obtain latest image of GPS location, compare with the last image, and mark it as validated or invalidated. Validation can be based on if the location coordinates are the same and if the difference between both the images is less than an acceptable value. Depending on the outcome, the contract instalment can be paid.
For manual validation, previous list of images can be displayed for comparison for the validators.
LeafCoin and TreeNFT can be traded in the market.