Cryptocurrency

ConsenSys takes on climate change with CarbonX

ConsenSys - CarbonX
(C) iStock.com/SeppFriedhuber

ConsenSys has announced the launch of the world’s first peer-to-peer personal carbon trading company, CarbonX.

The blockchain specialised firm co-founded the new project with Don and Alex Tapscott.

As politicians and international organisations continue to struggle over setting a coherent vision on how to limit the damage of climate change, CarbonX is looking to move the fight forward by engaging millions of ordinary consumers.

The aim is to materially reward individuals for ‘responsible’ carbon consumption. The company will purchase carbon credits and invest in carbon reduction projects. The offsets of these activities will then be transformed into ERC20 tokens on an Ethereum based blockchain and distributed through an open-loop style loyalty rewards programme.

Engaging the masses

Carbon X also plans to create their own tokens. These CarbonX Tokens (CxTs) will be offered by retailers, brands and businesses to incentivise people to make carbon-friendly decisions, such as finding an alternative, car-free way to commute or supporting local food producers.

Once a consumer or employee has CxTs, they will be able to trade them for carbon-friendly goods and services, other digital currencies or reward programme points on the CarbonX platform.

Joseph Lubin, Co-Founder of Ethereum and Founder of ConsenSys, said:

“As one of the fastest growing companies working on Ethereum, a platform that is poised to reformat how the world organizes itself, ConsenSys is committed to enabling technologies to be built that will facilitate attention to externalities like pollution and critical new foundations like sustainability.

“CarbonX has the potential to incentivize behaviour that contributes to environmental sustainability, and is an excellent example of Ethereum-based technologies poised to make positive change.”

More information on the project can be found on its website.

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