The Carbon Bridge allows anyone to bring their carbon credits from legacy registries onto the Toucan Registry.
The Carbon Bridge allows anybody to bring their carbon credits on-chain in a tokenized form. Tokens have multiple advantages over legacy credits, including full transparency, programmability, fractionalization, and composability with the emerging DeFi ecosystem. We want tokenized carbon to become a new DeFi primitive—a carbon money lego.
For now, the Carbon Bridge connects legacy carbon registries with the Toucan Registry, an on-chain registry on the Polygon network. We believe that carbon needs to be a multi-chain asset, and more public blockchains will be supported in the future.
The Toucan Carbon Bridge is a one-way bridge: carbon credits can be brought on-chain but can't go the other way. The reason for that is simple: we want to prevent double-counting and value the deterministic nature of public blockchains. This is why users of the Carbon Bridge need to retire the credits on the source registry before bringing them on-chain. This way, we can guarantee that a carbon token is unique and that burning a carbon token on-chain is equivalent to retiring a carbon credit and doesn't require a centralized entity to go retire the "real-world asset" in a carbon registry. After all, a public blockchain is probably a safer and more transparent way to keep track of carbon assets than any centralized ledger system 🤷