A Carbon Offset Decentralized Exchange
One-line solution summary:
We are disrupting the voluntary offset marketplace, by democratizing carbon offset creation
Pitch your solution.
Climate change affects us all, making life significantly worse. Given the existential nature of the problem we need to involve everyone in this fight.
CODEX (A Carbon Offset Decentralized Exchange) allows individuals and enterprises alike to step up and join the fight against climate change. By tokenizing carbon negative assets and carbon-neutral actions, we include individuals as creators into the 5.5 billion dollar voluntary carbon marketplace, monetizing climate action, and allowing individuals to engage in positive change, flipping the "doom and gloom" script of climate change and empowering individuals to take community action.
What specific problem are you solving?
The problem we are trying to solve is the rise of global temperatures due to excessive carbon emissions. Combined land and ocean temperature has increased at an average rate of 0.13 degrees Fahrenheit ( 0.08 degrees Celsius) per decade since 1880.
Increasing temperatures inevitably cause intense heat waves, more droughts, fires, erratic rainfall and less snow. Sea level is rising due to melting glaciers, diseases are more prevalent as their range increases due to warming, and snowpacks are receding every year. All of these rapid changes are disrupting fragile ecosystems that humans and wildlife rely on, making it hard and even impossible to adapt.
That problem that we face today is that there is no good way to remove carbon dioxide from the atmosphere. As a society, we can stop emitting so much CO2, however, it will only slow Climate Change, not stop it. At this point, restoring healthy forests are the most efficient way to remove carbon dioxide from the atmosphere. Thus, we must both (1) make carbon efficient decisions to collectively stop overloading our atmosphere with gasses that trap heat, and (2) find ways to preserve and restore carbon sequestering forests.
What is your solution?
Climate Change is a global battle that we, as individuals, can combat with individual actions. As the world embarks on a journey to reduce carbon emissions to halt global temperatures at a 2 degree temperature increase, CODEX has created a downloadable application that encourage individuals to make carbon neutral or even negative decisions.
Our patent-pending CODEX technology enables environmentally conscious individuals to track and minimize their carbon footprint by logging and ratifying offsets from lifestyle changes including transportation and energy usage. These offsets are securely and transparently stored and transacted using a purpose-built low-carbon blockchain.
CODEX offers a product in the form of a virtual token, AKA a carbon-neutral NFT token that is backed 1:1 by a tree sapling. This digital token reflects an actual tree, allowing the tracking of carbon negative assets. This token gains value as the tree grows and sequesters carbon, adding to your digital wallet while preserving a tree.
Who does your solution serve, and in what ways will the solution impact their lives?
Although CODEX is meant to serve everyone who believes Climate Change is an issue that we need to solve, it is apparent that younger generations are particularly concerned about global warming. For example, 70% of adults aged 18 to 34 say they worry about global warming compared to 56% of those aged 55 or older.
Younger people have grown up with more exposure to the effects of Climate Change and will bear the increasing consequences of a warming planet. To mitigate the effects of climate change, and satisfy the wants and needs of an entire generation, CODEX is providing an opportunity to track and profit from individual stewardship. Our app will simultaneously engage those who seek change, incentivizing carbon neutral decisions, and cater to the collective desire for climate action.
Which dimension of the Challenge does your solution most closely address?Provide scalable and verifiable monitoring and data collection to track ecosystem conditions, such as biodiversity, carbon stocks, or productivity.
Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.
Our solution hits two dimensions of this challenge. One, CODEX blockchain verifies and tracks carbon offsets in a way similar to Bitcoin by creating accountability in the carbon offset marketplace through the sale of carbon tokens. Two, the CODEX app provides a platform and common ground for eco-minded individuals who want to fight Climate Change. CODEX offers options for carbon negative purchases (NFTrees) which create an avenue to preserve carbon-rich ecosystems. The purpose of CODEX is to create actual value in good stewardship and reroute the planet's trajectory towards a cleaner and healthier planet.
In what city, town, or region is your solution team headquartered?Portland, OR, USA
What is your solution’s stage of development?Prototype: A venture or organization building and testing its product, service, or business model.
Explain why you selected this stage of development for your solution.
We are a venture currently building an product that will run off of a business model similar to Bitcoin.
Who is the Team Lead for your solution?
Alex Wick, MSc
Which of the following categories best describes your solution?A new business model or process that relies on technology to be successful
What makes your solution innovative?
CODEX is a new platform which disrupts the voluntary carbon offset market by tokenizing carbon offsets for environmentally conscious individuals and enterprises. Our app uses a blockchain, similar to Bitcoin, that provides a public market system where offsets are generated and retired based on a rational, verifiable formula. The tokenization of these offsets give the opportunity for individuals to sell their own carbon offsets, incentivizing them to make carbon neutral and negative decisions. CODEX also offers the sale of NFTrees, digital replicas of living trees. These trees gain value over time as they grow and sequester carbon, adding to your digital CODEX wallet and preserving the tree.
In summary, we expect this new carbon offset marketplace will disrupt the current volunteer market, enable individuals to profit from good stewardship and collectively improve the state of our planet. Unlike the current carbon offset market, our blockchain offers verified and traceable offsets to buyers, creating security and transparency. This new model puts more faith in the offset market, leading to more trust in the system and increasing the usage.
Please select the technologies currently used in your solution:
Select the key characteristics of your target population.
In which countries do you currently operate?
Which of the UN Sustainable Development Goals does your solution address?
In which countries will you be operating within the next year?
How many people does your solution currently serve? How many will it serve in one year? In five years?
Currently, our solution serves 500 people. It is expected to expand to 1 million within the next year, and 1 billion over the next 5 years.
How are you measuring your progress toward your impact goals?
CODEX is measuring it's impact on outreach and the amount of people who have downloaded the app.
What type of organization is your solution team?
For-profit, including B-Corp or similar models
How many people work on your solution team?
We have 5 employees hard at work to deliver a successful app.
How long have you been working on your solution?
How are you and your team well-positioned to deliver this solution?
Cascadia Carbon has put together a strong team with thought leaders and developers. Alex Wick (the Founder/CEO) is a forester, data scientist, and visionary leader working at the intersection of blockchain, climate change, and carbon-neutral technologies. Alex's passion for forestry and preservation is obvious as he dedicates his time and money to creating a venture dedicated to saving forests and fighting Climate Change. Alex leads a small team to help him run his startup. With a social media advisor and an operations specialist, he has some helpful hands to keep his business running smoothly allowing him to focus on the launch of CODEX.
Cascadia's other partner, Shivam Chaturvedi, is the Chief Blockchain Developer, and amongst the top 25 global blockchain developers. Shivam is dedicating time to building a successful and advanced application that relies on a blockchain to kickstart a new way to sell and buy carbon offsets. Shivam has hired two interns to assist with coding and design, ensuring his work is clean and successful.
What is your approach to building a diverse, equitable, and inclusive leadership team?
As a Canadian company, we ensure diversity is the center of our hiring practices as we grow. Our workforce includes skilled and diverse employees from all over the world including India, Canada and the US. Cascadia Carbon embraces differences and leverages the skills of every worker committed to saving the planet. We believe Climate Change is an problem that we all must face collectively, regardless of the color of our skin.
Do you primarily provide products or services directly to individuals, to other organizations, or to the government?Individual consumers or stakeholders (B2C)
Why are you applying to Solve?
We are committed to putting forth our biggest effort to fight Climate Change. We believe our product could change the way we behave on a day-to-day basis. With the proper funding, marketing, and connections we can make a difference.
In which of the following areas do you most need partners or support?
Please explain in more detail here.
To create revenue, we need to link with companies who are trying to do environmental good as well as offset their carbon. By buying offsets from individuals using the CODEX blockchain, individuals are incited to emit less. Ideally, our partnerships will be small companies or organizations who align with our guiding principles: to enhance the environment through innovative technology.
What organizations would you like to partner with, and how would you like to partner with them?
Cascadia Carbon is not specific; however, we prefer to have relationships with small, local business ventures that have carbon offsets to sell (e.g. Cascadia Seaweed) as well as companies or organizations that would like to buy offsets (Home - Blazer 5 Gaming (nba.com)).
Do you qualify for and would you like to be considered for The GSR Prize? If you select Yes, explain how you are qualified for the prize in the additional question that appears.
Yes, I wish to apply for this prize
Explain how you are qualified for this prize. How will your team use The GSR Prize Prize to advance your solution?
Cascadia Carbon has created an application, CODEX, that will validate offsets created by environmental conscious individuals, by securely and transparently storing them using a purpose-built low-carbon blockchain. We are attempting to refrain the carbon offset marketplace by freeing the market to individuals who are making lifestyle changes such as transportation and energy usage. Our app will contribute to a changing society as we collectively embark on a journey to a greener future.
- Alexander Wick Cascadia Carbon