Partnership will power communities across Southeast Asia with new economic model that generates value through sustainable behaviour.
Elastos and OTSIT Group today announced the launch of the Jasmine Project, the region’s first sustainable community powered by a regenerative-finance (ReFi) model that rewards and incentivises positive sustainable practices.
The project – which will commence in Tangerang and Serang West Java, Indonesia – is enabled by the use of Jasmine Tokens earned through carbon credits from the community’s purpose-built developments.
These neighbourhoods will be supported by infrastructure including solar panels, recycling stations and electric charging technologies that, when used, generate funds for investment in education and other social services for the communities.
The Re-Fi ecosystem will be enabled through Elastos’ decentralised technologies, whereby homeowners will be issued decentralised identifiers (DIDs) with access to decentralised storage and a purpose-built app that lets households store and track their carbon footprint and earn Jasmin Tokens.
Elastos’ blockchain-based identity and storage solutions enable a genuine community technology platform that allows all homeowners to own their data, manage their identities and monetise them as Encrypted Digital Assets (EDAs).
Furthermore, Elastos’ Web3 identity solutions and innovative consensus mechanisms on the Elastos blockchain will enable individual and communal decision making on the use of shared resources, with a key focus on education and training within communities to create future social and economic strength.
The circular economic model will be further strengthened by the use of key energy saving technologies in solar, smart homes and electric charging from Siemens and AgeVault.
The use of Elastos DIDs will at the same time allow for the use of CreDA credit scores that will provide access to inclusive finance direct to local residents by enabling them to register and build alternative credit histories based, not only on property ownership and their financial track record, but their possession and use of the Jasmine Token, earned through sustainable practices (ranging from recycling programs and renewable energy, to community education and resource use).
This will help create a virtuous cycle of affordable credit and lending rates as well as other financial products reflecting an individuals’ own choices and decisions; all uniquely controlled by the individual through their DID.
