Statistics claim that if humanity won’t limit the carbon footprint, global warming will lead to dramatic changes in the Earth ecosystem. Ice glance melting caused by the greenhouse gases emission will increase the water levels flooding islands and lowlands. And even if today this scenario seems to be far-flung, this problem can’t be ignored. Meet the Poseidon. A new project made for Carbon Footprint controlling.
Poseidon promises an app which allows controlling the carbon footprint level of every product you buy. Let’s take the example of ice creams. Buying the ice creams is connected to the emission of carbon footprint. When the purchase of ice-cream or petrol is made by the participating retailer, the point-of-sale integration triggers the purchase of OCEAN tokens and their exchange for CARBONCREDIT tokens, resulting in the allocation of a carbon credit off set to the carbon emission of the product. With each purchase, the available carbon credits in the Stellar account are reduced according to the required off set. How exactly this scheme works you can see in the picture below.
What will happen with funds collected this way? They will be used for the rainforests restoration. Poseidon cooperates with an NGO – Nature+ being specialized in Peruvian forest preservation. Since its pilot program implemented at Ben & Jerry’s Scoop Store in London’s Soho in May 2018, just this store has conserved an area in the Peruvian Amazon equivalent to 360 tennis courts with over 5,300 trees.
The Poseidon project provided in their technical documentation also a visualisation of an application they want to realise. On the picture below you can check how this application supposed to look like:
The app will provide an option for the user to follow his carbon offset and global impact. In the impact part, the user will have an option to check how many hectares and trees he protected. The third part of the app will show the additional project user can support.
There are two things in this project which brought my attention. First of them is using a Stellar platform, being known as a convenient micro – transaction tool. The second one is double token system – OCEAN and CARBONCREDIT.
From 36 billion of OCEAN tokens, 50% will be available for purchase during the different stages of an ICO. 7,5% will belong to the Team and 12,5 % to the Poseidon Foundation. The rest – it means 30% will be kept in the Liquidity Pool.
For today additional two fundraising campaigns are planned (the first one was conducted in 2018 and collected 2.1 million Euro), the second one will start in February 2019, third in June next year.
What also makes Poseidon project unique is their Non-Governmental Legal Personality. The team decided to stick to their neutral position to avoid possible legal trouble towards ICO. As many countries were leading some limitations on the cryptocurrency markets, an NGO profile allows avoiding many tricky situations.
The team seems to be one of the brightest side of this project, consisting of people with many years of experience on business and IT fields. The full list of the team members you can check below:
Laszlo Giricz Founder and CEO
Chidi Akutu COO
Cesare Tagliaferri CTO
Ian Briggs CINO
Alexander Gnauck CCO
Brad Yasar Business Strategy
Michael Cutler Lead Developer
David Parejo Business Development Manager
Willie Thompson Communications Manager
Abyel Mehari Community Manager
The team is supported by the small but efficient advisory board, consisting of:
Justin Mundy Former Director
The Prince’s Charities’ International Sustainability Unit
Kristin Rechberger Founder and CEO Dynamic Planet
Peter McCullagh Founder and Managing Partner
TenX Ventures Inc
Anthony Hobley Chief Executive Officer
Carbon Tracker Initiative
If you want to learn more about the POSEIDON project check the links below: