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University of Cambridge to launch decentralized carbon credit marketplace on the Tezos blockchain

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The University of Cambridge announced on Friday morning that it will be creating a new decentralised carbon credit marketplace. In order to promote worldwide reforestation initiatives. Its ultimate objective would be to use financial instruments. So that it can boost the adoption of nature-based conservation solutions, or NbS, such as reforestation. Carbon credit buyers will be able to use the platform to safely and directly support NbS initiatives, according to the organisation.

The Cambridge Centre for Carbon Credits, or 4C, is at the Conservation Research Institute and the Department of Computer Science and Technology. On the Tezos (XTZ) blockchain, scientists and researchers will create a marketplace. Tezos is a blockchain with smart contracts that allow users to vote on developer-proposed governance systems. The network has a reputation for being environmentally friendly.

Tezos developers tweeted earlier this year that minting three nonfungible tokens, or NFTs, on the Tezos network produces.00054 lbs of CO2, against 915 lbs of CO2 for the same NFTs minted on the Ethereum (ETH) platform.

In response to the technical advancement, 4C’s director, Anil Madhavapeddy, released the following statement:

“Current accreditation procedures for measuring and reporting the value of carbon and associated benefits provided by NbS, such as biodiversity protection and poverty reduction, are costly, sluggish, and incorrect. Trust in NbS carbon credits has been eroded by these schemes. What’s crucial, is a decentralised marketplace where carbon credit buyers may support reliable nature-based initiatives with confidence and transparency. That is the void that the Centre seeks to bridge.”

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