CarbonLink -- A Cross-Chain Marketplace for Renewable Energy Credits
CarbonLink is a decentralized platform that aims to strengthen global climate action by creating the infrastructure for an open and transparent market for renewable energy credits. At its core, CarbonLink utilizes blockchain technology and trusted oracles from partners like Chainlink to accurately issue, track and trade tokenized representations of megawatt hours generated from sources like solar, wind and hydropower.
By minting renewable energy credits on supported blockchains like Ethereum and Polygon, CarbonLink brings transparency around the generation of each MWh and verifies its environmental integrity. Credits can then be freely exchanged on the platform by energy producers, large consumers fulfilling sustainability mandates, utilities, and decentralized finance investors. For interoperability, CarbonLink credits leverage the Chainlink Cross-Chain Interoperability Protocol to be natively bridged across ecosystems.
On the technical side, CarbonLink's smart contracts rely on Chainlink oracles to retrieve off-chain IoT sensor data from renewable plants, securely timestamp on-chain credit issuance and provide proof of burn upon consumption. This oracle infrastructure is crucial to CarbonLink's ability to bring trust and reliability to transactions involving real-world energy metrics.
While the current pilot demonstrates CarbonLink's minimum viable product, the team has even bigger ambitions - their long term vision is to develop the platform into the globally dominant market for tokenized renewable energy. They aim to partner with more IoT networks, integrate machine learning to optimize generation forecasting, and build customizable financial products on top of CarbonCredits. With continued support, CarbonLink hopes this initial MVP is just the starting point for a project that helps transform our energy systems at a planetary scale.
Where is Chainlink used?:
Chainlink functions: We are establishing the capability to retrieve data and dynamically assign a "risk rating" to a non-fungible token (NFT) representing a carbon credit, leveraging the functionality provided by Chainlink functions.
Chainlink CCIP: We added the idea of using CCIP to have interoperability across the multichain. Despite the current limitations of the CCIP code, we are looking forward to integrating out Carbon Link token
There are two concepts of the project: the owner and the user. The owner is allowed to mint the CarbonLink token, mimicking real-world usage of the carbon credits that anyone can onboard, like metricTonsCO2, greenhouse gas type, and the standards. The owner can also retire the token. The user can buy carbonLink and access multiple data of the carbon.
GitHub Repository: https://github.com/sameerdewan/hackerhouse-2023