Technology of CO2IN
Harnessing blockchain technology for immutable transactions
A tangible value behind every CO2IN
Each CO2IN in circulation is covered by EU emission allowances, which are held in a special account. For every 1 emission allowance held, we issue 100 CO2IN credits. Therefore, 1 CO2IN is equivalent to 10 kg CO2e. Unlike other virtual assets, CO2INs are only created when the user acquires them. In contrast, they are withdrawn from circulation when they are sold. In the background, we ensure that we always own more emission allowances than the number of CO2INs in circulation. For this reason, we may temporarily restrict the ability to buy or sell CO2INs outside exchange trading hours when we cannot buy or sell emission allowances.
Each transaction is recorded in an immutable blockchain database
The CO2IN project operates on a private blockchain database powered by Tatum, a leader in the field. Every transaction is recorded in real-time and by nature of blockchain technology cannot be modified. This makes the CO2IN solution fully auditable. At the same time, all transactions within the CO2IN ecosystem are kept private, ensuring the privacy of our customers. Due to the private nature of our blockchain solution, CO2INs are not a cryptocurrency.
The price of CO2IN
In June 2023, CO2IN obtained ISO 14064:2 certification for its credits from TUV Nord Czech, which enables their use in non-financial reporting by our corporate customers. But it is also further confirmation of the effectiveness of our unique solution. Based on this certification, the number of CO2INs issued and emission allowances held is audited annually. The price of CO2INs is directly related to the market price of emission allowances on the stock exchange. The graph below shows the evolution of the price on the market for emission allowances.