The University of Cambridge is building a decentralized carbon credit marketplace on the Tezos blockchain.
The newly launched Cambridge Centre for Carbon Credits, or 4C, is to “establish a global framework to issue trusted carbon credits that can finance independently, verifiable and accountable nature-based solutions” that will support projects like rainforest conservation and reforestation, said Anil Madhavapeddy, an associate professor of computer science at Cambridge, at the project’s launch
And, Madhavapeddy said, Tezos’ XTZ cryptocurrency is widely available on exchanges around the world. This is important, he said, because it’s “remarkably difficult” to cheaply convert donated funds into the local currencies small landowners need.
“We have to make sure that any schemes we fund can be supported over the course of decades and Tezos is unique among blockchains in that it supports a built-in self-amending mechanism via distributed governance … This means that the technology we choose will not be left behind, but it will continue to evolve and grow with the needs of the transactions happening with the network, which as I mentioned before, I hope will dramatically increase as the size of the voluntary carbon officer market increases over the next decade.”
– Anil Madhavapeddy