Phaeton Technology, the creator of the renewable energy powered Phaeton Blockchain, has announced the development of a Nature-based Exchange. With its BaaS (Blockchain as a Service) offering, Phaeton has been contracted by a group of partners to build an Exchange platform for nature-based assets and resources. These include carbon credits, coral reefs, land rehabilitation, just to name a few. It will be first launched in Australia, followed by a rollout across other regions.
The project’s development has started with the creation of a Sidechain application built on the Phaeton Blockchain platform to support this Exchange platform, with an expected beta testing to commence in early 2022. The first product to be released on the Exchange platform will be Carbon Credits minted to a TNFT (Tangible Non-Fungible Tokens). It provides a platform for the public to trade Carbon Credits TNFT in real-time.
Addressing the public at a launch, the CEO of Phaeton, Ron Forlee, described the engagement as a confluence of using Blockchain technology. In particular, the Phaeton Blockchain, which uses a fraction of the energy required compared to other popular blockchain platforms. It fosters a concerted effort towards ensuring that companies and businesses gain maximum advantage for promoting eco-friendly business processes. “At Phaeton, we are committed to putting people before profit and helping communities. We have a Blockchain-based technology that is powered by renewable energy. We have merged our client’s expertise to drive the value proposition trading Carbon Credits through TNFTs. This enables the ownership and authenticity for investors and producers to own the Carbon Credit TNFTs and trade them on the Exchange, which maximizes their Carbon Credit earning potentials,” Forlee explained.
The Exchange is a significant step for Australian businesses. Especially when the country aims to reduce its net carbon emission in line with sustainable development goals. Through its many eco-friendly products, Phaeton continues to champion renewable energy powered innovation across all business sectors. The Phaeton Blockchain technology has made all this possible through its Sidechains and Smart Contracts. It has enabled the company to develop data storage and management solutions, identity management, the internet of things, artificial intelligence, real estate, smarter communities and TNFTs.
Speaking about the company's commitment to green technology, Ron Forlee spoke about a power-hybrid solution strategy. This strategy has seen the company partner with energy providers to build solar farms, wind energy, hydrogen gas and other renewable power generation methods. "Our data centres are powered with energy from these hybrid sources. Not only that, but some of our equipment also come with wrap-around solar building modules for their energy and cooling,” Forlee explained.
According to the whitepaper on the company’s website, the company described the Phaeton Blockchain as transparent, secure, efficient and trustworthy. Their Blockchain, a decentralized ledger built on the Delegated Proof of Stake and Delegated Byzantine Fault Tolerance algorithms, has a five-second creation time and 250 KB block size for storing and securing transactional data.
Phaeton has set its sights on redefining the current Blockchain technology format without the associated high carbon footprint. By building the Phaeton Blockchain on energy-efficient renewable energy powered algorithm, the company aims to change the public perception and comprehension of Blockchains.
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