XELS (XELS) — price, overview & secure storage

What is XELS and who created it?

XELS is an eco-conscious blockchain platform designed to enable corporations and individuals to easily and transparently offset their carbon footprint. This is achieved by purchasing tokenized carbon offset credits. The platform was developed in response to the challenges faced by carbon offset markets, particularly issues related to fraud and double spending of carbon credits.

Key features of XELS blockchain

Since the inception of carbon offset markets following the Kyoto and Paris agreements, fraud has been a significant problem. Instances of selling fake or expired carbon credits have been reported, and credit 'recycling' fraud can lead to double spending of unretired carbon credits. Blockchain's ledger/">distributed ledger technology offers a solution to these issues, as it ensures that transactions cannot be changed, reversed, or double spent. Additionally, digital assets can be 'burned,' with a hash/">transaction hash proving that the associated credit has been retired permanently.

How XELS transactions work

The XELS platform initially launched the XELS token as a 'platform token' to access a future suite of stable tokens. These stable tokens are pegged 1:1 to various industry-standard voluntary carbon offset credits, functioning similarly to how USDT operates in the cryptocurrency space. This innovative approach aims to bring transparency and security to the carbon credit market, leveraging blockchain technology to prevent fraud and ensure the integrity of carbon offset transactions.