2021 is the year when the world has become more aware than ever of the importance of green energy production, reducing carbon footprints — and the need for clearer and bolder action from socially responsible companies and individuals.
The Paris Agreement has committed its signatories to limit global warming to 2℃ and to achieve Net Zero Carbon levels by 2050.
These kinds of initiatives have sparked an urgent need to develop a globally accessible, easy-to-use system that can track and reward CO2 offset by individuals and companies. Because, to put it bluntly, saving the planet needs to become profitable if it is to succeed.
Restart Energy Democracy’s Tokenized Carbon Offset System
RED’s CEO Armand Doru Domuta is CEO of the energy supplier Restart Energy One and head of the Romanian Blockchain Association. From his unique vantage point, he directed the creation of RED: a new way for companies and individuals to start making a real difference to their carbon footprint.
Restart Energy Democracy is now unveiling a blockchain-based platform and an innovative process that allows companies to acquire sustainability certificates. These certificates prove the parties’ contribution to the support of green energy producers. In the future, organizations will be able to propose their schemes.
The carbon offset system uses nonfungible tokens (NFTs) to represent green energy production certificates of origin (REO-G) and ERC-20 tokens (GTK) to represent carbon credits.
RED’s membership token is MWAT (ERC-20) and it must be staked to access certain platform features. Its supply is fixed and therefore users who hold RED are incentivized to recruit others to the platform to increase demand and the MWAT price.
These features will be available on Restart Energy Democracy’s new Platform, slated for launch on Oct. 1, 2021.
Traditional carbon offsets are out of reach for many companies and individuals but on the RED Platform, anyone can have access to our carbon offset schemes and even create new Sustainability Schemes of their own.
RED’s first sustainability scheme is for carbon offset. It incentivizes individuals and companies to consume green energy by giving them carbon credits represented by GTK tokens (ERC-20). GTK are minted and transferred to the user’s wallet when they provide the evidence required by the scheme rules. Owning one GTK carbon credit means that you have avoided the release of 1kg of CO2 into the atmosphere. Users can burn GTK in exchange for a sustainability certificate or sell them to other users who want to offset their own carbon footprint.
The guarantees of origin for renewable energy producers are minted as ERC-721 NFT tokens called REO-G. Owning just one REO-G token means you can rest assured that you have helped stop approximately 750kg of CO2 emissions from being released into the air in the European Union.
Claims for GTK and REO-G will be verified against scheme rules by a pool of anonymous validators and minting events are recorded immutably on RED’s Zalmoxis blockchain.
GTK and REO-G tokens can be bought and sold on the RED Exchange and burned to create incontrovertible Sustainability Certificates on the Zalmoxis blockchain. They can be held in the RED Exchange wallet or transferred to third-party wallets such as Metamask.
The RED Franchise
The carbon industry is highly centralized and RED offers a complementary route to net-zero that embraces decentralization. Anyone can purchase a franchise and broker electricity, sell sustainability certificates and help organizations create their sustainability schemes.
The franchise system lets companies and individuals start sustainable businesses with ease. The RED platform will provide all the tools franchisees need to manage clients, accounts, and offers – giving them the freedom to focus on making sales and creating wealth.
Franchise owners will play an important role in:
- brokering electricity (where available),
- helping customers analyze and reduce their carbon footprint,
- optionally validating claims for GTK and REO-G,
- helping companies launch their own tokens and sustainability schemes.
When a user purchases a RED franchise, they receive a V-LEC NFT token that contains the information specific to their franchise. When they want to sell their successful business, they simply sell their V-LEC NFT to another user.
You can share in our success by buying the MWAT token (ERC-20) on Kucoin or the RED Platform, but we would rather you join us and helped us on our mission by downloading our app (Android, iOS) or applying for a franchise or suggesting a sustainability scheme.
About Restart Energy Democracy (RED)
RED is a spin-out from Restart Energy which is a Romanian energy and gas supplier that has experienced rapid growth since its entrance into the supply market back in 2015. The company is part of the Armand Group, which has been active in the renewable energy market since 2009.