GDAI - Green payments combining carbon offsets and the Maker Dai token.
GDAI is an Ethereum stable coin that piggybacks on Maker DAI. GDAI includes carbon offsets as a small percentage of the token value.
This project was created for the PDX Blockchain Hackathon Week
Presentation Slides
https://docs.google.com/presentation/d/12LcLoDDkqDJ86PdEkq8b-Nld4ky1hiwJEeBIE2iAa_0/edit?usp=sharing
Motivation
Having an ERC-20 token that can purchase carbon offsets when it is used will allow vendors to attract green customers that want to improve the environment by reducing carbon in the atmosphere. Vendors that accept the GDAI will also contribute to the carbon offset program when the convert GDAI back into DAI. This way vendors can pay a small amount into a carbon offset fund in order to attract customers.
Use Cases
Token Mechanics
Maker Dai is a USD-pegged stablecoin built on the Ethereum blockchain, and has no centralized authority. Its $1 USD equivalent is maintained through automatic pricing mechanisms built into smart contracts. Dai can be freely traded like any other ERC20 token, and anyone with an Ethereum wallet can own, accept, and transfer it without a middleman.
GDAI is an ERC-20 token that is minted when DAI is sent to the GDAI contract. The minting process take a portion of the DAI sent to the contract and converts it into a carbon offset. This is done by sending the carbon offset percentage of DAI to a carbon offset purchase pool. Once minted the new GDAI can be used for payments. Anyone that holds the GDAI can unwrap the DAI, essentially freeing the DAI and destryoing (burning) the GDAI token. During the unwrapping another percentage of DAI is moved to the carbon offset purchasing pool, leaving the recipient with the final DAI amount (Dwrapped - Coffset).
Enhancements, Future Work, Stretch Goals
It should be fairly easy to make the carbon offset pool owned / managed by a DAO such as Aragon or DAOStack. This would allow the DAO members to find carbon offset programs and purchase the offsets, creating a carbon offset token in the process. This token could be used to represent the carbon offset portion of the GDAI in the GDAI contract.
Maker DAI resources
What is Maker Dai? | Beginner's Guide - CoinCentral
Dai (DAI) price, charts, market cap, and other metrics | CoinMarketCap
Maker for Dummies: A Plain English Explanation of the Dai Stablecoin