Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. This information is stored on a 'distributed ledger' across an entire network of computers. Blockchain can provide an immutable accounting method to stop double counting, or a visible trail showing the origins and destinations a carbon offset has taken after going to market.
Changeblock will use crypto to provide that which was previously missing to the climate markets, accessibility and transparency. As an individual, “would you know how to purchase a carbon credit or offset to reduce your carbon footprint”? Changeblock is using the immutable ledger that blockchain provides to make it easier than ever for a corporation to publicly demonstrate their environmental commitments in practice, as well as an individual to take part in the climate markets.
At this stage, Changeblock is planning on launching its own governance token, CHNG. More details around CHNG will be released in time. Read more in our Whitepaper.
Crypto has been traditionally touted as bad for the environment. Proof of work networks such as Bitcoin, although being powered by 50-70% renewable energy according to (this) study, have the energy usage of a small country.
The Polygon network which Changeblock will be deploying on uses the proof of stake consensus mechanism. This means that Changeblock will have an energy per transaction cost many orders of magnitude lower than most other networks. This includes things such as purchasing some groceries at the store using a debit card, or sending a Tweet.
An NFT or non-fungible token is a one of a kind token, paired with some form of digital data. This data can be music, artwork, in game items, videos and more. NFTs create a form of digital scarcity and can allow anyone to authenticate the ‘original’ copy of that data or virtual item. Although their current usage is mainly confined to digital artwork, the future possibilities are endless.