Abstract

Carbon footprint and related adverse effects on climate change has been one of the most important problems in recent years. Although there has been many projects to decrease carbon footprints and adverse effects of climate change, many of these projects fail to make a significant impact. At least, until now. Poseidon will handle carbon footprint from another perspective and integrate power of blockchain to minimise and reverse climate change.

Problem

Climate change is a global problem that need participation of anyone around the world. With increasing consumption, our carbon footprints are also increase. These carbon footprints are causing climate change which is about to enter an irreversible course.

As the consumption increases, we are leaving more carbon footprint on Earth. For example, petroleum products have a large negative impact on climate. We need to fix this problem together.

How Were Previous Attempts?

One of the most significant attempt to stop climate change and fight against increasing carbon footprints of people, Paris Agreement was signed between countries. The purpose was to create a carbon neutral environment. However, all those previous attempts to handle climate change and carbon footprint fail to present a measurable impact. It is especially impossible to measure individual carbon impacts. But, to tackle this problem, we need to know our individual carbon footprint and create a corresponding counter carbon credit. Only this way, we can create an effective mechanism to solve this problem.

Carbon Credit

Carbon credit corresponds to what a carbon emission projects needs to reverse the effects of one metric ton of carbon dioxide. So, this credit is actually what we need to offset our carbon footprint. For example, if we have two metric ton of carbon dioxide carbon footprint, we would need 2 carbon credits to reverse our effect.

What Does Poseidon Do?

In the most general sense, Poseidon will offer you to buy carbon credits. These carbon credits will only be land-based. Also, these carbon credits need to be certified by Verified Carbon Standard (VCS) and the Climate, Community and Biodiversity Standard (CCB). Poseidon carbon credits enables us as individuals to measure our carbon footprint. This way, we can offset our footprint and even make a positive impact. How can we do it?

Operation Principle

At the beginning, Poseidon will enable participants to minimise their own carbon footprint. To do that, we need to know the value of carbon footprint we generate in a year. With current methods, it is impossible to know the exact value. Although we can make a rough calculation, this rough calculation will do us no good as we need exact values to make a change.

Poseidon platform will at first link retailers and consumers to make a change and impact. Retailers will attach a certain carbon credit value to their products and/or service. This carbon credit value on each product and/or service will represent the carbon footprint of that related product and/or service.

On the consumer side, consumers will connect to forest conservation projects with these carbon credits offered by retailers. When a consumer buys a product and/or service, that consumer will also make a micro-donation to one of those forest conservation projects. These micro-donations will be in the amount of carbon credit presented for certain products and/or services by retailers.

All this system will be governed on blockchain enabling transparency and trackability. Since the main problem of current forest conversion project is transparency, Poseidon platform will solve this issue with blockchain technology.

When retails offer carbon credits to consumers in this way, both consumers and retailers will have the chance offset and even reverse the adverse effects of carbon footprint.

What Is Forest Conservation Project?

Forest conservation projects are projects offered to minimise the effect of climate change by decreasing the effects of carbon footprint. This is a type of carbon credit project like some of the renewable energy projects. The idea behind this project to preserve the existing forest to reduce the impacts of carbon dioxide release. All forest conservation projects included on the platform will be strictly evaluated by Ecosphere+. This way, the platform will support high quality projects that has real impacts to reduce the negative effects of carbon footprint.

Poseidon Token and Platform

Poseidon platform will be built on Stellar blockchain. This blockchain is selected since it enables high scalability for a project as big as this one. Also, Stellar consumes less electricity compared to other counter parts. This and other environmental advantages are in line with the objective of Poseidon projects.

Poseidon platform will have tokens called OCEAN or Ocean Token. OCEAN will enable participants to purchase token on platform. OCEAN will be purchased from Poseidon platform, secondary markets, or by retail integration. This will be the first step of carbon credit purchasing.

There will also be CARBONCREDIT tokens in the platform. Ocean Tokens will be converted into these CARBONCREDIT tokens where 1 CARBONCREDIT will represent one ton of carbon credit. These credits will be used for forest conversion projects and measure the impact of participants.

Platform will engage with customers via mobile app. Retailers and other participating parties such as traders, corporations, and governments will create their carbon credit for their service and/or products. After creating carbon credits, the process will follow initiated, validated, verified, attached, and retired steps. These steps start by adding the project on blockchain and purchasing a product that triggers offset.

Back End Processes

In addition to front end part where consumers and retailers interact, the project will also have a strong back end mechanism. There will be artificial intelligence for this part. Artificial intelligence will ve in the forms of footprint artificial intelligence and offset artificial intelligence. Footprint one will track the carbon footprint of participants of the platform. Offset one will channel the funding raised by participants to related forest conservation projects. By integrated work of footprint and offset artificial intelligence. Poseidon will be able to offer a comprehensive approach to reduce carbon footprint.

Remarks

Poseidon will enable anyone around the world to reduce their own carbon footprint and reverse climate change by offering micro-donation option as carbon credits for each carbon footprint they leave.

For more details: https://poseidon.eco

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