Restart Energy launches RED, a tokenized carbon offset ecosystem

Tuesday 5 October 2021 11:33 CET | News

Restart Energy, an independent supplier of electricity and natural gas on the local market, has announced the launch of RED, a tokenized carbon offset ecosystem.

The platform allows individuals, companies, and other organisations to calculate their carbon footprint and obtain tokenized carbon credits for their positive environmental actions, certified as NFT chips or non-fungible on the blockchain.

Every time someone plants a tree, clears a beach, consumes green energy, or takes any environmental action, they can register this action on the RED platform. Once the data is validated in the platform, the equivalent CO2 footprint is calculated and tokenized carbon credits are issued that can be used to buy green energy or to obtain the cash equivalent. At the same time, a company can obtain carbon credits in the form of green tokens for their customers, through unique QR codes printed on products or purchase receipts.

The platform offers to the renewable energy producers the possibility to certify the origin of the green energy produced on the blockchain also in the form of tokens called REO-G. These certificates of renewable energy origin can also be sold to companies on the platform. The companies can use them afterward to demonstrate their sustainability on the blockchain.

The RED platform is based on a blockchain technology called Zalmoxis, under the Restart Energy brand. The technology is an improved version of Ethereum that runs on PoS and PoA and solves the scalability issue. 

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Keywords: product launch, blockchain, supply chain finance, NFT
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Romania
This article is part of category

Banking & Fintech