When addressing the CO2 offset issue, many details have to be taken into account. One of the most important ones is the need for transparency. To provide a healthy CO2 offset system, the structure of the project needs to be consolidated by a confirmation process. This represents the solution to the lack of information experienced by users who participate in some of the existing CO2 offset programs on the market. The projects’ intentions are good, they are planning to take the actions they present, but to follow the outcome of the project might take years. In this time, many changes can occur. Of course, achieving the completion of a project is hard work and takes time, but it needs to be quantified for the participating individual or company to know how much their contribution has helped.
The last chain piece that ties the uplifting decision of making a difference to the proof that you have done so is a confirmation process put in place from the beginning. And no, we are not talking about charity, that is better done without publicity, we are talking about a company or a user’s action plan to reduce their CO2 footprint.
Companies and individuals oriented towards growth and expansion most commonly have a plan towards achieving what they desire. It might be a 5-year plan or a monthly to-do list, but actions need to be taken to reach your next step. As we talked about the power of action in our previous article, we should focus now on the type of actions that need to be taken to reach the desired CO2 offset.
There are many ways on the market to participate in CO2 offsetting. You may participate in projects that plant trees, help communities in the 3rd world with mechanisms to clean rivers, reduce the dependence on oil, reduce your flight CO2 footprint, opt for renewable energy, and many more.
CO2 offsetting programs help to advance faster towards our goals regarding the care for our planet, but that does not mean other actions should not be taken. For example, if you, as a company, participate in a CO2 offsetting program, but you also switch to green energy, the impact you might have is double. If you are an individual who consumes green energy, but you also recycle and reduce your food waste, your carbon footprint might halve.
We will be able to see a difference in our environment if many people reduce their carbon footprint by even 1 Kg. 100 people reducing their carbon footprint imperfectly weigh more than 10 people doing it perfectly. There is always something you can do to improve the environment and participate in a greener future for all. We do not have to be perfect, we just have to be willing to do something. You can plan it and reach your goal by taking small steps each day.
This is what we desire to achieve at Restart Energy. Our focus related to CO2 offset is placed on green energy production and consumption. This is our field of expertise. Through it, we allow interested users to reduce CO2 emissions by supporting green energy producers directly, through the first CO2 offsetting system based on blockchain technology. On the RED Platform, the interested user will also be able to switch to green energy consumption through our franchise system and suppliers. The reach of the RED system is global and gives users access to producers all over the world.
By giving free access to producers to register on the platform, register their production of green energy, and request their Certificates of Origin RED is making CO2 offset profitable for both producers and users interested in the issuance of Green Certificates. The certificates demonstrate with precision the quantity of CO2 offset based on the calculations on the blockchain system. The tokens that contain the information for the issuance of the Green Certificates are ERC-721 NFT tokens called REO-G.
In addition to the uniqueness of the project, the confirmation of the produced and consumed green energy comes through the role of the RED Validator on the platform.
The RED Validator
The RED Validator is a franchise owner who applied for a validator role and passed a test on renewable energy knowledge with at least 9/10 points. User can validate claims inside the territory on which user has franchise rights.
Owning a RED Country Franchise
To own a franchise, a user needs to own exactly 100.000 MWAT.
50% of this amount will be directed to RED in payment for the franchise rights. The other 50% will be staked on the RED Platform for a minimum period of 12 months. In exchange for the payment to RED, the franchisee will receive 1 ERC-721 NFT token called V-LEC. This token will contain the information of the owner of the franchise and the details specific to his/her business.
To become a Validator, the RED Franchise owner does not have to stake extra MWAT on the platform.
The Process of Becoming a Validator
After you buy the franchise for the country you are interested in, you can apply for the role of Validator inside the RED Platform. When you apply for it, you will be asked to pass a test with questions related to the renewable energy domain. You will have 5 minutes to complete the test and you need to obtain at least 9/10 points to pass it. The validators can only receive assignments for claims in the countries where they operate the franchise.
The Validators’ Assignments
There are two types of claims that a Validator can handle: REO-G and GTK.
REO-G is a token that proves the origin of green energy from producers’ power plants. This token is an ERC-721 NFT token that contains the information of the producer, the origin, type, and other information.
GTK is an ERC-20 token that can be claimed by any user on the platform based on green energy consumption or electric car recharges.
If the validator desires to operate both GTK and REO-G claims, the validator will have to pass one test for each token (a total of 2 tests).
Fees for the validation process
The fee for REO-G and GTK minting are paid by the user who makes the claim and it has 2 variables:
- A fixed fee is paid to RED (to cover the OCR cost).
- A fee is paid to the validator who processes the claim.
The validators will have to set their fees in MWAT for the validation processes. The fees can be adjusted to the validators’ needs. The price for a validation assignment cannot be changed after it has been assigned to the validator. Prices can vary between 1 MWAT and the maximum quantity the validator has staked on the RED Platform.
Validation Allocation Competitive Mechanism
When a claim for REO-G is made by a user, the validators are notified via push notification on the phone or from the App account. To choose the validator for a specific claim, the first variable taken into account is the validator’s price for the job. The validator has 1 minute to accept the assignment. If the job is not accepted in the timeframe of 1 minute, the next validator in line is approached.
If the assignment is accepted, then the validator has 10 min to finish, otherwise, it passes to the next one automatically.
A validator can perform a maximum of 5 validation assignments in 10 minutes.
For every 10 validations performed, each validator is required to “re-validate” a randomly chosen historical entry into the database that will be performed “free of charge”. This will be called the “control validation”.
If the “control validation” is confirmed identical to the entry in the database, the validator that performed the initial validation receives one positive unit of rating.
If the “control validation” is infirmed, it means the initial validation was false and the validator that performed it receives one negative unit of rating and will be penalized with a sum of 3 times the cost of the validation.
At 5 negative rating units, the validator is banned from making any more validations for 1 year and loses the staked MWAT.
Depending on the number of token claims, they will have to be verified by one or more validators, as follows:
The Validation Flow
REO-G validation process
- The validator will receive a push notification to accept an assignment.
- The validator logs into the account on the App.
- Available information in the account:
- Approved claims
- Rejected claims
- MWAT fees received
4. The validator chooses a validation claim from the pending list and goes over the details (technical documentation, location, type of energy, etc.).
5. If user finds the information accurate the claim is approved. In the case something is missing or is inaccurate, the validator denies it and specifies the reason for it.
GTK validation process
The GTK validation is similar to the REO-G, but there are a few more details to take into account:
- The validator will be able to see the user’s consumption information, but not their personal information, that will be locked by RED OCR.
- Based on the supplier that has issued the invoice for the GTK claim, the validator will be asked to add a new supplier to the list if it is not found.
- Approval of supplier additions related to the GTK claims will be available for country franchises.
- The number of GTK approved for a specific user based on their invoice will be calculated based on the supplier power mix. It will vary depending on the percentage of renewable energy available in the mix.
The main solution for the issue of CO2 footprint reduction is taking action. There are many steps to take and a great deal of progress to be made in every area. What we do at Restart Energy is to make the solution simple for our customers: you enter the platform, you contribute to green energy production by purchasing tokens and you receive the certificate that proves it.
Simplified solutions for a world in need of quantifiable action plans, this is the project base for the democratization of energy. As a validator, you will be a part of a strategically developed system that will help to increase green energy production and reduce CO2 footprint. It is a great opportunity and we do not want you to miss it! Meet with us on the RED Platform. Download the app and create your account:
- Android: https://play.google.com/store/apps/details?id=com.red.platform2
- IOS: https://apps.apple.com/ro/app/red-platform/id1595542534
Chat with us on our Discord channel: https://discord.gg/QzpGgeuyv2