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Plastiks

Dmitri Volosiuc09 mins
Plastiks

Regulation

The Plastiks business model consists of offering verification, validation, and certification services resulting in the issuance of plastic credits for verified recovery entities. The funding should provide additionality – the recovery of additional plastic through a roadmap (sustainable impact project). Plastiks’ methodology is adaptable to various regions and operational scales. Currently, recovery entities are active in 20 countries.

Plastic credits can be purchased by companies and individuals, allowing them to boost brand value and share positive environmental impact data, including in non-financial reports. Plastiks also anticipates an expansion of its buyer base with the introduction of regulations mandating plastic recycling, which would increase demand for plastic credits. Possible regulatory developments include:

  • EU Anti Greenwashing Legislation 
  • Global plastics treaty
  • Local Extended Producer Responsibility (EPR) schemes, including Directive (EU) 2019/904 of the European Parliament and of the Council of 5 June 2019 on the reduction of the impact of certain plastic products on the environment.

Current buyers of plastic credits include Barcelona Football Club (FCB), Danone (Spain), and Bayer Leverkusen (Bayer 04). The full list of buyers is available at Plastiks Marketplace.

Steps to Become a Verified Recovery Entity

To issue plastic credits, entities must follow these stages:

Step 1: Defining the Process and Roadmap

  1. Initial Agreements and Fee Payment:
    • Sign a Non-Disclosure Agreement (NDA) to ensure confidentiality.
    • Sign a Supplier Agreement to clarify roles and responsibilities.
    • Pay a certification fee to initiate the process, underscoring commitment to timely execution.
  2. Roadmap Development:
    • Define operational processes and create a roadmap focusing on:
      • Social Impact (e.g., providing medical insurance, building schools, supporting entrepreneurship).
      • Environmental Impact (e.g., beach cleanups, ecosystem restoration, renewable energy integration).
      • Operational Impact (e.g., upgrading machinery, improving logistics).
    • Develop up to three roadmaps aligned with sustainability objectives.

Step 2: Accreditation Questionnaire

  1. Data Collection:
    • Collect legal, financial, and operational data via an Accreditation Questionnaire.
  2. Eligibility Assessment:
    • Evaluate documentation and issue an Accreditation Report. Eligible companies receive a certificate valid for one year.
  3. Certification Maintenance:
    • Adhere to roadmap milestones and provide regular updates.
    • Notify Plastiks of significant changes and renew certification annually.

Step 3: Platform Integration and Blockchain Technology

  1. Digital Profile Creation:
    • Create a public profile showcasing the company’s logo, assets, and roadmap details.
  2. Issuing Plastic Credits:
    • Issue plastic credits based on verified efforts aligned with roadmap goals.
  3. Blockchain-Based Tracking:
    • Record each credit on an immutable blockchain ledger to ensure traceability and security.
  4. Impact Reporting:
    • Generate blockchain-backed Impact Reports summarizing achievements.
  5. On-Site Verification:
    • Conduct in-person audits through accredited verifiers.

NFTs and Marketplace

Plastiks’ plastic credits are technically NFTs (Non-Fungible Tokens), certifying ownership and authenticity. They cannot be traded once bought, representing an immutable amount of recovered plastic. They are used as a digital receipt to guarantee that a certain amount and certain type of plastic waste has been recovered and recycled. 

Plastiks’ marketplace enables purchasing plastic credits (Marketplace) that have been issued (minted) after having gone through the verification process.

Purchase Workflow

  1. The allocation of funds are as follows: 80% of the total funds generated from the sale of the plastic credit are designated for direct implementation and support of a roadmap linked to a Recovery Entities. These Recovery Entities are likely organizations, initiatives, or projects focused on environmental recovery, waste management, and recycling efforts. Their role is pivotal in executing the on-the-ground activities necessary to achieve the roadmap’s objectives, such as cleaning up plastic waste, processing recyclable materials, and promoting sustainable practices. 
  2. The remaining 20% of the funds are allocated to Plastiks for several critical functions that support and enhance the overall effectiveness and transparency of the roadmap. Plastiks is responsible for:
    1. Verification: Ensuring that the funds are used appropriately and that the activities carried out by the recovery entities are aligned with the roadmap’s goals. This involves checking that the projects are delivering the intended environmental benefits and are operating efficiently. 
    2. Auditing: Conducting regular audits to provide an independent assessment of the financial and operational performance of the recovery entities. This process helps in identifying any discrepancies, ensuring accountability, and maintaining financial integrity. 
    3. Technology: Developing and maintaining the technological infrastructure required for tracking, reporting, and optimizing the recovery activities. This could include creating platforms for data collection and analysis, tools for monitoring environmental impact, and systems for ensuring transparency and traceability of the entire process. 

Under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework, the PLASTIK token is categorized as a utility token, serving as a payment traceability tool within the Plastiks platform. Plastic Credits which are technically NFTs and serve as a receipt for plastic recovery and collection are excluded from direct regulatory oversight under MiCA.

Blockchain Technologies

Plastiks currently uses the Celo blockchain and recently won a grant from Project Catalyst (600,000 ADA) to expand to the Cardano blockchain. 

Celo Explorer.

Coin market cap.

Plastiks token statistics are available on Dune Analytics.

Team, Investments, Marketing, and Community

Plastiks has raised $650,000 ADA for its transition to Cardano.

Social Media:

The Plastiks token is traded on the following exchanges:

Current Investment Attractiveness

Plastiks tokens can be staked with APR ranging from 7.54% to 15%. Plastic credits and collectible cards are not investments but serve sustainability goals. Staking is available at Plastiks Staking.

Areas for Improvement

Specific recommendations are not available at this time. However, the project shows dynamic development. Its success will largely depend on marketing strategies to attract buyers and the introduction of mandatory plastic recycling regulations.