Convert XELS XELS to Gitcoin GTC

XELS is an eco-conscious blockchain platform enabling corporations and individuals alike the ability to easily and transparently offset their carbon footprint by purchasing tokenized carbon offset credits. Since the birth of carbon offset markets in the wake of the Kyoto and Paris agreements, fraud has been a serious problem. Bad actors have been known to sell fake or expired carbon credits, and credit “recycling” fraud can lead to double spending of unretired carbon credits (see here for an example of one of the biggest fraud cases to hit carbon credits, which even ensnared Deutsche Bank. Blockchain’s distributed ledger technology is the perfect use case for carbon credits, as it cannot be changed, reversed, or double spent. Digital assets can also be “burned,” along with a transaction hash that proves the associated credit has been retired forever. We’re initially launching the eponymous XELS token as a “platform token” to access a future suite of stable tokens pegged 1:1 to various industry-standard voluntary carbon offset credits – think of those as being the “USDT” of carbon credits.

Gitcoin (GTC) is an Ethereum token that enables community governance of the Gitcoin platform. The platform is designed to fund and coordinate open source development by novel means such as quadratic funding. As of June 2021, Gitcoin has facilitated over $21 million in grants and bounties for open source developers.