AMA with Enrex
The AMA session with the ENREX project is declared open. For the duration of the AMA, the ability to write messages in the chat will be disabled. Today with us is the chief operational officer of ENREX — Julius Grigaitis.
Hi, Julius! Thank you for coming. Could you tell us about yourself and give us your team’s introduction?
Hey @bulk_comunity! Thank you for having me here. I’ll start by introducing myself. My name is Julius, I am the co-founder and chief of operations at Enrex. My background lies primarily with environmental commodities markets — educated in finance with a spice of carbon finance and energy markets. Most of my experience comes from working with environmental instruments such as renewable energy certificates, guarantees of origin, biofuels, energy efficiency, carbon allowances, carbon offsets, green gas and green hydrogen. That comes through regulatory perspective, as well as commercial and voluntary. The other co-owner Vytautas came to the project with a 15 year experience in IT project management and development. In total, we have about 15 people working for the company — developers, designers, marketing managers.
Thank you. We received a lot of interesting questions from our subscribers. Let’s go straight to the topic. What is the main idea of ENREX? What are the main objectives of this project?
To put it simply, Enrex is a one-stop shop for offsetting your carbon footprint in crypto, helping you reach your ultimate environmental goals! We provide crypto companies and individuals access to the carbon offset certificates. This then allows the users to officially state that they have done no harm to the environment. It is the definitive offset tracking medium between the blockchain technology and real world use cases.
You can offset your generated carbon footprint depending on your needs and targeted objects — from crypto operations to real world carbon emitting activities.
Our main objective is to become the most recognisable green crypto enterprise in blockchain. To allow everyone to easily offset their emissions with just a few clicks. This is something that I could not imagine when working in the traditional trading houses, as everything would take months. Using blockchain the whole process can take less than a minute!
Sounds very interesting. Tell us a little bit more about Carbon Offsets and Renewable Energy Certificates.
Sure thing. These are two very widely used environmental instruments. Most of the traditional corporates have been using them for more than a decade already.
A carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gasses made in order to compensate for emissions made elsewhere. Usually carbon offset projects are being developed in third world countries in order to bring more capital and labor market opportunities to countries which are lagging behind with their economies. The one who claims or consumes the carbon offset is the rightful owner of the CO2 reduction.
Carbon offset projects can be renewable energy plants (wind/solar/hydro), it can be forestation/reforestation/afforestation projects, or any other project that post-completion results in less CO2 emissions in the atmosphere. Usually 1 carbon offset is representative of 1 tonne of CO2 emissions. You will also see the term carbon credit used interchangeably within the markets.
Renewable energy certificate is a digital environmental instrument that proves that electricity has been generated by a renewable energy source (wind/solar/hydro/biomass/biogas). It is denominated in 1 MWh.
Whenever you consume physical electricity you have no way of knowing what source it came from, as typically your electricity comes from the grid. In order to show the proof of the source, you need to cover your electricity consumption with renewable energy certificates (RECs).
We are also interested in learning about the main components of the ENREX ecosystem. In particular, about DEX and dapps.
The dapp will be the primary way that users will purchase the certificates. It is almost fully developed and you can try to use it on our website enrex.io. You simply choose the blockchain network you use, connect your wallet to the app and we calculate the amount that needs to be offset. After that you select the region, where you operate in and we choose the appropriate certificate. In a minute, you receive an officially recognized certificate and can confidently say that your operations are carbon neutral.
As for the DEX, it is still in development, but it will be a fully automated and decentralized DEX for issuing, trading and tokenizing CO2 allowances and renewable energy certificates for all trading houses and power plants without intermediaries. All prosumers (A prosumer is an individual who both consumes and produces) will be able to produce renewable energy certificates, they will have an option to swap them to Enrex’s cryptocurrency in a hassle-free fashion. Via the DEX operations a prosumer will have the full insurance on the value’s non-fluctuation. In other words, the higher quality of liquidity is achieved, because the transaction fees can be manipulated and/or chosen within a lenient range.
Which blockchain did you choose to launch ENREX on and why?
Our project is built on the Solana blockchain. Their quick transactions and low fees (as well as quite low energy consumption) is what fits our framework and methodology the most. Also keeping in mind that the Solana foundation is quite environmentally conscious in general. While Enrex will operate on Solana as an SLP token, that doesn’t mean that you can’t offset transactions of other blockchain platforms. We have already integrated (BSC,ETH,BTC,DOGE) and the list is expanding together with the growth of the project.
What are the main differences between ENREX and other products that aim to achieve the same goal? What distinctive solution do you offer that can’t be found in other projects which will make you prosper both in the short and long term?
First, I think it’s important to say that we don’t really think of similar projects as competitors. There are a couple of projects that are similar to Enrex in a sense that they are working with environmental instruments.
The main differences are that:
Enrex utilizes government mandated carbon allowances, which are typically used by big carbon emitters in cap-and-trade systems.
Secondly, Enrex is not only providing access to carbon allowances and RECs — we are building a whole ecosystem, on which we will onboard other environmental instruments on top (recs, green gas, carbon allowances, carbon credits, forestry projects, etc).
Thirdly, Enrex ecosystem is also a place for developers who wish to implement their own automated calculations and methodologies for offsetting.
What are your top 3 priorities in 2022? Could you share some plans for the upcoming year?
Well, the primary focus is to have a successful launch of the token. At the same time we will be starting our staking mechanisms and our app will go live as well. Maximum effort is put into planning this as well as possible and for there to be no issues. We are doing everything we can to prevent big fluctuations by providing staking, usage, burning mechanism as well as proper market making.
A second important milestone will be the listing on CEXes in the summer and for the project to go fully mainstream, and for people, who are new in Crypto to know about Enrex as well and be able to buy the token.
Finally, my personal priority is for the project to be the source of education. By collaborating with multiple partners that are trying to achieve similar sustainability goals, we will be organizing AMAs and writing articles that will help people better understand what are the best ways to save the planet. We are also developing several projects with universities that will help us create other sustainable solutions in blockchain and in the real world. The successful launch of several of these solutions this year is probably my no.1 priority.
Thank you for your detailed answers. Personally, I was very interested to learn more about the ENREX project. I hope our subscribers also received a lot of new and useful information. Is there anything you would like to say at the end of our conversation? Let’s summarize.
I would like to invite everyone to our official channels to track our progress here:
Telegram Global community: https://t.me/enrex_community
Telegram Russian community: https://t.me/EnrexRussian
Telegram Philippines community: https://t.me/enrexph
Telegram news-only: https://t.me/enrex_io
These are the only verified official links!
Additionally, would mean the world if your community could upvote us on solana ecosystem page over here:
Thanks, and goodbye. The text version of this session will be published later. It will also contain information about the winners of the best question competition who will share the $200 reward. Thanks to all participants for their interest.