Poseidon's Launch during New York Climate Week
The launch of Poseidon at the Sustainable Investment Forum during New York Climate Week on September 19, 2017 generated substantial interest amongst attendees from the United Nations, the World Bank, impact investors, as well as other movers and shakers in the climate space. See below the full transcript of the keynote speech by our founder Laszlo Giricz. The speech was recorded and we will release the video soon.
Every day we clog up the world with invisible greenhouse gases. Just as many of us are also clogging up our bodies with invisible calories. Would it not be great if we could take control of our carbon emissions just as we take control of our diets?
My name is Laszlo Giricz and I would like to tell you today about our new initiative at Poseidon. We are launching a carbon currency that will revolutionise the way we value nature, using blockchain technology to finally allow us all to take responsibility for our environmental impact.
By connecting both consumers and corporates to our technology, we will empower each of us to take control of the impact that we have on the environment by placing carbon trading where it belongs. Right at the heart of our daily lives.
Since its inception, carbon trading has suffered from some issues that have suppressed its potential. All of you know what they are.
Buyers do not trust the quality of carbon credits. They spend time and money doing their own due diligence. Many are inhibited from participating. Multiple platforms. Double counting. Differing regulations in different jurisdictions. All these conspire to create barriers to entry.
Luckily, we live in a world where the conditions for environmental action are rapidly changing.
Led by the millennial generation, consumers are increasingly conscious of the impact that their choices make, driving up demand for brands that are seen to be ethically sound and positive to the environment.
This shift is matched by changing Government regulations and the growing demands of investors to have better information about how environmental risks are being managed.
Environmental action is becoming mainstream. And with that, we have enormous opportunity.
Poseidon together with our partners will enable consumers and businesses for the first time to track and understand the carbon that we each create through our everyday choices, thereby empowering us to turn this ship around and create a positive impact.
So, what is Poseidon developing? Using the latest technology, Poseidon will demystify and consolidate the market for carbon by offering a means by which it can be easily regulated, tracked, and monitored to reach its necessary size and scope. Poseidon will be based in Zug, Switzerland, also known as Crypto Valley, where the regulatory landscape is very supportive of our core technologies and where we have a great talent pool to draw on.
Poseidon is being built with several types of customers in mind.
- Corporate traders and buyers of carbon credits who will be able to buy and sell carbon with fewer steps and greater transparency, traceability and accountability.
- Retailers who will be able to sell a product and take into account the carbon impact it creates.
- Consumers who will be able to understand the environmental impact of the product they are buying – both positive and negative – at the point of sale.
- And lastly governments who will be able to measure, track, and trade emissions transparently, redefining the way they manage compliance.
When we began to address this problem, we set very clear goals.
- And empowerment.
I will explain in more detail how our technology will meet these goals.
Using blockchain technology, we were able to conceptualize an infrastructure that will support even the most complex carbon transaction while satisfying the demanding carbon market requirements. Blockchain technology introduces new functionalities that are too many to mention.
On a blockchain, in simple terms, each block represents a snapshot of the latest state of the data stored in it. Changes to this data must be validated by multiple parties, a process that ensures data integrity and accuracy.
Blocks are added to the chain at defined time intervals and must reconcile with previous blocks. They are not stored in any single location, meaning the records the blockchain keeps are truly public and easily verifiable. And because there is no central storage that could be manipulated, it is also tamper-proof. As every participant on the blockchain can see the current state, trust in data accuracy is a given.
Applying these features to carbon trading means that anyone can access up-to-date details of any particular carbon project. A single, universal repository of all carbon transactions and their detailed history, available to anyone, anytime, immutably.
The most innovative part of our technology, however, is our proprietary smart contract solution that will hold the carbon credits from project inception to retirement.
Our unique approach to carbon trading will use a combination of on-chain and off-chain smart contracts that will provide the carbon markets with reliable evidence and efficiency. Our on-chain smart contracts, custom programs that exist on the blockchain, will deliver both traceability and transparency of crucial public carbon transaction data. And our off-chain smart contracts will keep confidential information securely stored outside of the public blockchain.
We are also disrupting payment channels for carbon credits. Using tokens, our ecosystem will enable micro-transactions that allow the trading of carbon credits all the way to the retail level and make the carbon market available to everyone.
We will use a significant part of our capital to purchase high-quality carbon credits that we will store in our public on-chain smart contracts, trade through proprietary off-chain smart contracts, and that will require payment using our tokens.
Our tokens will use a unique valuation model. The internal value of our tokens, used for carbon transactions on our blockchain, will be pegged to our carbon credit sales revenue and therefore represent a truly asset-linked offering. The public price of our tokens will be established through trading on exchanges.
An important aspect of our offer is trust.
The team behind the operation are market leaders in their fields.
Ecosphere is our exclusive provider of carbon credits and responsible for meeting the highest environmental and social standards, recognized globally for the quality of their offering.
Cambridge Analytica are responsible for our data-driven marketing, combining predictive data analytics with behavioral science.
6point6 take care of software development and quality assurance for our technical landscape, drawing from decades of experience.
Stellar is our blockchain partner and works with 6point6 on our proprietary tokens and smart contracts that will power our carbon trading solution.
MME Legal Tax Compliance specializes in supporting blockchain technology companies in the full spectrum of their activities.
And we are complementing our strategic partners with advisors that provide expert input as we build the system out.
Together, this team will ensure that Poseidon delivers on its mission.
We are very excited about the road ahead and we want you on this journey alongside us.
As blockchain technologies around the world compete to revolutionize financial and social markets, we will use our digital ecosystem to help solve one of the biggest challenges of our time.
Just as letters evolved first into email and then instant messaging, our blockchain infrastructure will take carbon trading to a new level, introducing transparency, traceability, and execution speed that have previously been simply unthinkable.
We are the next step in carbon market evolution.