Inspiration
The inspiration behind ReCredify comes from carbon credits. Carbon credits allow companies to offset their carbon emissions by funding projects that fight climate change. This technology has not effectively been moved to other industries or to Hashgraphs.
What it does
ReCredify allows companies to purchase recycle credits to help offset their waste output. Companies will purchase recycle credits for one of two possible goals:
- Public Appearance
- Governmental Laws: If the government of a country implements waste output restrictions, ReCredify can allow companies to decrease their total waste output by offsetting this number
Recycle credits can only be minted by the managers implementing a project. When sold, the project will obtain funding, companies will obtain waste offset, and ReCredify will obtain a small fee. A project manager can choose how many credits to mint based on the funding required. Companies can also buy credits from resellers (companies who bought more credits than they needed). While credit prices may fluctuate according to supply and demand, a project's funding will remain stable because credits cannot be refunded to the original mint engravers (project managers).
After a set period of time (project length), the market (for a specific project) will be reset. This is because credits will no longer fund a project (the project has ended).
How we built it
A website prototype is built below using standard front-end developing techniques and languages including HTML, CSS, and JavaScript.
Challenges we ran into
A large challenge I faced is learning about Hashgraphs. Before this hackathon, I did not know anything about ledgers or Hashgraphs. Since then, I have learned how ledgers and Hashgraphs work, as well as, how they are implemented. I also had challenges coming up with a product and spent a lot of time creating the theory behind how ReCredify would work.
Accomplishments that we're proud of
- Learning about Hedera's unique Web3 solutions.
- Listening to webinars and conferences that explain current needs in Web3 applications.
- Implementing a prototype for ReCredify.
- Coming up with a market plan.
What we learned
- I learned about creative solutions being used to fight climate change and how these solutions can be made more efficient and secure through Hedera Hashgraph.
- I learned about connecting front-end applications to ledgers.
- I learned about different economic principles and trends to try and create a product that can have a real-world impact.
What's next for ReCredify
The next step for ReCredify is to connect it to Hedera's mainframe and get non-profit organizations to upload their projects to the market. Step 1: Market research: obtain opinions on the product (as well as advice) Step 1: Finish the product Step 2: Reach out to project managers and carbon-emitting companies to pitch ReCredify
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