Hello DECA community! 🤓
This economy recently acquired its first batch of carbon credits to use as a commodity for the platform. These credits have the Gold Standard quality and were acquired with the eco-green company First Climate. The 1,282 carbon credits were successfully canceled to avoid any double-spending problem, using OdbitDB technology.
How does DECA cancel carbon credits?
Similar to Bitcoin and other cryptographically generated currencies ‘mined’ by the concept of proof-of-work, DECA operates on a confidence test of the validity and unclaimed carbon credits. To ensure that the carbon credits entered onto the blockchain are valid, there is a constant (automated) revision of the credits. These evaluation serves to ensure the quality and the validity of the claimed credits. It is called DECA’s proof-of-trust consensus mechanism. This is where all the users that mine this currency guarantee, with their confidence, electronically sign the transaction, and corroborate that those canceled carbon credits are notarized in the name of DECA.
The OrbitDB importance
DECA uses this technology to solve the double-spending issue, the use of a voting mechanism (by stake) towards the most trustworthy canceled carbon credits is proposed. Each of the canceled carbon credits can be freely consulted by anyone.
At OrbitDB, anyone can see the specifications of each canceled carbon credit such as its registration number, its category, the type of credit (in this case Gold Standard), the country of origin, the price and the acquisition receipt. By doing this, you can be sure that all credits will be public and guaranteed by our global community.
Carbon credits commodity
Commodity money is characterized by having an intrinsic value, which means that the money would have value even if it is not used as money. The most common commodity money examples are gold, silver, or oil. DECA Token will develop a semi-stable coin, which is based on a certain percentage of canceled carbon credits (this will be the first project on doing it). The backup of the token will increase over time, starting from 5% and growing up to 20% over the next few years. See more about carbon credits as a commodity at our DECA Price Mechanism article.
What’s next?
DECA is launching its ICO soon!
DECA’s team is in the last preparation and is happy to announce its ICO launch in July. With the Ether raised in the ICO DECA will buy and cancel more carbon credits and develop the DECA Currency Platform 🥳
Also, you can be part of the new DECA Blogging Bounty Program where you can earn your first DECA tokens and be part of this decentralized economy.
