Team

What it does

Axial is a revolutionary blockchain-based solution that aims to tackle carbon emissions and promote sustainable practices. The platform enables users to participate in carbon offsetting by purchasing tokenized carbon credits, which can then be burned to offset their carbon footprint. The offset amount generated from burning these tokens is utilized to onboard and fund various green projects that contribute to environmental sustainability.

Through the platform's user-friendly interface, individuals and organizations can easily browse and select carbon credits that align with their sustainability goals. The tokenized carbon credits serve as a digital representation of real-world carbon offsets, allowing for seamless transactions and transparent tracking of carbon emissions reduction.

To ensure the effectiveness and credibility of the funded projects, each project proposal undergoes a democratic voting process facilitated by a decentralized autonomous organization (DAO). The DAO empowers the community to decide which green initiatives receive funding in each round of voting. This democratic approach fosters transparency, inclusivity, and accountability within the platform's ecosystem.

Additionally, the Web3 Refi Carbon Platform offers project insurance against natural calamities. This insurance mechanism protects funded projects financially, safeguarding their efforts from unexpected events such as hurricanes, wildfires, or floods. By providing insurance coverage, the platform minimizes the risks associated with climate-related disasters and encourages long-term investment in sustainable projects.

Unique Solution to a Unique Problem

Building a large carbon platform like this one requires intensive and quick data retrieval especially according to the UI state, A Web2 database like Appwrite Cloud presents a unique solution to store all the essential details that cannot be stored on the chain. While blockchain is important for tokenization and transparency of offsets, all other data should be stored on a fast retrieval platform for easy access to all details.

We used the Appwirte cloud database to store various sets of data points that we can easily retrieve using a Node.js server.

How we built it

We built Axial using a combination of web technologies. The front end is developed using React.js, which allows for an interactive and user-friendly interface.

The backend is built with Node.js and Appwrite cloud database and storage.
The database is used to store all the data points and retrieve storage URLs.

We utilized smart contracts on the Polygon blockchain to manage the issuance and tracking of climate credits. This provides the necessary APIs to interact with smart contracts and handle user data securely.

Challenges we ran into

Throughout the development process, we faced challenges in integrating the various components of the project. Ensuring the accuracy of carbon emissions calculations, implementing secure transactions, and maintaining data integrity were some of the key challenges we encountered. Since this was a complex project with multiple moving parts and integration of multiple data sources, ensuring that all transactions were executed properly and all web3 and web3 data points were stored securely. Additionally, ensuring a smooth user experience and optimizing performance were essential considerations in the development process.

Accomplishments that we're proud of

We are proud to have developed a comprehensive platform that combines carbon emissions calculation, climate credit purchase, and project investment. Our solution provides an accessible and user-friendly interface for individuals and businesses to actively participate in addressing climate change. We are also proud of the integration with external data sources and the use of blockchain technology to ensure transparency and accountability in the offsetting process.

What we learned

During the development of Axial, we learned valuable lessons in integrating blockchain technology, handling sensitive user data, and building scalable and user-centric applications. We gained a deeper understanding of carbon offsetting and the importance of creating accessible solutions to encourage widespread adoption. Additionally, we learned about the challenges and opportunities in the climate finance sector.

What's next for Axial

In the future, we plan to expand the range of climate projects available on the platform and explore partnerships with organizations working in sustainable development. We aim to enhance the user experience by incorporating more personalized recommendations and tracking tools. Additionally, we will continue to improve the transparency and traceability of climate credits, ensuring that users can easily track the impact of their investments. And the biggest features in line for the next steps are on-chain carbon insurance to protect climate projects and make a safety net for investor investments.

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