Disclaimer: Not financial advice. Always do your own research and consult a professional finance advisor before making any investments.
The biggest news since the launch of the chain and a step forward in blockchain-based environmental solutions: Vector Smart Chain has partnered with Orbit Carbon! Orbit Carbon is a brand new carbon repository that provides “carbon certificate allocation”. They will be using VSC to tokenise their certificate holdings! Read the announcement here.
Orbit Carbon has clients which include Tesla, Honda, Ford, Toyota, Jaguar, General Motors and more. The expected benefit of this partnership is three-fold.
- For VSC – a drastic increase in volume, TVL and transactions as well as credibility.
- For Orbit Carbon – Utilising a fixed-fee blockchain (VSC) to help manage carbon related assets for their clients in a secure, transparent manner.
- For Environment – Help companies meet their requirements towards fighting climate change.
“Through this deal, Vector Smart Chain will potentially see billions in on chain inflow coming through tokenized projects on-chain. TVL & volume of VSC will be boosted EXPONENTIALLY!”
@VECTORCOIN (TeleGRAM)
This is some pretty full-on news, so let’s briefly break it down and look at what Orbit Carbon does and what it all means for Vector Smart Chain. Keep in mind some of the following information will be general information and not specific to the partnership itself.
What are Carbon Credits?
These are certificates that permit a company to emit a certain amount of greenhouse gases (GHGs) or carbon dioxide (CO₂). Typically, a credit represents about 1 tonne of either GHGs or CO₂. Carbon Credits can be bought and sold.
If a company needs to increase their limit, they can purchase more credits, or if they have an excess, they can sell them. When a company uses a credit, it becomes “retired”, retiring a carbon credit is like burning a token.
What is Orbit Carbon’s Role?
As a Carbon Repository, Orbit Carbon’s role is to have a system that stores, tracks, and manages carbon credits, offsets, or emissions data.
They have chosen to use Vector Smart Chain for the management of these as tokenised assets. The benefit being that it leads to greater transparency in record keeping, traceability and security through immutability of transactions.
How does Orbit Carbon benefit VSC?
This partnership benefits VSC in multiple ways. It is expected to boost transactions, TVL and volume through the chain, especially over the next 5 years. It also provides much credibility to the chain. Together, these will make VSC attractive to more green-initiatives and other enterprises.
Hopefully, this information has given you a basic understanding of what’s happening here. If you want to learn more about this partnership, it will be discussed in more detail on February 5th as part of the Spaces voice chat, join it here.
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