ConsenSys introduces CarbonX, a Blockchain Initiative to Fight Climate Change

Co-founded by Don, Bill and Alex Tapscott, CarbonX is the world's first peer-to-peer carbon trading company

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Sep 22, 2017, 14:15 ET

NEW YORK, Sept. 22, 2017 /PRNewswire/ -- Global blockchain specialist firm ConsenSys is pleased to announce the launch of CarbonX, the world's first peer-to-peer personal carbon trading company. The CarbonX venture is a balanced joint venture between ConsenSys and a co-founding group that includes Don and Alex Tapscott, the co-authors of the best-selling book, Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. CarbonX is a unique partnership utilizing the world's leading blockchain thought leaders, talent and technology.

CarbonX will engage millions of people in the fight against climate change by materially rewarding individuals for responsible carbon consumption. The company plans to purchase carbon credits, or invest in reduction projects, and re-cast the offsets as ERC20 tokens on an Ethereum-based blockchain, then distribute them through an open-loop style loyalty rewards program.

Retailers, brands, and enterprises will offer CarbonX Tokens (CxTs) as incentives for individuals to make carbon-friendly decisions such as joining a rideshare instead of driving their own cars to work, purchasing an electric lawnmower instead of a gas one, or favoring locally made food products. The CxTs will then be tradeable on the CarbonX platform and be able to be exchanged for carbon-friendly goods and services, other reward program points, or other digital currencies. CarbonX is designed to enlist and empower people everywhere to contribute to carbon reduction.

Joseph Lubin, Co-Founder of Ethereum and Founder of ConsenSys, says, "As one of the fastest growing companies working on Ethereum, a platform that is poised to reformat how the world organizes itself, ConsenSys is committed to enabling technologies to be built that will facilitate attention to externalities like pollution and critical new foundations like sustainability. CarbonX has the potential to incentivize behavior that contributes to environmental sustainability, and is an excellent example of Ethereum-based technologies poised to make positive change."

"We believe blockchain enables CarbonX to open up a billion-dollar marketplace for personal carbon trading," says Don Tapscott, world-renowned author, blockchain expert and Chairman of CarbonX. "Climate change is the critical issue of our time and CarbonX can unlock the power of the people to bring about change."

CarbonX advisor Dr. Richard Sandor, Time Magazine's "Father of Carbon Trading," adds: "Blockchain technology has the potential to further expand the applications of market-based mechanisms to help solve environmental concerns. I am pleased to support CarbonX as another positive step towards transparency, accountability and lower transaction costs."

About CarbonX
CarbonX's Ethereum-enabled platform will mobilize millions of people to take action against climate change. CarbonX invests in carbon credits and reduction projects and re-casts the offsets as ERC20 tokens, which are distributed through an open-loop loyalty rewards program that incentivizes carbon-friendly behaviors. A ConsenSys Spoke, CarbonX was co-founded with Don, Bill and Alex Tapscott, recognized blockchain industry leaders. For more information, please go to: https://www.carbonx.ca.

CarbonX has engaged Block Partners ULC as strategic advisors. For more information, visit www.blockpartners.io.

Follow CarbonX: LinkedIn, Twitter

About ConsenSys

ConsenSys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum. Powered by smart contracts and secured through encryption, our applications provide the benefits of transparency, auditability, and immutability that are unique to blockchain-based solutions. For more information please go to https://consensys.net/.

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SOURCE ConsenSys