Flowcarbon Docs

Key Terms

Carbon Credit: A certificate that represents the reduction or removal of one unit (typically a metric tonne) or carbon dioxide or other greenhouse gasses from the atmosphere
Crypto Wallet: A platform that allows you to store your crypto and enables you to send & receive crypto transactions. Our token is compatible with MetaMask
Decentralized Autonomous Organizations (DAO): Community-driven organizations without traditional top-down leadership pursuing a common goal coordinated by open-source software and a token. A DAO is governed by vote and anyone who owns the DAO’s “governance token” gets to vote on decisions
Gas Fees: Fees to compensate for the computing energy needed to process transactions on the Ethereum blockchain Any time you do a transaction on the blockchain, you have to pay a little bit of extra crypto to get it done. That is a gas fee.
GCO2 Token: An ERC-20-compatible token that represents a verified removal or reduction of one tonne of carbon dioxide equivalent from a specific project and vintage year
Goddess Nature Token (GNT): A standardized, corporate-grade carbon credit product from an aggregated bundle of projects. It is backed 1:1 by voluntary carbon credits that are live, unretired and retain their full off-chain value
Fungible: An asset that can be exchanged for something else of equal value. Fungible tokens on blockchain are all the same – like how all pennies are all interchangeable with one another
Mint: The process of creating and issuing new crypto assets
Non-Fungible: Unique one-of-one assets that cannot necessarily be easily exchanged for something of equal value
Retire: The process of using a carbon credit to count against an entity's emissions. An unretired carbon credit cannot be used to claim a reduction in carbon emissions. Only after the credit is retired and taken out of circulation can that carbon credit be used to reduce the entity's emissions
Special Purpose Vehicle: A subsidiary organization that is formed for a specific purpose. We will use a bankruptcy remote entity to hold the tokenized credits so that the connection between on-chain and off-chain assets can be routinely audited
Tokenomics: The study of the economics of crypto tokens or cryptocurrencies
Two-way bridge: A blockchain bridge allows the transfer or real world, physical assets to the blockchain. The two-way bridge means that we allow carbon credits to be brought on-chain and taken back off-chain