Carbon Credit (Emission Rights and Offset Credits) Merkle
Last updated
Last updated
“Carbon Offset Merkle” is part of “Work Tier Merkle”, which functions to process carbon offset data. This Merkle tokenizes carbon credits using carbon offset data.
“Carbon Offset Merkle” is a system for verification certification bodies and companies accessed through “Notary Provider”. In this system, when each transaction occurs through notarization, it verifies the block.
In addition, the carbon offset Merkle client adopts a layer-by-layer system structure, which specializes in processing transactions related to carbon offset by modifying the network protocol of the existing “Ethereum Virtual Machine (EVM)” system.
In the process of verifying master tier Merkle blocks and smart contract proposals, validator nodes play an important role. In this system, validator nodes are elected into a specific group through a system of router nodes, and this group verifies transactions using the "Boneh-Lynn-Shacham" (BLS) signature scheme.
A group of validator nodes is responsible for validating the proposals and execution of smart contracts related to master tier Merkle blocks. This achieves consensus within the blockchain network.
Additionally, validator nodes are also responsible for processing consensus on the invocation and deployment of smart contracts with other work tier merkles.
The function of helping a node easily find and connect to other nodes in the network is mainly performed by the “Bootstrapping Node”, also known as the “Boot Node”. When a new node attempts to join the network, this boot node plays a very important role.
In order for a new node to join the network, it must first connect to one of the boot nodes. A boot node helps new nodes easily integrate into the network by providing a list of the IP addresses of active nodes in the network. Through this list, new nodes can start connecting to other nodes in the network and proceed with the synchronization process with the network.
“ RPC (Remote Procedure Call) node” is a node that allows a client to call a function of a smart contract and receive the results. This allows clients to execute and manage various combinations of smart contracts using commands from the RPC node.
Carbon project certification organizations and companies wishing to participate in the “Node Authority DAO” of “Carbon Offsets Merkle” must maintain a carbon project directory. Registration of new carbon projects is submitted to existing node operators, who evaluate the carbon projects over a period of 1 to 7 days. Carbon projects that receive more than 50% approval from existing node operators will be able to participate in the node, which will give them the authority to issue distribution-certified NFTs and use-certified NFTs. A Distribution Verification NFT grants permission to distribute a Voucher Smart Contract within a “Carbon Offset Merkle”, while a Usage Verification NFT grants permission to use that Voucher Smart Contract.
In “Carbon Offset Merkle”, block creation must be pre-authorized by the “Node Authority DAO”, which acts as a physical validator, and this organization runs the POA (Proof of Authority) consensus algorithm within the network. An agreement is reached accordingly.
When wanting to deploy a smart contract in the carbon offset Merkle system, developers must receive a from the node operator. This token serves as a notary account and grants permission to access specific nodes and deploy smart contracts. Once the deployment of a smart contract is successfully completed, this deployment notarization token is destroyed (or 'burned').
To use smart contracts in the carbon offset Merkle system, you must receive a issued by the Node Authority DAO. This issued notary token is linked to the in the carbon project list, which serves to confirm that it has the authority to issue the voucher smart contrac.
