Provenance

ImpactScope plans to integrate with Chainlink oracles to monitor the real market price of voluntary carbon offsets for various types of projects.

Chainlink is a decentralized oracle network that connects smart contracts to the world outside of a blockchain. It allows for the off-chain computation of data feeds and events, such as real market price data from exchanges, weather information from API providers, and so on. This is important because blockchain is otherwise a “closed-loop” system that doesn’t interact with the outside world.

The Chainlink oracle lets us send event notifications to ImpactScope's smart contract. The smart contract could then issue an ImpactScope token representing the carbon offset equivalent.

ImpactScope Tokens can be used by project owners to purchase voluntary carbon offsets on the open market. For example, one might redeem an ImpactScope token for 1 ton of CO2 equivalent worth of rainforest conservation in Brazil that was verified by Verra and the CCB Standard, which are approved verification providers on our platform.