When Poseidon launched, we offered the ability to address the environmental impact of greenhouse gas emissions through the support of forest conservation projects in places like the Cordillera Azul national park in the Peruvian Amazon. The financial instrument that is used to channel funding to such projects is called a carbon credit, which we had tokenized in a Stellar Asset called FCC (forest carbon credit). We processed retail transactions using a Stellar token called OCEAN, which acted as our instrument of payment. It was a closed-loop transaction in which we were the market maker and where the purpose of using the Stellar blockchain was to create an accounting record.

We would like to use the SDF grant to expand from tokenizing carbon credits to tokenizing additional social as well as environmental impacts in areas like waste, water, energy, and similar areas. We would then launch these tokenized assets on the Stellar DEX and manage Buy/Sell offers of these assets against our payment token OCEAN.

Instead of performing our current closed-loop transactions, we would submit Buy offers to the DEX and as part of a future scope opening up our offers on the DEX to retail investors.

Poseidon launched its retail solution at the Ben & Jerry’s flagship store in London in May 2018 that has been lauded by Forbes as “the first real-world example of trading carbon credits on the high street, powered by blockchain.”

We have since then worked with clients like Liverpool City Council, the government of the Isle of Man, the supercar manufacturer BAC, the shoe brand Vivobarefoot, and our solution is live in both physical as well as ecommerce stores.

We transacted almost 100,000 contributions towards social and environmental sustainability projects and invested over 1 million SGD into various forest conservation projects in Africa (Democratic Republic of Congo, Malawi, Uganda, Zimbabwe), South America (Brazil, Peru), and Southeast Asia (Cambodia).

Over the past 4 years, we have protected almost 6 million mature rainforest trees, directly supported over 150 indigenous people, conserved an area the size of 400,000 tennis courts, and addressed 12 of the 17 United Nations Sustainable Development Goals.

Since inception, Poseidon has been bootstrapped by its founders.

One of the greatest drivers of climate change is consumerism, and more specifically the social as well as environmental impacts of consumer products. While the end-goal has to be the development of socially as well as environmentally friendly consumer products, it would be a fatal mistake to believe that this could be achieved, on a global scale, in time to ensure that our planet can continue to support human life. It has not happened for the past 50 years, since climate change has been tabled as an existential threat, and there is no indication that this would now suddenly change within the next decade or two.

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The problem is that we need a solution that works today, now, with the society and economy we live in. Everyone understands that our lifestyle is responsible for undesired negative social as well as environmental impacts. This is especially true for consumer products. Numerous studies have shown that when consumers buy a product or service they prefer those with lower negative impacts and will even pay more.

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It is rarely possible for average consumers to qualify, quantify, and especially address those undesired social and environmental impacts. This is both a data and service issue.Our platform enables our clients as well as their customers to address these undesired social as well as environmental footprints and even go further by creating a positive impact.

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We offer this through a fully-developed plug-and-play-ready integration that has been tried and tested for the past 3 years in various real-time scenarios with governments, corporations, high-street retail, and e-commerce. We provide consumers with a simple, fun, affordable, and empowering solution to save our planet.

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Stellar has always been at the core of our technology stack after we have conducted a detailed comparison of blockchain solutions in Q3 2017. We have been using Stellar since Q4 2017 to tokenize carbon credits and have been featured by Forbes in May 2018 as “the first real-world example of trading carbon credits on the high street, powered by blockchain.”

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Since May 2018, we have helped clients including Ben & Jerry’s, Vivobarefoot, and the City of Liverpool balance their social and environmental impacts. The main differentiators between us and our competitors are our real-time and seamless POS integration and our platform fee of 3%, which is by far the lowest in the industry.

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Our platform is powerful and flexible, applicable to the most pressing challenges of our time. We have a track-record, a proven and tested platform, a motivated and experienced team, and we are ready to scale.

To support our goal to expand from carbon credits to other social as well as environmental sustainability projects, we seek an SDF grant of 40,000 USD at this stage.

This will allow us to hire 2 developers at a blended rate of 5,000 USD each for a duration of 4 months, which we forecast to be sufficient to develop, test, and take this new functionality live.

Our social media is currently dormant as we are preparing to launch our mobile app and revamped website. The following show our previous posts:

• https://www.instagram.com/poseidon_foundation
• https://twitter.com/Poseidon_Eco
• https://www.facebook.com/PoseidonFoundation

As a for-profit, our code is proprietary and not open-source.