- Magma utilizes VeChain blockchain for eco-friendly real estate solutions, reducing energy consumption and CO2 emission.
- Magma’s Digital Twin Tokens enable reusing, repurposing, recycling, and reselling building elements, with energy performance Smart Contracts and rewards for extra financial reporting.
Real estate is known for its high energy consumption and significant contribution to CO2 emissions. Magma, a proptech company, aims to harness the power of Web3 technologies to create more sustainable and eco-friendly solutions in the real estate sector. By choosing VeChain for its Digital Twin Tokens, Magma leverages the Proof of Authority consensus, which requires significantly lower gas fees and promotes environmentally responsible blockchain solutions.
Magma’s Digital Twin Tokens enable the reusing, repurposing, recycling, and reselling of building elements, reducing waste and the overall ecological impact of real estate. Additionally, Magma allows the creation of energy performance Smart Contracts, which further support sustainable practices in the industry.
— vechain (@vechainofficial) April 3, 2023
The platform also offers a reward mechanism for extra financial reporting, such as ESG, energy performance, and operating maintenance, incentivizing transparency and sustainable practices. By utilizing a digital model as a trustworthy common referential, Magma aims to reduce the carbon footprint and operating costs associated with real estate.
As sustainability-focused companies continue to turn to VeChain for building real-world solutions, the blockchain protocol is expanding its offerings with VORJ, cross-chain bridges, EVM tools, and other innovative products. This allows developers from across the Web3 space to access VeChain’s powerful and agile technologies for building a world of interoperable decentralized applications (DApps), ultimately driving the future of blockchain technology.