DOVU becomes first recipient of HBAR Foundation Sustainable Impact Fund grant

10 Mar 2022,

As The HBAR Foundation launches its Sustainable Impact Fund, DOVU has been announced as the first ever recipient of a grant from the foundation. 

DOVU is building an audit trail that adheres to the IWA standards and leverages the open-source Guardian. On top of that, it’s building a decentralised marketplace that generates deep liquidity of carbon assets. The initial supply of offsets are soil based carbon sequestration credits, and is generated through partnerships with farms. The project uses impartial soil scientists for carbon calculation and the Hedera Consensus Service and Hedera Token Service to verify authenticity. 

The grant funding will be used to work towards targets such as:

  • Build the carbon accountancy capability of the MRV and connect it to DOVU’s current minting capabilities utilising the Guardian
  • Build audit trail capabilities that support carbon durability and risk – such as set audits, conditional minting and reversal of contract
  • Create an API for enterprise customers to generate policies or buy/sell carbon assets within the DOVU marketplace 
  • Enable migration of DOV tokens to HTS and work with key ecosystem partners

DOVU will be exclusively using Hedera, making it the “network of DOVU.” While it will be possible to bridge to other platforms, all DLT transactions will originate from Hedera. It’s estimated that, over the next 3 years, DOVU will drive over 500 million transactions on Hedera. 

Matt Smithies, CTO, DOVU said: “This fund and grant award is a clear indicator to anyone participating in carbon markets that Hedera is invested in using distributed ledgers or blockchains as a tool to change how the world works, just as we are.

“It’s really significant for us that DOVU met the rigorous requirements to qualify for this grant. Our mission is to be the trust layer for carbon offset integrity. This can only be achieved by working closely with Hedera and The HBAR Foundation.”

Wes Geisenberger, VP, Sustainability & ESG, The HBAR Foundation said: “We’re proud for DOVU to be the first grantee of the Sustainable Impact Fund. DOVU is changing the way we can auditably see carbon capture tied to the credits we buy. The DOVU team is shifting the model of carbon markets from an opaque, broker driven model, to reward the projects and farmers in real time for taking the actions that help capture carbon, one metric tonne at a time.”

To mark the occasion, DOVU is running a throughput performance test on Hedera Testnet over 36 hours, to prove the system can handle an incredibly high level of transactions. The 1 million txn threshold was crossed in the first hour. For live updates follow @flyinggazelle on Twitter.

We will also be participating in an AMA on Twitter Spaces with HBAR Foundation on Friday 11 March at 17:00 GMT/12:00 EST.

Follow our socials to keep up-to-date with the latest from DOVU.