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Contracts

They provide automated, secure, and transparent execution of various processes within the ecosystem. Here are the key roles of smart contracts in this context:

NFT Creation and Minting:​

When a plastic recovery facility completes a specific tonnage of plastic recovery, a smart contract triggers the creation and minting of corresponding NFTs. These NFTs represent plastic credits.

NFT Listing and Purchasing:​

Recovery facilities can list their GPOS NFTs on the marketplace through smart contracts. When a business purchases an NFT, the smart contract handles the transaction, updating balances, and generating proof of the transaction.

Token Rewards System:​

The smart contract calculates and distributes token rewards to individual users based on their activities, such as collecting and depositing plastic waste at recovery facilities. The token rewards are then stored in the users' non-custodial wallets.

Transaction Verification and Settlement:​

When a business purchases GPOS NFTs representing plastic credits, the smart contract ensures the validity of the transaction, updates user balances, and settles compensation to the plastic recovery facility.

Proof Generation, Storage, and Verification:​

Plastic recovery facilities interact with smart contracts to record proof of collection, processing, shipment, and resolution. These proofs are then stored on the blockchain, providing a transparent and immutable record of plastic waste management activities. Additionally, they verify the authenticity of the different proofs based on the identified relevant data points.

Compliance Checks:​

The smart contract can include logic to ensure that plastic recovery and offset activities adhere to regulatory requirements, promoting transparency and adherence to sustainability standards.

Automated Compensation for Recovery Facilities:​

When a business purchases GPOS NFTs, the smart contract automatically calculates and distributes compensation to the plastic recovery facility based on the tonnage of plastic recovered.

Automated Invoice Generation:​

Based on the quantity and quality of plastic recovered, the smart contract generates invoices for facilities, ensuring transparency and facilitating financial transactions.