Chainlink 2022 Hackathon: ReFi

ReFi, regenerative finance, what if finance was a tool to incentivize planet conserving actions? That’s the premise of ReFi. Incentivize trash picking, afforestation and/or taking care of the planet.

Using satellite data feeds, sensors in soil and embedded devices to track conservation efforts.

Web3 is important because of its ability to align incentives. So what if we could incentivize afforestation and reforestation through using tokens? ReFi seeks to do this on a large scale — incentivize environmental conservation.

Carbon credits are a way for companies to reduce their carbon footprint by buying captured carbon e.g in trees to balance out with their emissions.

Web3 will enable mass coordination solutions that have not been possible. It helps solve the current carbon market problems — speculation, double registration, opaqueness, inability to scale.

To prevent speculation, carbon credits need to be retired. Retired means that the sequestered carbon is now to used to offset the emissions.

Prevent double registration via farm/project registration and ensure quality carbon credits via using high quality satellite feeds to measure the amount of cover.

Global carbon markets that can scale to meet the demand of larger companies. Current markets are too small and underdeveloped to support this use case.

Transparent as it’s all on the blockchain which enable trustlessness.

Auditable all transactions and satellite feeds are available to be audited.

How will it work?

It will use real time satellite feeds, chainlink(an oracle) and smart contracts.

Satellite feeds to estimate the amount and quality of cover. This will enable us to calculate how much carbon will be sequestered by the project. It will also ensure that the data about the project is up to date.

An oracle will allow us to consume this data inside of our smart contract.