It was on Friday, November 12, 2021, when an exciting announcement was made by the University of Cambridge. In the announcement, the University of Cambridge announced that it will start working on the development of a marketplace.
The University of Cambridge has announced that the particular marketplace would be for novel decentralized carbon credit. The University officials have announced that the development of the particular marketplace would be to support efforts of global reforestation.
The officials have revealed that the reason behind the launch of the marketplace would be to encourage and increase solutions that would address nature-based conservation. The primary agenda that the university aims to achieve through the marketplace is to promote financial instruments. Then the proceeds from the financial instruments would be used for major conservation solutions surrounding nature, where reforestation is among the top spaces.
The marketplace will be the right place for the consumers and users who wish to purchase carbon credits. These users will be able to use the carbon credits in order to carry out projects related to nature-based conservation solutions.
The University of Cambridge has also released the name of the initiative it has taken in the form of the marketplace. The initiative has been dubbed “Cambridge Centre for Carbon Credits (4C).
The University of Cambridge has also revealed the names of the departments that have been assigned with taking care of the project. The particular projects include the Conservation Research Institute and the Department of Computer Science and Technology.
The executives have revealed that they have already decided which blockchain they are going to use for the development of the marketplace. For their 4C platform, they have decided to go with the Tezos blockchain. It is a blockchain that is based on smart contracts, which grants users several abilities and accesses to a particular platform.
Through the blockchain, the users are able to take part in the governance of a protocol with the help of votes. In the entire blockchain sector, Tezos blockchain is highly regarded as a network that is very eco-friendly in nature.
It was at the beginning of 2021 when the developers of the Tezos network had made a revelation in regards to the production of carbon dioxide. The developers revealed that 0.00054 lbs worth of Carbon Dioxide is being produced by the Tezos blockchain for the minting of three NFTs.
The Tezos blockchain costs a lot less than what the users currently incur when they are proceeding with the minting of non-fungible tokens. On the other hand, if the investors want to mint non-fungible tokens through the Ethereum blockchain, it would cost them 915 lbs worth of Cabron Dioxide.