With the dozens of ongoing and upcoming ICOs worldwide, we have found a gemstone that could change the way we see climate change and the issue of mitigation. We had a chat with the Chairman of the Council of the Russian Carbon Fund and the Co-Founder of MITO ICO, Anton Galenovich Ph.D., in regard to the mentioned ICO. The mitigation token is the “first token based on the DAO IPCI Protocol scaling up the green economy and environmental assets trade”. Besides that, DAO IPICI is a decentralized public blockchain ecosystem. A private nonprofit project independent of government, corporate, business or NGO particular interests.
“Climate policy should have sound economic basis to ensure that we pay fair costs for GHG emissions and get fair remuneration for mitigation outcomes. Our blockchain solution provides digital ecosystem to make it happen” Anton Galenovich PhD.
CryptoStreet: What is DAO IPCI?
Anton Galenovich: IPCI stands for ‘Integral Platform for Climate Initiatives”. DAO IPCI is blockchain ecosystem for carbon markets, societal costs mitigation instruments, environmental assets, rights and liabilities. MITO stands for “Mitigation token” and is addressing the challenge of societal costs, the costs and damages collateral to any economic activity in general. In particular and in the first instance, MITO and DAO IPCI are addressing climate change mitigation challenge.
CSt: What is the main purpose of the project?
AG: Environmental markets and carbon markets in particular are really important and potentially huge, but they are fragmented. Carbon market instruments with the same underlying are not fungible. They do need common space and tools, the ecosystem that would allow diverse stakeholders, governments, civil society, businesses and individuals actually and directly participate in mitigation activities, to register quantified commitments, invest environmental damage mitigation projects, to offset carbon footprint, acquire and trade mitigation outcomes.
CSt: How did the idea for integrating the Paris Agreement into a blockchain emerged?
AG: Our team combines profound expertise in blockchain and 25 years of experience in climate policy, environmental markets. Paris Agreement per se is a ‘global climate policy decentralized interaction protocol’. So public blockchain is a very logical solution. We have been in contact with UNFCCC Secretariat and a number of Parties to UNFCCC and they are very interested in examining blockchain solution that we developed.
CSt: Could you tell us the long-term vision?
AG:Long term vision is to embrace environmental markets, green economy gradually, reaching from voluntary, pilot markets like international aviation market-based mechanism to global interlacement of diverse societal costs mitigation programs and instruments.
CSt: What are the environmental assets?
AG:Carbon credits or other types of environmental credits , result-based, quantified commitments-based, measurable, independently verified reductions of emission of effluent are the example. Emission quotas, allowances or permits, renewable energy certificates are another example
CSt: How will impact the use of blockchain technology the carbon markets?
AG:It reduces the role of regulators, registries, tracking systems, OTC brokers, and thus transaction costs, drastically. It provides transparency, precludes double-spending makes the markets and market instruments fungible and reachable for anyone
CSt: Are you interested in future collaborations with other companies?
We are developing a public blockchain environment for any company, individual or jurisdiction to use. And we are already collaborating with UK. France, Norway, China, Russia, and other regions’ companies.
At the end of the interview we have asked Anton Galenovich, what’s his day-to-day motivation to continue to do what he is doing.
“Curiosity and opportunity to create something valuable for us and our children.”