Press Release
Press Release Coorest, a polygon-native project, is the first block with fully certified standards for carbon compensation on-chain chain project. Anyone with an internet connection can compensate for their carbon footprint, thereby demonstrating that the newly certified Coorest Carbon Standard (CCS) is a superior alternative to other existing standards.
As a result of the new standard, all activities related to carbon compensation must be implemented through the blockchain. This ensures that all steps of the carbon compensation process are visible at all times and that the process is transparent.
Floodlight Chainlinknode introduces a new level of accountability by monitoring carbon capture projects via satellite and verifying the carbon capture process with satellite data. This capability ensures that actual carbon capture is proven and that Coorest’s carbon tokens are verifiably backed by the CO2 absorbed. In addition, the standard guarantees the additionality of Coorest’s carbon tokens backed by the absorption of CO2. Before examining the details behind CCS, it is essential to understand that it is a legitimate methodology for carbon compensation.
It must be certified by an official UN auditor
CCS is certified by certified by Earthwood an official UN auditor; Earthwood recognizes Coorest’s CO2 tokens as a valid carbon compensation method.
The CCS methodology includes strict rules for carbon capture projects. Among them are requirements for the additionality of carbon capture. Carbon capture projects can only trait carbon from newly planted trees that respect local biodiversity. Therefore, native tree species should be planted and the use of exotic species is strictly prohibited.
Finally, carbon capture projects should be subject to regular satellite monitoring and agree that their carbon capture can only be used as carbon compensation in the form of Corest CO2 tokens.
Carbon compensation secured by smart contracts
Smart contracts are blockchain programs that run automatically when certain conditions are met. For example, Coorest’s carbon tokens are minted by smart contracts. This is done to ensure that carbon tokenization is secure and that all carbon tokens are backed by carbon capture.
There are two main requirements for Coorest’s smart contract to mint carbon tokens: satellite data and CO2 absorption calculations.
The CO2 absorption calculations performed by Coorest’s scientific team are the first condition for casting carbon tokens. These calculations are manually entered into a smart contract in a well-documented process. They take into account soil type, tree type, climate, and geography of the carbon capture project to determine the rate at which it will produce carbon tokens.
Carbon capture verified by satellite monitoring
The second prerequisite for casting carbon tokens is satellite data. This is the result of Coorest’s recent partnership with Floodlight and integrated with Chainlink
Floodlight tracks and monitors all carbon capture project trees approved by Coorest. Data is collected and sent to Corest’s smart contract via the Chainlink network.
When a project is onboarded, Floodlight takes a “snapshot” of its tree and uses it as a reference. Floodlight then performs a monthly biomass check via satellite and compares that data to the initial “snapshot”. This monthly biomass check is done to ensure that the trees are present in the carbon capture project. They will continue to absorb carbon at a rate determined by Coorest’s scientific team. Additionally, the smart contract will stop generating carbon tokens if too many trees die or are removed from the carbon capture project. This ensures that Coorest’s carbon tokens are backed by effective and continuous carbon capture.
The satellite verification of carbon capture and the integral use of smart contracts provide unparalleled transparency and accountability to Coorest’s carbon compensation methodology. The approval of the Coorest Carbon Standard is a major milestone for Coorest. But it is also an event that will have a tremendous impact on the carbon market.
About Coorest
Coorest provides a transparent and traceable blockchain-based Web3 solution that allows companies and individuals to CO emissions by helping them compensate for their emissions.
As the first web3 project with an officially certified blockchain carbon standard, Coorest is committed to creating a global, unbiased, transparent compensation solution with blockchain technology at its core. 100% traceable CO 2compensation solution and decentralized platform, Coorest aims to disrupt and innovate carbon compensation solutions.
For more information on Coorest, please visit visit coorest.io or follow us on our social media channels.
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This is a press release. Readers should exercise their own due diligence before taking any action related to the advertised company or its affiliates or services. or for any damage or loss caused or alleged to be caused, directly or indirectly.
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