Tokenized Carbon Credits with Toucan," Lina from the Toucan protocol joins a coding session to discuss and demonstrate the process of redeeming, retiring, and listing tokenized carbon credits. The session focuses on building a climate-positive app using Silo Composer and the Toucan SDK.
Lina, a developer advocate for Toucan and Celo, shares her background and motivation for working on climate initiative projects. She explains that her interest in diversifying the web 3 space and making climate tech accessible and inclusive led her to support Toucan and Silo in their shared goal of addressing climate change.
Lina provides an overview of Toucan’s infrastructure and its three main building blocks. First, the Toucan Carbon Bridge enables the tokenization of carbon credits, making them more accessible for buying, trading, and building without relying on intermediaries. Second, the Open Climate Registry serves as a transparent and neutral database that stores information on tokenized carbon credits, enhancing transparency and facilitating processes like retirement and price discovery. Finally, Toucan Carbon Pools address liquidity issues in carbon markets by holding tokenized carbon credits with similar attributes, allowing users to deposit their credits and participate in the pool.
Lina explains the possibilities for developers using Toucan’s building blocks. Developers can create applications such as marketplaces for carbon credits, climate-positive apps that automate the retirement of carbon tons, and platforms for transparent Net Zero claims. The data on retired carbon credits is accessible to all, enabling better accountability and visibility.
Lina and the host, Nesta, dive into the coding process. They use Silo Composer to quick-start a web 3 front-end app and install the Toucan SDK. The steps involve obtaining NCTS (Nature Carbon Term) tokens, redeeming them for tokenized carbon credits, retiring the credits, and creating a page to display the user’s retirements. The code snippets and explanations demonstrate how to interact with the Toucan SDK to accomplish these tasks.
Lina guides Nesta through the process of redeeming pool tokens and retiring the tokenized carbon credits. They discuss the differences between redeemAuto2 and redeem3DMini functions, with redeemAuto2 automatically redeeming pool tokens for the lowest-ranked carbon credits. Lina emphasizes the importance of choosing the right carbon credits based on characteristics like the project’s location and vintage. They also mention the option to mint certificates simultaneously or separately.
Finally, Lina introduces the concept of using the subgraph to fetch and display a user’s retirements. They create a new page called “list” and implement a table to showcase token names, symbols, certificate IDs, and creation transactions. The code snippet and accompanying table demonstrate the successful retirement of a tokenized carbon credit.
Lina concludes the session by encouraging viewers to join Toucan’s Discord community https://toucan.earth/ for any questions or support. She provides her Twitter handle @GigaHierz and expresses her excitement to address any inquiries.