Coorest has announced that it has integrated Chainlink into the Polygon mainnet to access Floodlight Satellite data.
By integrating the industry-leading Oracle solution, Coorest can now access geospatial carbon data from the Floodlight Chainlink node and use it to accurately measure the corresponding tokenized CO2 emissions for NFTrees holders.
Coorest aims to take advantage of blockchain and smart contract technology to make the world a more environmentally sustainable place.The biggest benefit of this integration seems to be the tokenization of CO2 in order to add benefit, concreteness and accountability to the production of intangible and paper-backed carbon credits.
Today, most tokenized carbon credits come from licensed carbon credit dealers who work with farmers and companies. By turning trees into NFTs, Coorest aims to strengthen the worst enemy of carbon emissions. Trees that convert carbon dioxide to oxygen expand the supply-side economy for CO2, but also compensate for the negative impact of farmers from around the world on the global ecosystem.
It symbolizes trees that can be purchased at NFTrees, Venly and Vulcan Forge marketplaces. Here it is possible to find different NFTrees by trees or tree groups from around the world.
Coorest provides an open platform for farmers with sustainable practices. Organizations such as forest conservation organizations sell the CO2 that their trees absorb. As each NFTree matures in the real world, owners receive tokenized CO2 based on how much carbon their NFTree offsets. For smaller trees with more space to grow, owners can see increased tokenized carbon returns corresponding to the increased amount of carbon offset.
The Coorest Tokenization Process
At a technical level, Coorest uses a three-step tokenization process, creating an end-to-end system for tree tokenization, distribution for tokenized CO2, monitoring and paying end users.
- Tree tokenization – the issuance of NFTTrees. It is supported by trees or clumps of trees.
- CO2 tokens – CO2 tokens are constantly generated and issued to NFTree holders for use in their privileges.
- NFT usage – CO2 tokens can then be burned for an NFT receipt detailing the amount of incineration, time stamp and reason for use.
The end result is a system that chains the entire process, creating a better market for these assets, and eliminating the ability to double-count or double-demand specified CO2.
The Role of Chainlink
While blockchains and smart contracts provide the ultimate verification of carbon credits on the chain, they do not have a native ability to access data from the outside world.
Chainlink solves this problem in the ultimate way by allowing Coorest to easily access Floodlight’s high-quality geospatial data on biomass and carbon analytics. The data is used to measure the real-world impact of NFTrees and to accurately distribute tokenized CO2 to its holders. The data Chainlink provides is critical to provide confidence in the real impact each NFTree is having and to launch a new tokenized CO2 standard based on scientific measurements.
“Generating tokenized CO2 from on-chain trees is a way of reinventing the current on-chain carbon credit ecosystem from the source. Chainlink enables us to access high-quality satellite data from Floodlight, helping power the on-chain measurement and tokenization of carbon offsets from NFTrees.” William ten Zijthoff, Founder and CEO of Coorest
Chainlink is the industry standard of choice for building, accessing and selling Oracle services. It is necessary to strengthen hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts that offer a way to reliably connect to any external API. It is preferable to take advantage of secure off-chain calculations to enable feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming and other major industries. It offers global enterprises and leading data providers a universal gateway to all blockchains.
Coorest helps companies and individuals compensate for their CO2 emissions. It provides transparent and traceable blockchain-based web3 solutions for investing directly in the world.