The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Environmental problems have come to the forefront in recent years. Issues such as climate change and global warming have become significant as people see their effects. With flooding, wildfires and other natural disasters resulting from climatic extremities, it's now clear that greenhouse gas emissions must significantly reduce for the environment to function effectively.
In order to make the earth more sustainable, governments have put laws, policies, and goals in place. Industries and businesses are also embracing Environmental, Social, and Governance (ESG) criteria as they work to make their processes and products greener. While all these approaches are laudable, it's clear that there's a need to do more if the emission goals are to be achieved. One of the ways to achieve this is through carbon offsetting. This entails companies and individuals compensating for greenhouse gas emissions by investing or contributing to greenhouse gas reduction activities equivalent to their emissions. Restart Energy Democracy (RED) platform offers an innovative way to fast-track carbon emission goals through blockchain technology. It does this by incentivizing companies and individuals to reduce their carbon emissions.
How RED Platform Works
RED Platform is built around incentivizing sustainability to encourage individuals and corporations to take it more seriously. It's premised on the fact that people are more committed to something when it's profitable. Thus, making the earth a sustainable, profitable enterprise will encourage more people to work towards it. While carbon offsetting is a common method of reducing greenhouse emissions among industries, there are several issues with the current process.
The RED platform is designed to eliminate these issues and ensure the process of CO2 offsetting can be as transparent and effective as possible. It is for everyone from individuals to corporations and businesses to producers of renewable energy. For individuals and companies, the RED platform offers a system that easily reduces their carbon footprints by buying CO2 offset, green energy, and sustainability certificates. Individuals are also encouraged to adopt greener and sustainable practices to earn rewards on the platform.
Through the platform, companies will buy carbon offsets by contributing to renewable energy production and supporting green innovations from users. Moreover, since the whole process will happen on the blockchain, it'll be transparent, and everyone can confirm the validity of the whole process.
The RED Platform is authorized through a proof of stake blockchain, and specially trained decentralized third-party validators will be in charge of auditing and verifying the offset process. At the core of the offset process are two important tokens minted on the blockchain. These are REO-G and GTK tokens. REO-G tokens are certificates for origin for the producers of green energy. They are ERC-721 Non-fungible tokens, and owning one of them equates to offsetting 750KG of CO2. On the other hand, GTK tokens are the Green Tokens that'll be earned by users who perform green actions in accordance with the schemes on the platform. For example, owning 1 GTK represents offsetting 1KG of CO2 from the environment.
Who Can Participate on RED Platform
The RED platform is open to everyone interested in sustainable energy. At the core of the platform are the Green Energy Producers. The platform seeks to generate investments and support for renewable energy projects. Restart Energy, the company behind the platform, is a renewable energy supplier and producer itself, which means it's familiar with the industry and knows where things need to get better. Renewable energy producers can register their energy production on the platform and get a Certificate of Origin in the form of REO-G tokens.
Businesses and individuals can also start virtual sustainable energy businesses on the platform. They can do this by joining the RED franchise and raise awareness about CO2 offsets while attracting new customers to the platform. Beyond that, suppliers of green energy can connect their clients directly to the producers on the platform.
The last category of users on the platform will be the consumers of green energy. These are individuals and companies who want to offset their carbon emissions and fulfill their ESG goals. Users will earn tokens on the platform based on their green energy consumption and can sell them to those looking to offset their carbon emissions. Future upgrades will also make it possible for users to buy green energy directly on the platform.
“This is just the beginning and the first product on the platform. We are looking to expand with the first tokenized franchise business system, where the entire business is an NFT token that can be withdrawn or sold at a certain point. We are going to provide franchises the right blockchain tools to help companies tokenize their business needs and reach their sustainability goals.” -- Armand Doru Domuța, founder and CEO of Restart Energy.
All in all, the RED Platform will provide a safe, scalable, transparent, and convenient system to track CO2 offset by individuals and businesses. This replaces the current CO2 offset systems, which are usually difficult to monitor and determine their effectiveness.
About Restart Energy
Restart Energy is an independent electricity and natural gas supplier for homes and companies, with Romanian-American capital, established in 2015 in Timisoara, Romania. From its very beginning, Restart Energy was a company focused on innovation and sustainability. Restart Energy started developing renewable energy projects in 2010 and soon became one of the largest solar developers in Romania. The company saved millions of tons of CO2 from the atmosphere by delivering billions of clean KWh of renewable energy to its customers. They are also a Guinness World Record holder for sustainable mobility for the longest journey ever made with an electric car in a single country in 2020.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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