Coorest has raised funding from Chainlink and by selling CRST tokens through an Initial DEX Offering (IDO). The Chainlink grant should help Coorest create a decentralized application for carbon trading and offsetting, and a satellite-based global biomass monitor. The IDO raised 450,000 USD, which should be used to further develop the Coorest platform and market its services.
Coorest developed its own carbon credit standard, called the Coorest Carbon Standard (CCS), for issuing carbon credits in the form of $CCO2 tokens. The standard was certified by a carbon auditor, Earthood, and uses satellite data from the partner Floodlight to monitor the availability and quantity of biomass in afforestation and reforestation projects. This data is sent to Coorest’s smart contracts via the Chainlink network, and $CCO2 carbon tokens are issued, representing the absorption of 1 kilogram of CO2. Tokens are credited to the initiator of the climate project, who can then sell them.
Proof of Carbon Compensation (PoCC) certificates are non-fungible tokens (NFTs) that are issued by Coorest when a $CCO2 token is burned. The PoCC contains information about the date, amount of CO2 compensated, name of the compensator, and reason for compensation. It is sent directly to the compensator’s wallet and is stored on the blockchain, which guarantees its authenticity and immutability.
It is also possible to buy NFTrees, which are non-fungible tokens (NFTs) linked to real-world trees already generating carbon tokens ($CCO2). There are two batches of NFTrees:
- The Fruit-bearing NFTrees are fruit trees (pomegranate and fig trees). Holders of Fruit-bearing NFTrees can receive rewards from the fruit sale jointly with $CCO2 tokens.
- The Forest NFTrees are trees planted in forests.
Conclusion
The project is not valuable for private climate investments. The prospects of the project were related to the demand for $CCO2 carbon tokens produced. This demand was absent, and as a result, there was no demand for parts of the climate project in the form of NFTrees. Currently, the Coorest tokens (CRST) are not on sale, and the liquidity pool is closed.
