Redeem

An important driver for the creation of Buckmint was the need for a "two-way bridge" that allows BCO2 tokens to be redeemed off-chain for the underlying carbon credit. Redemption is the process by which the token holder exchanges his BCO2 tokens for actual off-chain credits.

The token holder initiates the redeem process by submitting a request to Buckmint. Upon approval of the request, Buckmint confirms the requestor has an account at the appropriate registering body. Then the BCO2 tokens are burned by the BCO2 smart contract and the physical carbon credits are then transferred from the bankruptcy remote SPV to the requesting entity's account.

Note: There is a standard 2% fee for redemption. If a BCO2 holder requests to redeem 100 BCO2s, they will receive back 98 off-chain carbon credits.