By Team Techweek
20 May 2021
What a week it has been for the CENNznet team! With the network’s NFT runtime module almost ready for mainnet it was the perfect opportunity to get our partners at CarbonClick involved in the journey.
Despite their trending reputation, on a Proof of Stake blockchain (like CENNZnet) NFTs offer an energy-efficient and agile way to help environmental focused projects like CarbonClick. But harnessing this brand new technology for the non-profit sector was going to be a novel challenge.
The result was a full day of hacking for the CENNZnet and CarbonClick dev teams. The aim, to create NFTs and blockchain infrastructure for the CarbonClick mission in just 8 hours! Here’s what was achieved:
There were 2 distinct challenges the CarbonClick team were hoping to solve with NFTs:
But before the teams got underway CarbonClick also set up the CENNZnet’s first green Validator node. This developer node will be run by the CarbonClick team and all CPAY rewards earned will be distributed to green projects worldwide.
Taking on the first challenge was Team Kenya. They set about building a solution for using NFTs to raise funds for the local Kenyan initiative: One Source of Victory Self Help Group. Among many other important community activities, the One Source of Victory group empowers youth groups in diversified activities including Environmental conservation. CarbonClick began funding them a few months ago, and their achievements have already been very impressive.
Using NFTs the team found a way to raise a constant stream of funding for the One Source of Victory group and which can be applied to other similar local projects.
Photo broken up into 4 NFTs
Each NFT contains within its information:
When you own one NFT of a set you can see your section alongside a greyed-out version of the parent image.
Each NFT is programmed so that:
By using NFTs, the team has found a way to provide an easy and secure mechanism to raise funds for local environmental groups. The division of sale proceeds is programmed into the NFT on the blockchain, so it is impossible for any person or organisation to divert funds away from the intended project. Users also have full visibility over where each portion of funds goes, essentially creating a trustless donation.
Awesome work team!
Team Carbon Pool had a different challenge on their plate. Taking on the second objective, the team were charged with creating an on-chain system where users could buy verified carbon credits to either sell or sequester them.
This sounds a lot simpler than it is. In order to succeed the team needed to create a fully decentralised structure where genuine carbon credits could be minted, trusted by the community and then bought by individuals who could either sell them on, or sequester them (take the carbon out of the system).
6. Sequestering carbon credits: A user can sequester their carbon credits on the chain, symbolising that the carbon has been taken out of the atmosphere. To do this they send their purchased carbon credits to the Sequester Wallet. This is a wallet on the chain which no one has access to, meaning all tokens in this wallet are essentially outside the system and can never be used again.
This whole process is summed up in the diagram below:
Congratulations to both teams! They pulled together some super creative ideas and all of the tech behind it in an impressively short period of time.
Their work highlights just how many opportunities there are for NFTs in the real world. Not only are they fantastic digital collectables, but they also allow for secure, transparent streams of revenue or blockchain supported stamps of authority.
As more of our runtime modules go live, we are looking forward to more hackathons and joint ventures to create some super cool case studies. Stay tuned for what we do next!
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