{"id":214,"date":"2020-10-30T06:47:03","date_gmt":"2020-10-30T06:47:03","guid":{"rendered":"https:\/\/dovu.earth\/?p=214"},"modified":"2021-07-30T14:47:07","modified_gmt":"2021-07-30T14:47:07","slug":"introducing-proof-of-carbon-on-hedera-hashgraph","status":"publish","type":"post","link":"https:\/\/dovu.earth\/en\/introducing-proof-of-carbon-on-hedera-hashgraph\/","title":{"rendered":"Introducing Proof of Carbon on Hedera Hashgraph"},"content":{"rendered":"<p>One of the greatest challenges that have affected Blockchain companies has been within the unpredictable transaction costs of well-known blockchain technology.<\/p>\n<p>The view of &#8220;most mature technology&#8221;, in the decentralised space, is historically based on <a href=\"https:\/\/en.bitcoin.it\/wiki\/Proof_of_work\" target=\"_blank\" rel=\"noopener\">Proof of Work (PoW)<\/a> consensus mechanisms such as Bitcoin and Ethereum. All network fees correlate in direct relation to the increase in network traffic.<\/p>\n<p>This makes on-chain solutions around micropayments and reward mechanisms effectively impossible to work at any level of impact.<\/p>\n<ul class=\"list-unstyled ps-4\">\n<li>Any ecological or environmental positive impact will be wiped out by a single PoW network transaction and theoretically cause a negative effect.<\/li>\n<\/ul>\n<p>The fundamental problem is that Proof of Work is terrible for the environment, absolutely awful. For more information have a look at the <a href=\"https:\/\/digiconomist.net\/bitcoin-energy-consumption\/\" target=\"_blank\" rel=\"noopener\">Bitcoin energy consumption index<\/a>, as at October 2020 the energy consumption is <strong>22.6% of the UK power consumption<\/strong>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-599\" src=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Energy.png\" alt=\"\" width=\"1000\" height=\"419\" srcset=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Energy.png 1000w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Energy-300x126.png 300w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Energy-768x322.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p>Bitcoin\u2019s energy consumption relative to countries <a href=\"https:\/\/digiconomist.net\/bitcoin-energy-consumption\/\" target=\"_blank\" rel=\"noopener\">see reference link<\/a><\/p>\n<p>Although this is a known problem and there is a range of solutions that solve the &#8220;energy&#8221; problem including using <a href=\"https:\/\/en.bitcoin.it\/wiki\/Proof_of_Stake\" target=\"_blank\" rel=\"noopener\">Proof of Stake<\/a> but there is an ICO issue. As many ICOs (initial coin offerings) have used the Ethereum ERC standards as the basis protocol there is a cost, a carbon debt that has already been assigned.<\/p>\n<p>In order for DOVU to deliver a carbon offsetting solution today, we require a different, hybrid approach.<\/p>\n<p>And yes as DOV is an ERC20 token we accept we already have a carbon debt. This needs to be paid, in one way or another.<\/p>\n<h4><strong>So what is DOVU doing?<\/strong><\/h4>\n<p>DOVU is introducing an innovative <strong>Proof of Carbon<\/strong> mechanism. Every time DOV tokens are rewarded to a user through our API we capture and store this information.<\/p>\n<p>This information is stored publically, anyone can view the intent of the distribution of the assignment of carbon, the DOV token.<\/p>\n<p>DOVU uses the <a href=\"https:\/\/hedera.com\/consensus-service\" target=\"_blank\" rel=\"noopener\">Hedera Consensus Service<\/a> (HCS) backed by <a href=\"https:\/\/hedera.com\/\" target=\"_blank\" rel=\"noopener\">Hedera Hashgraph<\/a> and leverages the work by <a href=\"https:\/\/trust.enterprises\/\" target=\"_blank\" rel=\"noopener\">Trust Enterprises<\/a> a community-driven open source project.<\/p>\n<p>Using HCS provides an extremely low-cost solution in terms of environmental and economically to add trust to any system, without having to offset the cost to any user.<\/p>\n<p>This provides a scalable solution for adding proof for any transaction which indicates the transfer of carbon using the DOVU API, <a href=\"https:\/\/developer.dovu.dev\/\">that any team can start using<\/a>.<\/p>\n<p>Below is an example of how the assignment of carbon can be proved and viewed, without the requirement to interact directly with a mainnet PoW network.<\/p>\n<p>This process is impossible on PoW networks as the transactional cost would override and almost always exceed the micro-payment benefit to <strong>prove the assignment of carbon.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-608\" src=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hedera-Hashgraph-network.png\" alt=\"\" width=\"1000\" height=\"874\" srcset=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hedera-Hashgraph-network.png 1000w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hedera-Hashgraph-network-300x262.png 300w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hedera-Hashgraph-network-768x671.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p>In addition to this Hedera Hashgraph network has the potential to reach a capacity of <a href=\"https:\/\/cointelegraph.com\/news\/hedera-hashgraph-deep-look-into-10-000-transactions-per-second-claim\" target=\"_blank\" rel=\"noopener\">10,000 transactions per second (TPS)<\/a>. Examples of pushing the network have been confirmed through <a href=\"https:\/\/cointelegraph.com\/news\/hedera-hashgraph-deep-look-into-10-000-transactions-per-second-claim\" target=\"_blank\" rel=\"noopener\">AdsDax at 1372 TPS<\/a> and <a href=\"https:\/\/quantstamp.com\/blog\/quantstamp-stablecoin-case-study-formally-verifying-hedera-hashgraphs-stablecoin-framework\" target=\"_blank\" rel=\"noopener\">Quantstamp at 2909 TPS<\/a>.<\/p>\n<p>During our early testing of a simple architecture using a single serverless proof of carbon node we have exceeded 50 TPS.<\/p>\n<div class=\"text-center mb-3\">\n<img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-611\" src=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hashgraph-TPS.png\" alt=\"\" width=\"522\" height=\"384\" srcset=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hashgraph-TPS.png 522w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Hashgraph-TPS-300x221.png 300w\" sizes=\"auto, (max-width: 522px) 100vw, 522px\" \/>\n<\/div>\n<p>The TPS of a single proof of carbon node, using Trust Enterprises.<\/p>\n<p>With that said this is one bit of the greater puzzle, we have a vision and roadmap to enter the DeFi space and to link physical land to unique non-fungible tokens (NFT).<\/p>\n<h4><strong>Soil is the future for carbon offsetting<\/strong><\/h4>\n<p>When we hold the image of carbon being emitted into the atmosphere we envision the pollution through the <strong>burning of fossil fuels<\/strong>. Thoughts of transportation, cars, and power plants are clear and present.<\/p>\n<p>One of the greater concerns is<a href=\"https:\/\/ec.europa.eu\/clima\/sites\/clima\/files\/docs\/soil_and_climate_en.pdf\" rel=\"noopener\" target=\"_blank\"> the emissions of CO2 from soils are around ten times those from fossil fuels<\/a>.<\/p>\n<p>At DOVU we have been working toward delivering a solution, to incentivise farmers with additional income to consistently pursue high-quality farming practices.<\/p>\n<p>The economic value of the farming industry is <a href=\"https:\/\/www.countrysideonline.co.uk\/food-and-farming\/contributing-to-the-economy\/\" rel=\"noopener\" target=\"_blank\">worth \u00a3120 billion in the UK<\/a> but the <a href=\"https:\/\/www.fginsight.com\/news\/news\/public-estimates-average-farmer-salary-at-almost-47k-23592\" rel=\"noopener\" target=\"_blank\">average income for a farmer is \u00a320,000<\/a>.<\/p>\n<h4><strong>Blockchain and NFT<\/strong><\/h4>\n<p>Building a decentralised marketplace for farmers and land-owners to offer carbon certified areas of land verified by <a href=\"http:\/\/www.fao.org\/soils-portal\/soil-management\/soil-carbon-sequestration\/en\/\" rel=\"noopener\" target=\"_blank\">soil carbon sequestration<\/a>.<\/p>\n<p>A buyer may purchase the carbon of a given portion of land this is exchanged for a unique NFT, that includes metadata including exact location.<\/p>\n<p>Every portion of land will have a finite amount of NFTs, in other words, a unique token would be minted for every piece of land. Any value will be stored in escrow and released over the duration of the contract terms.<\/p>\n<p>Upon purchase from a buyer, the farmer will be paid out for ongoing consistent behaviour for environmentally positive behaviour.<\/p>\n<p>Ongoing payment will be hinged on the measurement of positive carbon measurement gain through carbon audits for farms.<\/p>\n<p>If there is a gain in carbon storage, the farmer will receive payment otherwise the value will be returned to the buyer. Without the latter consequence, there will be no accountability.<\/p>\n<p>This will eliminate the <a href=\"https:\/\/www.coindesk.com\/carbon-credits-have-a-double-spend-problem-this-microsoft-backed-project-is-trying-to-fix-that\" rel=\"noopener\" target=\"_blank\">carbon double-spend problem<\/a> and create a fair incentivized carbon marketplace based on real tangible assets.<\/p>\n<p>These solutions will be crucial for large businesses and enterprises for their <a href=\"https:\/\/www.hamworthy-heating.com\/Knowledge\/Articles\/Energy-legislation\" rel=\"noopener\" target=\"_blank\">carbon reduction targets<\/a>, purchasing allowances for carbon to offset every tonne they emit. Many of these targets have been written into legislation, so they need to be met.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Photo-by-Avi-Theret-Unsplash.jpeg\" alt=\"\" width=\"1000\" height=\"667\" class=\"alignnone size-full wp-image-624\" srcset=\"https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Photo-by-Avi-Theret-Unsplash.jpeg 1000w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Photo-by-Avi-Theret-Unsplash-300x200.jpeg 300w, https:\/\/dovu.earth\/wp-content\/uploads\/2020\/10\/Photo-by-Avi-Theret-Unsplash-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p>Photo by <a href=\"https:\/\/unsplash.com\/@theret?utm_source=ghost&#038;utm_medium=referral&#038;utm_campaign=api-credit\" rel=\"noopener\" target=\"_blank\">Avi Theret<\/a> \/ <a href=\"https:\/\/unsplash.com\/?utm_source=ghost&#038;utm_medium=referral&#038;utm_campaign=api-credit\" rel=\"noopener\" target=\"_blank\">Unsplash<\/a><\/p>\n<h4><strong>Start working with DOVU today<\/strong><\/h4>\n<p>DOVU is building technology to facilitate the offering, validation, and rewarding of capturing carbon value.<\/p>\n<p>So that is where DOVU is moving toward, this is where we are today.<\/p>\n<p>We provide a mechanism to augment your Carbon Offsetting solution, through a REST API, now backed by the trust of Hedera Hashgraph.<\/p>\n<p>If you have a carbon offsetting project in mind we welcome you to join our <a href=\"https:\/\/dovu.earth\/grant\/\">DOVU Token Grant project<\/a>, we&#8217;ll support you with tokens and marketing.<\/p>\n<p>Otherwise, if you are a developer that wants to work with our community and start building with use we have opened up an <a href=\"https:\/\/blog.dovu.earth\/dovu-bounty-program\/\" rel=\"noopener\" target=\"_blank\">Open Source Bounty program<\/a>, we provide Tokens and Mentorship.<\/p>\n<p>There is a lot of exciting developments coming forward for DOVU for the end of 2020 and 2021, we are looking forward with excitement with the possibilities for the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the greatest challenges that have affected Blockchain companies has been within the unpredictable transaction costs of well-known blockchain technology. The view of &#8220;most mature technology&#8221;, in the decentralised space, is historically based on Proof of Work (PoW) consensus mechanisms such as Bitcoin and Ethereum. All network fees correlate&#8230;<\/p>\n<div class=\"mt-4\"><a class=\"read-more ajax-blogpost\" href=\"https:\/\/dovu.earth\/en\/introducing-proof-of-carbon-on-hedera-hashgraph\/\" data-id=\"214\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":215,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[18,19,22,32],"class_list":["post-214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-insight","tag-dovu","tag-dovu-product","tag-hedera","tag-partnership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Introducing Proof of Carbon on Hedera Hashgraph - DOVU<\/title>\n<meta name=\"description\" content=\"One of the greatest challenges that have affected Blockchain companies has been within the unpredictable transaction costs of well-known blockchain\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dovu.earth\/en\/introducing-proof-of-carbon-on-hedera-hashgraph\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Introducing Proof of Carbon on Hedera Hashgraph - 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