Regen Network: Integration of climate change in the cryptocurrency ecosystem
The carbon credit market is growing rapidly as major corporations such as oil companies and airlines set targets for reducing their carbon emissions. This market offers polluting companies a way to make their products and services ‘carbon neutral’ by purchasing credits from environmentally and ecologically sustainable businesses, such as wind farms.
However, this market is usually complex and lacks transparency. Regen Network offers a way for companies and individuals to purchase carbon credits in a simple, efficient, and transparent manner. The company is the first to sell carbon credits through blockchain technology and integrate climate change efforts into the cryptocurrency ecosystem.
Here is a deep exploration of Regen Network’s new product and how it can help tackle carbon emissions.
What is Regen Network?
Founded in 2017, Regen Network is a company that connects investors and businesses with carbon credit sellers, such as large-scale farmers. The company partners with farms to encourage sustainable farming practices, such as rotational grazing and crop rotation for animal farming. When companies purchase their soil carbon credits through the Regen Network blockchain-based service, these farmers are paid for their ecological practices.
The company sells the credits through a product known as CarbonPlus Grassland credits. This program works by obtaining scientific measurements of carbon sequestration and related benefits such as soil health, animal welfare, and ecosystem health. These measurements determine the number of carbon credits produced by a partner farm.
Why is Regen Network special?
Regen Network stands out for several reasons. The carbon credit market uses a process known as Monitoring, Reporting, and Verification (MRV) for climate accounting. The company’s approach is known as dMRV to denote that it is a digital approach. This method enables Regen Network to combine open-source data and field samples in the MRV process.
It also has a public processing pipeline that creates digital signatures for every stage of the process. This feature ensures that any claims in the process can be easily verified and audited.
Regen Network is also special because it uses remote sensing, earth observation science, and machine learning in the measurement and monitoring process. These technologies produce accurate and scalable measurements at low costs.
However, the most important element of Regen Network is its use of blockchain technology and integration with other cryptocurrencies in trading carbon credits.
Regen Network integrates into the cryptocurrency ecosystem through the Regen Registry and Regen Ledger. Regen Registry is a public record of verifiable claims, such as credits. Only known people can register, verify, and vet credit classes.
The company achieves this objective by requiring either a certificate of ownership or recognition by a threshold of other actors. For example, a person can produce their land title deed to sell credits, or the person can be verified if other sellers in the area verify that they own the land.
How Regen Ledger works
The Regen Ledger is the engine behind the Regen Registry. The ledger is built using the Cosmos Software Development Kit (SDK), the most popular proof-of-stake-based blockchain development framework globally. Its public nature provides features such as claim verification, transactions, and ecological data. The ledger also allows communication and transactions between multiple registries to produce a public climate accounting system.
The Cosmos SDK and Cosmos Hub contain three layers; a network layer for blockchain communication, an application layer for transaction processing, and a consensus layer to secure the network.
The Regen Ledger uses the Tendermint consensus engine when working with the Cosmos Hub. The Tendermint engine is an algorithm that performs transaction validation for blockchains connected to the Cosmos ecosystem. The engine can also monitor the system so that all nodes agree about the current state of the system. The ledger is also the first blockchain-based project to provide Inter-Blockchain Communication (IBC) transfers for the Hub.
Regen Network and other cryptocurrencies
Regen Network connects to other cryptocurrencies through the Regen Ledger. The IBC transfers provided by the Cosmos Hub allow sovereign blockchains to transfer data and digital assets or tokens from one chain to another. This feature enables interoperability of the Regen Ledger with more than two hundred developing and existing blockchains hosted on the Cosmos ecosystem.
This connection opens up the cryptocurrency market to the carbon credit market. Individual investors and companies can use a wide variety of cryptocurrencies to purchase carbon credits. Also, people with digital assets such as tokens in the Regen Network can either earn through active trading or by staking idle assets.
The future of the carbon credit market
Regen Network’s novel approach to trading carbon credit is poised to disrupt the market. In January 2021, the company sold carbon credits belonging to an Australian cattle ranch company known as Wilmott Cattle Co to Microsoft. The ranch obtained its soil carbon credits through managed grazing practices, such as rotational grazing.
Microsoft is one of the thousands of companies that have set targets for reducing their carbon footprint. As such, there is a huge market of buyers who can benefit from a public, transparent, and effective way of purchasing carbon credits sourced from around the world using cryptocurrencies. Regen Network has created a new market by combining climate change efforts and cryptocurrencies.
Regen Network and IXO
Regen Network and IXO are core developers in the Cosmos ecosystem. The two entities are working together to ensure that Cosmos is the leading blockchain ecosystem for ecological regeneration and sustainable business practices. Regen Network and IXO introduced a mutual exchange of tokens dealing with decentralized and regenerative finance for the new impact economy to further this partnership.
Earth Program Launch
The earth program launch is part of Regen Network’s plan to combat adverse climate change by partnering with other organizations. This collaboration is made possible by the blockchain nature of the business, as well as the operations and dependency on the Cosmos ecosystem.
Regen Network staking guide
The Regen Network tokens can be staked using the Keplr software wallet. Keplr wallet is available as a browser extension in Brave browser and Google Chrome. This extension also enables people with a cosmos wallet to work with a Regen wallet. The company stresses that all users should back up the mnemonic seed of their wallet on paper and store it in a secure location.
Users with either a Keplr or a Regen wallet can stake their tokens and become validators in the Regen Network. Before staking, it is vital to read the terms and conditions of the staking process. The process may have rules such as the minimum staking amount, whether the wallet requires 24/7 internet access, and how long the staking period will last.