The first ZeroCarbon token transaction was executed across EtherDelta decentralised exchange today involving 100 tokens at USD0.50. The tokens were purchased on behalf of UK energy supplier Bulb Energy who was searching for ZeroCarbon tokens to pay the transaction fee after winning the business of one of our trial household consumers.

The token seller was Zero Carbon Project who sourced the tokens from their liquidity reserve. This reserve was established to meet early demand for ZeroCarbon tokens in the scenario we find ourselves in now, where there is an over-demand for ZeroCarbon tokens relative to supply.

This transaction was required following Bulb Energy’s success in the Zero Carbon Market trials announced in an earlier Medium article https://medium.com/zero-carbon-project/zero-carbon-customers-earn-generous-rewards-as-early-adopters-in-pre-launch-trial-e9db35613504 .

In addition to the transaction for Bulb, The Co-Op also purchased 100 tokens. In Australia, Energy Locals had to purchase 200 tokens to pay their transaction fees for two new household customers.

Todays ZeroCarbon transactions across EtherDelta

Demand for ZeroCarbon tokens for transaction fee payment

The transaction fees were calculated to at USD50 based on a deemed household consumption of 5,000 kWh/year and a USD0.01/kWh transaction fee. In order to pay this $50 transaction fee, the energy suppliers had to purchase 100 ZeroCarbon tokens (ZCC) based on an offer price of USD0.50/ZCC equal to 0.0022124 ETH/ZCC and a USD226/ETH.

EtherDelta transactions

You can see the transactions executed on EtherDelta https://etherdelta.com/#0x6737fe98389ffb356f64ebb726aa1a92390d94fb-ETH

The market is offering to sell ZeroCarbon tokens at USD0.50 and their only marginally lower bids on behalf of the energy suppliers positioning themselves to purchase cheaper tokens for future transaction fees.

Payment of transaction fees to smart contract

Having sourced their ZeroCarbon tokens across EtherDelta, Bulb Energy, The Co-Op and Energy Locals then settled their transaction fees by paying the ZeroCarbon tokens into the Transaction Fees smart contract.

At the end of the week, the Transaction Fee contract follows an algorithm to recycle up to 70% of the fees to top-up the consumer rewards pool. The remaining fees are paid into a payments multi-sig contract to cover costs, with the remaining split 75% profits and 25% are burnt.

Energy supplier crypto transaction experience

Note that these transactions were all managed by Zero Carbon Project. We are selling ZeroCarbon tokens to energy suppliers at USD0.50/ZCC from our liquidity reserve.

In addition, we are managing the crypto transactions for energy suppliers including purchasing ZeroCarbon tokens to pay their transaction fees. The successful energy suppliers pay fees using GBP and AUD and we convert into ZeroCarbon tokens. Our energy supplier participants want to participate in Zero Carbon Markets, but initially prefer us to manage their token transactions.

Rewarding consumers for tackling climate change and early adoption

A separate article will be published to finalise this end-to-end transaction trial process which also demonstrates how the four trial consumers earned ZeroCarbon tokens as rewards.