Veridium Labs announced this week it is preparing for a crowdsale for TGR, its Ethereum-based token backed by United Nations-recognized forest carbon offset credits. TGR will be bundled with free VERIDIUM membership tokens that provide platform access.
Founding partners of Veridium Labs include EnVision Corp, an early funder of a Forest Conservation Carbon project, blockchain venture studio ConsenSys, and Alchemist Ventures, a blockchain investment and advisory company.
“If we expect corporations to achieve truly sustainable supply chains by mitigating their broader environmental footprints, then we need to provide them better tools,” Veridium Labs cofounder and EnVision Corp CEO Todd Lemons said. “VERIDIUM is uniquely leveraging blockchain technology to unlock the enormous value potential of natural capital, an untapped and undervalued asset class estimated to be worth trillions of dollars.
“By creating a transparent pricing mechanism, VERIDIUM will offer the market unprecedented liquidity and fungibility for natural capital assets and, in the process, provide a new vehicle for corporations to embed environmental replacements into the cost of their products through investments in natural capital.”
“Blockchain technology, and Ethereum in particular, is enabling the world to tokenize an enormous array of assets,” ConsenSys CEO Joseph Lubin said. “In addition to creating greater fluidity in markets, by shrinking the clearing and settlement durations into the instant of the transaction, the act of tokenization enables markets and ‘assetization’ to be brought to situations where it was previously impossible or difficult.
“Putting natural assets on the same level as traditional tradable assets forces the world to take notice of the tangible value of such assets and enables conscientious observers to account for such value and act where previous generations blindly and criminally ignored such externalities. This new market might just enable a rebalancing of how resources are used and preserved, and serve as a powerful mechanism to drive and measure sustainability.”
Following the initial token offering, additional tokens backed by such natural capital assets as water rights of renewal energy can be issued and traded on the Veridium Network if approved by the independent, non-profit Veridium Foundation. The VERIDIUM token provides holders with rewards points from onboarding fees charged to new natural capital assets joining the Veridium Network. Points are used for member-only auctions of discounted natural capital tokens.
TGR are backed by Triple Gold REDD+ Verified Carbon Credits, which are equivalent to the removal of one ton of greenhouse gases from the atmosphere and conserve on average one square meter of biodiverse tropical forest. New tokens can only be minted when new natural capital is acquired and confirmed to meet internationally recognized standards such as the VCS and Climate, Community & Biodiversity (CCB) standards, or American Carbon Registry (ACR) standards.
Up to 15 million TGR will be available, with the credits generated by the Rimba Raya Biodiversity Reserve in Borneo. They can be purchased with Bitcoin, Ethereum and major fiat currencies.