CNB: Digitising Carbon Credits Through Blockchain
An emerging asset, similar to Bitcoin, is quickly gaining traction in the market. On October 12, 2022, Carbon Neutrality Blockchain (CNB) made its debut on the LBANK exchange with an initial listing price of USD 0.1.
With its unique concept and limited supply, CNB has garnered significant popularity, resulting in its price surging to USD 3,500. Despite recent turbulence in the cryptocurrency market, including incidents involving Do Kwon and FTX, as well as potential lawsuits against Binance by the US Securities and Exchange Commission, CNB continues to maintain its upward momentum.
The success of CNB can be attributed to its similarity to Bitcoin's tokenomics, as both have a maximum supply of 21 million units. Savvy investors who recognised this potential have gradually accumulated CNB over the past year. However, CNB is not yet as widely recognised as Bitcoin, which suggests that its current price may still be undervalued.
While CNB shares the same supply limit as Bitcoin, it stands out due to its close association with the well-being of billions of people. As a blockchain project that invests in carbon-neutral initiatives, CNB was created to digitise carbon credits through blockchain technology, thereby enhancing the efficiency of carbon credit trading.
The global urgency surrounding climate change has led 195 countries to participate in the Paris Agreement, which aims to limit global warming to 2 degrees Celsius by 2030. However, the world still faces a 15 billion tonne CO2 emissions reduction gap, which is expected to drive a significant increase in carbon credit prices. To address this challenge, the Global Carbon Neutrality Capital (GCNC) was established to invest in state-approved carbon credits.
As a GCNC project, CNB aims to invest in globally recognised carbon-neutral assets. Its native token, CNB, is issued based on investments in carbon-neutral projects. Carbon credits will be digitised using blockchain technology and traded through CNB units, where one CNB unit represents one unit of carbon credit available for public purchase. As a result, CNB is intricately linked to the world's focus on carbon emissions, and its relevance cannot be disregarded.
Influential billionaires are also taking note of the critical connection between carbon credits and the fate of our planet. One such billionaire is Elon Musk, known for his support of Dogecoin (DOGE) but also a strong advocate for carbon credits.
In 2022, Musk's electric car company Tesla (TSLA) achieved a remarkable feat by generating $1.78 billion in carbon credit sales, surpassing the profits of General Electric Company (GE) for the same year.
Furthermore, Musk and the Musk Foundation have provided funding for the XPRIZE Carbon Removal, a competition aimed at addressing the greatest threat facing humanity: climate change and the need to restore Earth's carbon cycle. While Musk's interest in Dogecoin may be limited to his tweets, his commitment to carbon offsetting is both financial and personal.
Although Bitcoin remains the dominant cryptocurrency in the market, serving as the frontrunner, the increasing discussions around carbon emissions and the approaching 2030 deadline have placed CNB in the spotlight. While both Bitcoin and CNB have limited supplies, Bitcoin primarily functions as a store of value, whereas CNB is intricately tied to carbon credits. In today's world, where ESG considerations hold great importance, it remains to be seen whether sovereign wealth funds and multinational corporations will choose to invest in Bitcoin or CNB.
Source: EQS Newswire
