The climate will benefit from carbon credits. Through investments in carbon credits, polluters may effectively support carbon-negative initiatives and offset their CO2 emissions. However, the carbon credits market has mostly been out of reach for small business owners.
That is changing thanks to blockchain technology, and a brand-new cryptocurrency startup called C+Charge wants to completely upend the electric vehicle (EV) market by allowing EV owners to get carbon credits when they charge their cars for the first time.
By democratising EV drivers’ access to carbon credits, C+Charge is developing a cryptocurrency-based EV charging payments network.
It also hopes to stimulate or hasten the switch to EVs from conventional fossil fuel-burning vehicles. This would help in the fight against urban pollution, which results in thousands of preventable deaths each year, in addition to the fight against climate change.
Do You Know About The Working Mechanism Of C+Charge?
EV owners will pay to charge their vehicles via the C+Charge application. They will pay using the native cryptocurrency of C+Charge, CCHG, and receive Goodness Native Tokens (GNT), which will be saved in their account on the C+Charge app in the form of carbon credits.
Invesco, a16z Crypto, Samsung Next, and other venture capital firms support the GNT token, which stands for a verified voluntary carbon credit.
Owners of EVs will generate more GNT as they drive more miles, charge more frequently, and spend more on CCHG. Additionally, CCHG has the chance to earn carbon credits passively.
Every transaction that C+Charge does to buy GNT carbon credits and subsequently distributes them proportionately to holders of CCHG tokens is subject to a 1% levy.
In addition to serving as a platform for EV charging payments and a carbon credit tracker, C+Charge’s software will also make it simple for users to identify charging stations in their area and provide useful data like real-time charger wait times and charging station mechanical diagnostics.
C+Charge recently started the presale of its CCHG token, with 40% of the token’s maximum supply of 1 billion slated to be made accessible to the general public over the coming few weeks. This token is being used to support the company’s development. Token prices are now $0.013 per unit; however, they will increase to $0.02350 over the course of four presale phases.
Early investors will therefore have realised an on-paper gain of 80% on their initial investment by the end of the presale. In just a few weeks after the presale debut, the project has already amassed a remarkable amount of funding—nearly $65,000.
The market for carbon credits is enormous and is expected to continue growing in the future. The market was estimated to be worth $211.5 billion in 2019 by Coherent Market Insights, and by 2027, it is anticipated to have grown to be worth more than $2.4 trillion.