WaterDAO is an open-source classification system for new sources of regenerative water. With a decentralized smart contracts protocol, organization keeps track of the processed water through on-chain water credits and establishes transparent water credit retirement with an NFT-proof. DAO makes the decisions on water producing companies onboarding, grants distribution and assets governance. DAO also provides a platform for companies to offset water from water producing companies, acting as an intermeidary and escrow to secure the retirement.View Live
Duration of work: 2 months
People on the project: 6
Organization introduced a new term in eco-related offsetting: a water credit. As the greenwashing happens frequently in the carbon credits-related projects and activities, WaterDAO aimed to eliminate the possibility of malicious retirement of the same credits from the very beginning of the credits issuing. Organization has been working on the IoT device that could measure the water processing facility activities and calculate the water credits produced, but there was no platform to track and further process the water credits from multiple producers.
Additionally to emission and retirement of water credits, organization aimed to establish the decentralized governance to fund the research projects, onboard water producing companies and manage assets of the organization in the transparent manner. A council of core DAO members wanted to make an initial review of proposals before it gets to public DAO voting, and DAO required a platform to accept initial proposals requests to either decline them early or make available for the public voting.
WaterDAO aimed to act as a platform bringing individuals and companies wanting to offset credits and water-producing companies together. Organization needed a platform where water credit offset requests could be created and tracked, and water producing companies could execute the requests once they have the sufficient amount of water credits to retire. Water producing companies could receive the FIAT renumeration for water credit retirement based on the water credit price depending on the region.
- Frontend Developer2
- Backend Developer2
- Solidity Developer1
What we use
React, Next.js, Tailwind, Ethers.js
Solidity, Hardhat, Chai
Stripe, Snapshot, Spect, SafeWallet, Filebase
AWS, Netlify, Vercel, PostgreSQL
Aegas team has introduced a decentralized blockchain solution that covered water credits emission, transfer tracking and credit retirement, as well as water producing companies provable on-chain onboarding, water credits offsetting order book, governance tokens emissions, DAO requests processing and voting. Arbitrum was selected as a deployment chain due to low gas fees and efficiency. Aegas also integrated third-party services for proposals submission and proposals voting to deliver a time-efficient solution. A secure FIAT escrow between offset-requesting companies and water producing companies was established through Stripe.
DECENTRALIZED GOVERNANCE ESTABLISHED
GREENWASHING-FREE WATER CREDITS EMISSION
WaterDAO smart contracts protocol was designed and developed tailored to the WaterDAO needs in credits emission and retirement, and deployed to Arbitrum Blockchain. Procotol establishes the operation through the water credit token - RH2O, a governance token - GH2O, and a Retired Water Credit NFT token as a proof of water credits offsetting. Protocol also contains an order book for water credits offsetting requests, handling interaction berween offset-requesting companies and water producing companies. For decentralized governance, protocol contains an on-chain provable DAO proposal requests confirmation or declining, and on-chain proposals resolving mechanics. The GH2O governance token holders need to lock their token in order to vote in DAO, and protocol supports convenient lock and unlock of tokens. The registry of water producing companies is kept on-chain as DAO onboards them, with the coordinates of processing facilities stored on-chain to further provably calculate the water credit price.
Additionally to the smart contract protocol, Spect service is set up to work as an entry point for DAO proposals submission. Service is integrated with the protocol and established tokens escrow for a certain types of supported proposals. After subsmission of proposals through spect, the solution automatically introduces the new proposals to DAO council in an easy-to-use SafeWallet application for proposals management. DAO council can initiate and confirm the decisions related to proposals without being too blockchain-savvy and composing complex transactions themselves.
Snapshot DAO is set up to work with the procotol locked governance tokens strategy and integrated with the platform in such a way that proposals are created automatically on protocol smart contract events and appear for DAO resolving in the custom Safe-Wallet application. All the proposal initial requests are stored in decentralized IPFS storage so all the DAO activity and decisions are kept transparent. Platform provides default strategies for each proposal type resolving and makes it easy for DAO council to confirm the final decision after public voting.
Token holders can operate the RH2O, GH2O and lock their tokens through an easy-to-use dApp integrated to the main DAO website.
The offsetting water credits service allows companies track their orders at different locations, see the water producers list and price to order the credits offset, pay for the orders with Stripe. Water producing companies also can approve or cancel orders made to them. Platform ensures the escrow, refund and order-based payment to the water producing company.
Aegas continues extending the WaterDAO ecosystem with new algorithms of water credits price calculation and tools for both water credit companies and companies looking to offset water.