Famous billionaire and reality TV star Mark Cuban has revealed that he is using blockchain technology to block carbon offsets on the Polygon network.
On a November 13 cheepThe blockchain enthusiast billionaire revealed that he has been buying $ 50,000 worth of carbon offsets and placing them on the chain as Base Carbon Tons (BCT) roughly every 10 days since KlimaDAO's launch.
BCTs are digital assets connected to the Polygon Network by the Toucan protocol that represent one ton of carbon from the Verified Carbon Unit (VCU) registry. KlimaDAO, a decentralized blockchain project that aims to drive the price appreciation of BCT and has accumulated more than 9 million BCT, told Cointelegraph that it uses Polygon as it is a negligible emissions proof-of-stake (POS) network that generates a low carbon footprint.
Cuban indicated in the same twitter thread that I would be willing to work with KlimaDAO to promote carbon removal, perhaps on carbon offsets. He said,
โI have been buying 50k in offsets every 10 days or so, verifying it and putting it on chain as BCT. I would love to do the same and probably more with the removal within KLIMA. "
Cuban's support for KlimaDAO is no surprise. Klima is in his briefcase investment. He could not be reached for comment on the extent of his involvement with Klima.
It's also not the Mavericks owner's first foray into the blockchain-based ESG space. dClimate Announced in June of this year that Mark Cuban had joined the network as an investor and strategic advisor. dClimate is the first decentralized climate data network.
Cuban said: "I am excited to be working with a team that is using blockchain and smart contracts to solve an urgent real-world problem and that is building a platform to help organizations around the world develop climate resilience."
Related: Bitcoin miners look to nuclear power as sustainable energy
Cuban appears to be leaning on blockchain solutions to address climate challenges, with two of the three environmental investments listed on the Mark Cuban Companies website focusing on distributed ledger technologies.
Last week's COP26 climate conference in Scotland also saw the start of a new blockchain initiative aimed at tackling climate problems.
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