Carbon Dollar, replacing electrical PoW with sequestered Carbon

WATERCOOLER
#1

Some thoughts:

PROS:

Creating the token off the blockchain is the easy part.

A carbon dollar will be internationally acceptable.

Value is in tons of sequestered carbon, the more tons sequestered, the more money there is.

Sequestered Carbon is a natural resource akin to oil reserves.

In a sense a Carbon credit is a Proof of Work. (Bitcoin model) Whereas Bitcoin PoW requires energy/electricity as its input, this model can work on tons of sequestered carbon.

How reach consensus and solve Byzantine Generals problem.

Ties in with the ESG thrust (https://www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp)

According to the UN Sustainable Development goals (https://sdgs.un.org/goals)

Challenges:

  • ensure the credits are locked to the blockchain, or burnt at token issuance
  • Issuance via an exchange
  • Where does the blockchain reside
  • PoS blockchain
  • Banks as nodes
  • Secure enough credits to cover Money Supply
  • Legal tender
  • Extractive industries to buy credits to offset

How to create the credits?

1/Public:

Hydro

National reserves and parks

2/Private:

Solar

Energy efficient stoves

Tree planting

Litter

Plastics and tyres

Regen ag

#2

Well, asking industries that are already polluting to buy these credits? Sure, it’s a way to offset stuff, but are they really gonna do it unless someone forces them? Even if they do, does it really cancel out the damage they’re doing in the first place? Kinda feels like a band-aid fix.

#3

the idea is cool on paper, but it feels like a tough one to pull off
tying $$ to sequestered carbon sounds great, but how do you make sure the credits are legit and actually tied to real carbon being stored? feels like it’d be easy for companies to cheat the system unless there’s some hardcore monitoring in place