A two-way bridge between legacy energy attribute certificate registries and open blockchains
The Jasmine bridge allows anyone to bring their Energy Attribute Certificates (EACs) on-chain tokenized as Energy Attribute Tokens (EATs). Tokens have multiple advantages over legacy certificates, including full transparency, programmability, fractionalization, and composability with the emerging DeFi and Refi ecosystems. We want tokenized energy attributes to become a new web3 building block imported from "the real world."
Energy Attribute Tokens (EATs) are not just real-world assets with value. They are functional building blocks - which means you can do things with them! Most importantly you can redeem them to attribute your energy consumption.
We think this new functional building block should be on every blockchain. We're launching on a single blockchain but plan to support more public blockchains in the future.
Jasmine is a registered broker on each legacy registry we support. We maintain a custodial account on each of those registries. To bring an EAC on-chain, a user deposits it into our custodial account, and an EAT is minted for them to claim on the blockchain.
EACs are held in these custodial accounts while their EATs circulate on-chain. This keeps them out of circulation in the legacy over-the-counter (OTC) market and prevents double-spending.
When EATs are redeemed on-chain, the off-chain EAC is sent irrevocably from the custodial account to a redemption account maintained by the registry. When EATs are bridged off-chain, the off-chain EAC is released from that custodial account to the registry account controlled by the user bridging them off.
Because bridging an EAC on-chain is a non-destructive process, EATs can bridge off the blockchain to be EACs in the legacy registries again. We don't think that this will be a popular operation because Energy Attributes are more useful on-chain. But in extremis, this function puts a floor on the price of EACs because they can be bought on-chain and migrated back into the off-chain over-the-counter (OTC) market for natural arbitration.