An alliance of crypto companies is introduced Tokenized carbon credits for citizens to offset the amount of carbon dioxide they contribute.
According to an announcement dated December 1st The Universal Protocol Alliance or UPAlaunched a tradable carbon token on a public chain. UPA stated that cryptocurrency users can “burn” the universal carbon token, UPCO2, to offset your carbon footprint. However, you also have the option to save or trade the tokens like any other digital asset that Uphold uses, a major US cryptocurrency wallet and trading platform that is also a member of the UPA.
A UPCO2 token represents a verified project in the jungle that reduces its carbon dioxide emissions by one ton per year. The alliance uses digital certificates from Verra, an international standards agency this enables certified projects Convert your greenhouse gas reductions into tradable carbon credits.
The President of the UPA, Matthew le Merlesaid:
“The projects that we support by purchasing emission certificates prevent deforestation in the Amazon region, the Congo Basin and Indonesia as well as in other threatened rainforests. In a key time for climate change, UPCO2 enables people of all The world is good for the planet and doing itself possibly good. “
According to reports, the voluntary carbon credits that support these carbon tokens “You should get the same price everywhere at some point”, since what they represent – a ton of carbon a year – is measured in the same way for every company that wants to offset its carbon footprint. The “US Dollar Denominated, Recognized, Fungible, Perennial Assets” should maintain their option value until they are used. Le Merle said:
“Combine a digital asset with a carbon offset from the rainforest and offer access to everyone in the world. How could it not be a great idea?”
Some companies have developed token carbon credits and blockchain solutions for the environment when the threat of climate change looms. The International Chamber of Commerce announced this in April would work to bring more liquidity to the carbon market through the use of blockchain technology.
The UPA is a coalition of crypto and blockchain companies that aim to accelerate the adoption of blockchain technology as the leading financial technology.. It includes organizations such as Bittrex Global, Cred, Uphold, Ledger, CertiK and Infinigold.