ECO2 Ledger: Linking the Global Carbon Market
Carbon-Neutral Carbon Trading
ECO2 Ledger makes carbon markets more accessible, transparent, and efficient by implementing peer-to-peer carbon trading that is tamper-proof and secure way to store carbon assets. Furthermore, transaction fees on ECO2 Ledger are used to purchase carbon credits that keep the network carbon neutral.
Decentralized Network Governance
Users are incentivized to actively participate in the governance of ECO2 Ledger and can vote to elect 39 validator nodes that produce blocks every 6-12 seconds according to a Nominated Proof-of-Stake (NPoS) consensus mechanism. Voters and validating nodes are rewarded for their participation and network operations with the ECO2 token.
Blockchain-based Carbon Credits
Organizations and enterprises can create blockchain-based carbon credits, which are reviewed by ECO2 Ledger’s Carbon Credit Review Committee to ensure the authenticity of the data sources and the validity of the carbon credits. These credits are also programmable, enhancing their applications in decentralized carbon finance.
ECO2 Ledger’s Consensus Mechanism
ECO2 Ledger has a total of 39 validator nodes that package, validate and record on-chain transactions, create and validate blocks, and perform other on-chain operations. By using Nominated Proof-of-Stake (NPoS), ECO2 Ledger can handle 3,000 to 5,000 transactions per second.
Any ECO2 token holder can become a validator node candidate or participate in voting, which occurs every 30 days. One ECO2 token represents one vote and the 39 nodes with the most votes are considered validators in the follow cycle.
The total issue of ECO2 tokens is constant at 300 million, of which 50% (150 million) are distributed as block rewards. One block on ECO2 Ledger is produced every 6-12 seconds and each block initially yields 2.7 ECO2 tokens. According to the block rewards schedule, total distribution will take about 30 years to complete.
60% of block rewards are directly distributed to the 39 validator nodes that successfully generate blocks. For each election cycle, the 195 users who cast the most votes for successfully elected validators receive a portion of the remaining 40% of block rewards. Rewards are distributed according to the proportion of the votes.
Features of ECO2 Ledger
ECO2 Ledger uses the same underlying Substrate architecture as Polkadot. With strong compatibility and interoperability, ECO2 Ledger’s ecosystem is not limited to its own, but can link all systems and share all users among broader blockchain ecosystems to further promote decentralized carbon finance.
Individuals own their own blockchain-based carbon wallets and can hold carbon credits to participate in global carbon trading with access not granted by traditional carbon trading systems.
Carbon neutrality data is recorded and viewable on ECO2 Ledger, enhancing the credibility of global climate action. In addition, ECO2 Ledger’s carbon footprint is offset to achieve a carbon-neutral operation of the network.
Programmable carbon credits are a new form of economic interaction created by ECO2 Ledger and made possible through blockchain technology. With the help of the programmable carbon credits, any enterprise, organization or individual can develop a decentralized application (DAPP) linked to ECO2 Ledger to expand the potential applications of a decentralized carbon finance ecosystem.
The MyCarbon App is the first mobile application developed and launched by ECO2 Ledger, tailored for individual participation in carbon neutrality. Through MyCabon, users will be able to directly trade carbon credits on ECO2 Ledger, while also receiving rewards for demonstrating climate knowledge and building environmentally-conscious online communities.