Use of REFI Tokens for Deploying Smart Assets
REFI Utility Breakdown
REFI tokens play a fundamental role in deploying these Smart Assets within the Circularity Finance ecosystem.
Token as a Deployment Mechanism: REFI tokens are used to pay for the deployment of Smart Assets, linking the token's utility directly with the platform's sustainability initiatives.
Facilitating Broader Participation: By using REFI tokens for this purpose, Circularity Finance enables participants to actively contribute to environmental sustainability while engaging with the DeFi platform.
Process of Data Validation and Creation of Digital Assets (NFTs)
The data produced by Smart Assets undergoes a rigorous validation process before being transformed into digital assets.
Data Validation Against Green Cross Methodology: The data from each IoT device is compared against the Green Cross Methodology via smart contracts. This ensures that the data meets specific standards for environmental impact and sustainability.
Conversion into Digital Assets: Once validated, this data is then converted into digital assets in the form of NFTs. These NFTs represent certified Positive Climate Events, creating a value chain that reflects a company's or entity's contribution to environmental sustainability.
Token Requirements for Operation: To ensure maximum efficiency, Smart Assets require XDC for settlement, PLI as the oracle token, and GCT for data validation. This tri-token model ensures operational efficiency and on-chain automation.
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