It did not take Elon Musk to know that the environmental issue is an urgent and priority problem in recent years. It’s a topic that’s under the radar, but finding a project that really solves a problem in the real world isn’t that simple! It is also for this reason that many coins suffer sudden dumps, they live only on pumpamentals without a real project behind them.
Present-day carbon markets suffer from many difficulties from double-spending, ignorance of actual positive environmental impact to the validation and audit of an individual asset, ans Dovu is the solution that solve these issues, a two-sided marketplace for monetizing carbon assets backed by an elastic supply token (like Ampleforth) targeted to the price of carbon.
There are many intersections within the carbon offsetting industry that require innovation to provide a two-sided marketplace of buyers and sellers of carbon assets:
* Ongoing demand and pressure for environmentally friendly carbon offsetting solutions on both the consumer and business side.
* Large enterprises have a legislative responsibility that requires them to offset internal carbon emissions, with proof.
* Verification of real-life behavior or actions from a trusted source.
* Dapps that interact with the real world.
As the price of carbon changes week-by-week it is difficult to ascertain if there was a fair exchange for the real environmental value delivered. This volatility needs to be captured through the use of a range of oracles to feed up-to-date data into the economic carbon system in order to gradually adjust or *rebase* the entire supply such that the price of an individual token tends to the current price of carbon. We’ll call these tokens cDOV from now on, representing a unit of value with a single-use to offset real-world carbon.
In order for a carbon asset to be rewarded, it has to be verified and offered on the carbon market. From this point, a new mini-pool of cDOV and carbon tokens is minted, to provide an opportunity to monetize an asset over a locked period with a set of predefined conditions.
Finally, once carbon has been allocated to a project the offset capability benefit has been consumed which in turn results in the cDOV being liquidated to the asset owner then subsequently burned. In its wake, a non-fungible token (NFT) is created and sent to the buyer as proof of environmental impact. All cDOVs in the circulating represent a constant of the potential carbon offset value for all holders.
DOVU chose Hedera for its low, predictable fees, scalable performance, and organization of global governing members that offer a no-fork network guarantee.
DOVU utilizes the Hedera Token Service (HTS) to reduce the complexity and cost of tokenizing carbon-offsetting projects of land owners and sustainability project managers. The cost of tokenizing land, for example, as a non-fungible token (NFT) is $1 USD paid in $HBAR on the public Hedera network and less than $0.01 USD to transfer; it will always be a low, predictable price to mint tokens using HTS on Hedera. In comparison, gas fees on Ethereum costs ~$80 – $100 USD today paid in $ETH for minting a non-fungible token, with pricing that fluctuates depending on current network usage and the price of $ETH — that’s potentially 99x more expensive.
DOVU also found confidence in Hedera through its fair consensus timestamps and ordering of transactions. This ensures a fair marketplace that handles bids and asks based on the order in which trades are submitted, not the amount of gas paid by marketplace participants.
The Hedera Consensus Service (HCS) is used for publicly verifiable and immutable logging of project maintenance updates, documentation, lab reports, and more for anyone to view and assist in financial decision-making processes. DOVU has chosen to combine using HCS with Interplanetary Filesystem (IPFS) to ensure decentralized and trusted document storage for land owner and project manager updates, including lab reports, photographs, permits, or any other type of documentation that contributors may require.
Land owners, companies, nations, and even individuals can use DOVU, powered by Hedera Hashgraph, to issue and exchange carbon credits in real-time to support the reduction of their carbon footprint, enabling a more sustainable future for everyone. DOVU ensures greater trust for anyone looking to invest in and receive updates on carbon-offsetting projects, while ensuring fast, fair, and secure issuance and exchange of tokenized carbon credits. By using Hedera, DOVU sees greater customer adoption, retention, and satisfaction with inherent trust between platform users increasing the propensity to participate in their carbon credit marketplace.
🎉 Website: www.dovu.earth
CONTRACT on BSC: 0xc9457161320210D22F0D0d5fC1309Acb383d4609
CONTRACT on Uniswap: 0xac3211a5025414af2866ff09c23fc18bc97e79b1
Explanation of double spend problem: https://finance.yahoo.com/news/carbon-credits-double-spend-problem-130013051.html