Carbonकाट 🌱
A ReFi platform where we connect Corporations and NGOs in a way that corporations becomes carbon neutral by funding NGOs.
About
The problem it solves 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐒𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐜𝐚𝐫𝐛𝐨𝐧 𝐜𝐫𝐞𝐝𝐢𝐭𝐬 Organizations around the world are permitted to emit a certain amount of carbon dioxide or any other greenhouse gases and this concept is known as a carbon credit. One carbon credit allows for the emission of one ton of CO2 or the equivalent of other greenhouse gases. In the real world, there is a cost for emitting carbon where the concept of carbon pricing comes into play whose primary goal is to reduce the emission of greenhouse gas (GHG) and CO2. Some of the fundamental carbon mechanisms are carbon tax, emission trading system etc, now we want to bring web3 into the play, decentralizing the entire system which will benefit 3 main parties 1. Companies 2. Local NGOs 3. Government 𝐇𝐨𝐰 𝐂𝐚𝐫𝐛𝐨𝐧काट 𝐢𝐬 𝐚𝐝𝐝𝐫𝐞𝐬𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐚𝐛𝐨𝐯𝐞 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 🤔 In simple words, our project creates an NFT marketplace for carbon credits connecting both companies and NGOs in the same place. NGOs across the globe majorly working on Tree plantations can register on our platform and add details about their tree plantation drive. These details along with the entire proof will be handled by the government official and the respective carbon credits will be minted as an NFT for the NGO. for example 1000 trees planted corresponds to 1 carbon credit. According to our research data, major companies like tesla, Microsoft, aeroplane manufacturing etc have a huge requirement for carbon credit that can buy from NGOs. Every company will be assigned a set value of how many NFTs they can buy so companies don't have over-abuse of carbon credit. This would in turn help NGOs make money which will further help for more tree plantation drives bringing a reduction in co2 emission levels. This will also solve the government's important problem of tree plantation as this will inspire more NGOs to come ahead and contribute to the tree plantation drive.
How it's made
Challenges we ran into As we were pretty new in the web3 field, in the early start we faced a bit of a challenge bringing the idea into execution. With guidance from a mentor and documentation available from the partners of the hackathon and google, we were able to carry out the task. The next main challenge was the integration of the web3 code to web2 frontend and backend, involving integration of smart contracts to frontend