Retirement of GCO2 tokens can be done completely on-chain without the token holder needing to interface or hold an account with the registry of the underlying carbon credit.
The token holder starts by initiating a token retirement to Flowcarbon and specifying the quantity she would like to retire. This decreases the token holder’s balance and increases her retirement balance. The retired tokens accumulate transparently within the contract until they exceed a to-be-determined batch size. Once the threshold is met, the bankruptcy remote SPV retires the credits in the underlying registry. The retirement event generates a UUID which is again used to generate a tamper proof checksum as proof-of-existence for auditing purposes. The accumulated retired tokens are then burned.