#The21 is 21CRYPTOS Magazine‘s flagship feature – a rundown of the most interesting projects to watch in the month ahead. For January’s cryptocurrency and ICO analysis we feature, we look at Poseidon Foundation, which rewards users with Carbon Credits for lowering their Carbon footprint and helping the environment.
Poseidon Foundation In brief
Through its reduce platform, the non-profit Poseidon Foundation is using blockchain technology to rebalance the climate impact of any product or service, in real-time, at the checkout.
Carbon credits are received in return for offsetting one metric ton of carbon dioxide emissions. Through these carbon credits, organisations can negate their climate impact or even become “climate positive”.
reduce will link retailers and customers directly to forest conservation projects, allowing them to make micro-donations that offset the climate impact of their products.
Poseidon Foundation’s Standout Features
Initially, Poseidon is focusing on the retail market in order to maximise positive environmental impact. When a consumer buys a product from a retailer using the reduce platform, Poseidon’s Footprint-AI engine will automatically work out the carbon footprint of the item. The user’s OCEAN and CARBONCREDIT cryptocurrency tokens will then be used to fund an Emission Reduction project with an exact amount required to offset 110% of the product’s footprint – making the purchase climate-positive.
Poseidon is also working on a consumer mobile app that details the carbon footprint of their purchases, and the positive impact of the carbon credits they have acquired. It is hoped that an achievement sharing feature within the app will promote wider use and increase the positive impact potential.
Where Blockchain Technology Comes In
Poseidon has opted to build on the Stellar network because it has “an architecture that uses far less electricity and offers significant environmental advantages”.
The Poseidon whitepaper explains that its systems will interact with the Stellar blockchain through a RESTful API called Horizon. “This allows us to build hundreds of variations of software that sit outside the blockchain to perform complex tasks that satisfy global carbon market requirements. The outcome of these operations, the available amount of carbon credit in a specific emission reduction project for example, is then published to accounts on the Stellar network”.
Poseidon Foundation Token Metrics
Two Stellar assets; OCEAN and CARBONCREDIT, will be used on the reduce platform. CARBONCREDIT represents one ton of carbon credit as purchased from a real emission reduction project for a particular year. OCEAN is used for speedy payments and is the only means of purchasing carbon credits on the reduce platform.
OCEAN can be purchased during Poseidon’s token sale and has a fixed supply of 36 billion. 50% is available to buy through the token sale, 30% will be locked up in a liquidity pool for the sole use of the reduce platform, and 12.5% will be allocated to the Poseidon Foundation to support the growth of the platform. The remaining 7.5% goes to the Poseidon team and its advisors but all are subject to a vesting period and daily selling limits – to protect the interests of regular investors.
Who’s On The Poseidon Foundation Team?
Laszlo Giricz, Founder and CEO counted JP Morgan Chase, Deutsche Bank and UBS as clients during his time as a business and technology expert for some of the world’s largest investment banks. Chidi Akutu, COO, secured over $100,000,000 in partnerships during his 12 year stint as Accenture’s UK Trading Platforms Business Lead.
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