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The Design of JustCarbon

Basics of JCRs

The JCR is a fully transparent Asset Capture Token for nature-based carbon removal and avoidance, fully verified and recorded by the irreversible, distributed and public blockchain ledger. The JCR token has initially been released on Ethereum, but will subsequently be launched cross-chain in partnership with Chintai and their dedicated chain. This will allow greater functionality on full launch of the JustCarbon platform.
JCR is an “asset capture token”, meaning it takes the Carbon credit/unit off of any existing Carbon Credit Registry or ledger and becomes the sole “home” for that carbon. In essence, the carbon credit/unit dematerializes in the real world (registry) and rematerializes in the digital world (in the form of the JCR token). Thereafter the only existence/record of that captured carbon is the JCR token.
The model below outlines the utility function of JCRs:

Key Product Benefits of JCRs

Attributes of JCRs

  • ERC-20 standard tokens.
  • Cross-chain - Beyond Ethereum and Chintai, will be available via bridge to all major chains, including: Ethereum, Binance Smart Chain, Solana etc.
  • Chintai network - to provide the following additional features:
    • Security follows best practice - Accounts are protected with multiple layers of security measures and all data is encrypted.
    • Reliability - Designed to deliver uptime of over 99.9%, using microservices with backup systems and automatic monitoring to reduce and remove any technical issues.
    • Scalability - Operation rate is 10k transactions per second, with options to scale to any number of users and any amount of volume over time.
    • Acceptability - Micropayments are a core feature. Transaction fees on the platform makes micropayment easy to execute without paying exorbitant "gas" fees seen on networks such as Ethereum.
    • Low Cost (Search, Validation, Settlement, Transaction) or Participants on both sides of the transaction.
    • Flexibility - Can be purchased in virtually any currency.
    • Energy Efficiency - Protocol is one of the most energy efficient networks in the blockchain industry and is estimated to be 66,000x more efficient than the bitcoin network.
    • Carbon neutral tokens - Each token includes an embedded offset - i.e. each JCR accounts for its own carbon emissions.
    • Ease of use - Very consumer friendly, making it accessible to retail users and organisations alike.

Benefits to sellers

  • Gives Project Developers certainty when selling their carbon.
  • A fixed price with minimal transaction fees and no agent costs.
  • Transaction costs are also likely to stay in the ecosystem, giving them the knowledge their sale can help accelerate the fight against climate change beyond their own production capabilities.
  • Ability to earn JustCarbon Governance Unit (JCG) tokens which provides governance of the JustCarbon system.

Benefits to buyers

  • Greater accountability and traceability of their purchase.
  • The purchasing process is demystified.
  • Can buy anytime, anywhere, without paying for expensive intermediaries.
  • Can track their JCR back to its source, including a timestamp and GPS coordinates of the sequestered tonne of carbon (but importantly can’t make buying decisions based on this data, for now).
  • No accusations of greenwashing or double counting when they announce or account for their offsets.
  • Can earn JCG tokens to benefit from governance of the JustCarbon system.

Burning JCRs

An essential feature of JustCarbon Removal Units (JCRs) is the fact they can be ‘burnt’ - i.e. they will be permanently erased. Since the token itself has become an asset, in that they are now the only physical manifestation of the carbon that has been erased, when the buyer wishes to make that eradication permanent they can do so by ‘burning’ their JCRs.
This can be done either by the user sending the tokens to the JustCarbon burn wallet on the relevant chain or by selecting the burn option on the JustCarbon platform itself. Should users erase JCR tokens on the JustCarbon platform they will also be rewarded with JCG tokens, which would not be available should they use the general burn wallet.

Introduction to JCGs

JustCarbon Governance Units or JCGs are the native governance tokens of the JustCarbon system. They exist as utility tokens to facilitate the Decentralised Autonomous Organisation DAO that operates the JustCarbon platform. The system:
  • Manages the JCR via a DAO.
  • Ensures no single body/country owns or controls the JCR.
  • Allows voting for supporters/users of the platform.
  • Is used to reward supporters/users of the platform.
  • Provides a trading discount for supporters/users of the platform.
  • Manages the gifting of JCGs to initial participants.
The non-profit JustCarbon Foundation is the entity that initially develops and manages the JustCarbon platform, until all initial JCGs have been sent to recipients, at which point the DAO will assume control.

Tokenomics

The total amount of JCG tokens issued will be limited to 1 billion, with only 10% liquid at launch and the remainder being allocated and vested over a 10 year period.
  • 72.5% of total tokens will be provided as participation rewards
  • 17.5% of tokens will be provided to the Launch Team, System Admin and Advisors for their services over initial 2 year period of operation
  • 10% of tokens will be provided to the JustCarbon Foundation for use as Treasury (including exchange liquidity)
JCG Token Distribution

Acquiring JCGs

There are only three ways to acquire a JCG:
  1. 1.
    You are gifted them because you bring value to the ecosystem
  2. 2.
    You are an early adopter of JCRs, gaining a number of JCGs each time you buy JCRs
  3. 3.
    You support the JustCarbon platform in one of the following two ways:
    1. 1.
      Becoming a producer and uploading your inventory to the platform (Producer Rewards)
    2. 2.
      Performing tasks that contribute towards the ongoing running of the JustCarbon platform, or developing new features (Stakeholder Rewards)
As an existing JCG holder, you can also earn more JCGs by engaging in voting events. Voter apathy is a common criticism of DAOs, so in this way users can be encouraged to be more active while also rewarding evangelists.
There will be a secondary market for JCGs, listed on both decentralised and centralised cryptocurrency exchanges. The value of these secondary token sales will be dictated by market forces.

Participation Rewards

Participation rewards will be provided to all those who 'mint' Carbon Removal Units - i.e. Project Developers who sell their carbon retirements, and buyers who use the JustCarbon platform. This reward will be set at a fixed annual amount as below, the actual amount given out per JustCarbon Removal Unit (JCR) minted will be adjusted every 2 weeks to make the total issued amount per year fit the schedule. Participation rewards will also be provided to reward liquidity provision either on decentralised exchanges or within an Automated Market Maker (AMM) function on centralised exchanges.
The breakdown of participation rewards will be as follows:

Key Benefits of JCGs

  • Token holders will be able to vote on key matters, including:
    • Treasury matters, such as where to spend, invest or donate any excess funds.
    • Governance matters, such as who is responsible for running the JustCarbon platform.
    • Development issues, such as what new features to introduce and who to develop them.
    • Maintenance matters, such as who keeps the platform running, where it is hosted, futureproofing, and issues of security.
  • Token holders will have control over the general direction of the platform, by being able to put matters, proposals or contracts up for discussion and voting.
  • JCG holders will also have their transaction fees reduced on creation of JCRs and other platform activity, the percentage to be determined by regular voting.
  • Can dictate how treasury reserves are allocated, and specifically which carbon sequestration projects should receive funds to amplify their efforts.

The Relationship Between JCRs and JCGs