Chainlink Proof of Reserve
Last updated
Last updated
Coorest uses the Chainlink direct request API to verify all trees related to all onboarded projects via Floodlight biomass satellite data. Floodlight operates a Chainlink node providing the Coorest smart contracts with a biomass feed. This mechanism ensures verifiable off-chain data is brought on-chain and will prevent the minting of CCO2 tokens of unverified projects.
Important to know: Biomass data is updated monthly and is required for minting CCO2 tokens
Additionally, Coorest uses Chainlink proof of reserve to verify the CCO2 token total supply. The CCO2 total supply should never exceed the amount of CO2 absorbed by all projects onboarded and registered by Coorest. To safeguard against CCO2 token dilution Coorest uses the Chainlink decentralized oracle network (DON) to verify the CCO2 token supply before minting new CCO2 tokens.
TrueCoorest smart contract:
Chainlink (Floodlight biomass) node address: https://polygonscan.com/address/0xD1A55d21d0e75cd91da578e1e82994b61a73ddd2