Glossary
Definitions of key terms used across the NCRB platform. Terms span carbon markets, other natural capital asset classes, blockchain and real-world asset concepts, regulatory frameworks, and NCRB-specific platform terminology.
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A
Additionality The principle that a carbon or environmental credit represents emission reductions or benefits that would not have occurred without the revenue generated by the project. A non-additional project would have happened regardless of credit income, making the credit worthless as a claim of impact. All registries accepted on NCRB evaluate additionality as part of their standard, and NCRB's quality scoring weights it at 20%.
Afforestation The establishment of a forest on land that has not been forested in recent history (typically 50+ years). Contrasted with reforestation (replanting a recently cleared forest) and avoided deforestation (REDD+). Afforestation projects generate carbon credits for the carbon sequestered as trees grow, typically under Verra VCS or Gold Standard methodologies.
Article 6 (Paris Agreement) The section of the 2015 Paris Agreement that establishes mechanisms for countries to cooperate in achieving their climate targets (NDCs). Article 6.2 governs bilateral trading of Internationally Transferred Mitigation Outcomes (ITMOs) between countries. Article 6.4 establishes a new UN-supervised crediting mechanism (successor to the CDM). Credits traded under Article 6 require a corresponding adjustment to prevent double counting between the selling country and the buying entity's host country.
Article 6.2 A bilateral cooperative mechanism under the Paris Agreement allowing countries to trade emission reductions (ITMOs) directly with one another. Transactions must be authorised by both governments. Credits sold under Article 6.2 authorisation carry a corresponding adjustment, meaning the host country surrenders the climate benefit to the buying country. NCRB records Article 6 authorisation status on each listing.
Article 6.4 The centralised UN-supervised crediting mechanism under the Paris Agreement, intended to replace the Clean Development Mechanism (CDM). The Article 6.4 Supervisory Body oversees methodology approval, auditing, and issuance of credits called A6.4ERs. Projects must demonstrate additionality, permanence, and MRV compliance to be approved. Full operationalisation is ongoing as of 2025.
AssetRegistry The NCRB smart contract that manages the lifecycle of submitted certificates from creation through to approval. Registries and proponents submit certificates to AssetRegistry, which assigns a unique on-chain ID, tracks status transitions (Pending → Approved → Minted → Retired), and enforces governance authorisation before any tokens are minted.
B
Baseline The projected level of greenhouse gas emissions (or environmental condition) that would have occurred in the absence of the project. The carbon credit volume is calculated as the difference between the baseline scenario and the actual measured emissions. Baselines must be credible, conservative, and regularly updated; inflated baselines are one of the most common sources of credit over-issuance.
Biodiversity Credit A tradeable unit representing a measurable, verified improvement in biodiversity — for example, habitat restoration, species protection, or an increase in ecosystem integrity. Biodiversity credits are distinct from carbon credits, though projects can generate both simultaneously. Standards include Plan Vivo, the Biodiversity Credit Alliance framework, and national biodiversity net gain schemes. NCRB supports biodiversity credits as asset type 9.
Biodiversity Net Gain (BNG) A regulatory requirement (most developed in England under the Environment Act 2021) that development projects leave biodiversity in a measurably better state than before. Developers who cannot achieve net gain on-site must purchase biodiversity credits from off-site habitat schemes. BNG units are tradeable and can be tokenised on NCRB as biodiversity credits.
Blockchain A distributed ledger that records transactions in cryptographically linked blocks, making records tamper-evident and verifiable without a central authority. NCRB uses EVM-compatible blockchains (Avalanche, Ethereum, XRPL EVM) to issue, transfer, and retire environmental asset tokens. The immutable nature of blockchain records provides a verifiable audit trail for every credit lifecycle event.
Burn / Token Burn The permanent and irreversible destruction of a token. On NCRB, retiring a credit burns the corresponding token — the token is removed from circulation and cannot be re-transferred, re-sold, or re-used. Burning enforces single-use of each credit and is the primary mechanism preventing double counting.
C
Carbon Credit A tradeable certificate representing the reduction, avoidance, or removal of one metric tonne of carbon dioxide equivalent (tCO₂e) from the atmosphere. Credits are generated by projects that reduce emissions (e.g., renewable energy replacing coal) or sequester carbon (e.g., forest protection, soil carbon). Buyers use credits to offset or neutralise their own emissions. On NCRB, carbon credits are asset type 0 (CARBON_CREDIT).
Carbon Footprint The total volume of greenhouse gas emissions — measured in CO₂ equivalent (tCO₂e) — produced directly or indirectly by an individual, organisation, product, or activity over a defined period. Organisations calculate their carbon footprint as the starting point for setting reduction targets and determining how many carbon credits are needed to neutralise residual emissions.
Carbon Insetting The practice of investing in emission reductions or removals within a company's own value chain — among its suppliers, farmers, or raw material sources — and earning credits for those reductions. Insetting differs from offsetting in that the project is directly connected to the buyer's business. On NCRB, listings tagged with an Insetting badge represent credits from projects within the buyer's supply chain.
Carbon Offsetting The practice of purchasing carbon credits from projects outside a company's value chain to compensate for emissions the company cannot yet eliminate internally. Offsetting is the most widely used approach in the voluntary carbon market and is supported by standards such as Verra VCS, Gold Standard, and ACR. On NCRB, listings tagged with an Offsetting badge represent credits from unrelated third-party projects.
Carbon Sequestration The long-term capture and storage of atmospheric carbon dioxide. Natural sequestration occurs in forests, soil, wetlands, and oceans (blue carbon). Engineered sequestration includes direct air capture (DAC) and bioenergy with carbon capture and storage (BECCS). Sequestration projects generate removal credits, which are increasingly valued over avoidance credits due to their direct drawdown of existing atmospheric CO₂.
CCB Standard (Climate, Community & Biodiversity) A certification standard (administered by Verra) that verifies carbon projects deliver additional benefits for local communities and biodiversity. CCB Gold certification commands a significant price premium — typically 30–100% above uncertified credits of equivalent vintage — and is reflected positively in NCRB's Social Impact quality dimension.
CCP (Core Carbon Principles) A set of threshold quality standards for carbon credits developed by the Integrity Council for the Voluntary Carbon Market (ICVCM). Credits that pass the CCP assessment process receive a "CCP-Approved" label and are considered the highest-integrity tier of the voluntary carbon market. CCP approval status is tracked on NCRB and positively weighted in the Certification Level quality dimension.
Certification Third-party verification that a project and its credits meet the requirements of a recognised standard (e.g., Verra VCS, Gold Standard, ICVCM CCP). Certification involves independent auditing of the project's additionality, baseline, MRV system, and permanence mechanisms. Only credits from certified projects are accepted on the NCRB platform.
Co-benefits Positive environmental, social, and economic impacts generated by a project beyond its primary climate or environmental goal. Examples include biodiversity conservation, job creation, improved water quality, and support for Indigenous communities. Co-benefits are tracked via certifications (CCB, SDG badges), are disclosed on each NCRB listing, and are weighted in the Social Impact quality dimension.
Compliance Carbon Market A mandatory market in which companies, governments, or other entities are required by law to offset emissions above a regulated cap. Major compliance markets include the EU Emissions Trading System (EU ETS), the UK ETS, California's Cap-and-Trade program, and CORSIA for aviation. Compliance credits are typically different instruments from voluntary carbon credits and cannot be freely interchanged. NCRB's primary focus is the voluntary market, though compliance-relevant credits are identified on listings.
CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) A global offsetting scheme adopted by ICAO (the UN aviation body) requiring international airlines to offset growth in emissions above 2019 levels. CORSIA has an approved list of eligible carbon credit programmes; credits must meet specific additionality and MRV standards. CORSIA eligibility is disclosed on relevant NCRB listings.
Corresponding Adjustment An accounting mechanism under Article 6 of the Paris Agreement that prevents double counting of emission reductions between a host country and a buyer. When a host country authorises a credit for use by a foreign buyer, it must add back those emissions (or remove the reduction) from its own NDC accounting. Without a corresponding adjustment, both the host country and the buyer could claim the same tonne of CO₂.
CSRD (Corporate Sustainability Reporting Directive) An EU regulation requiring large companies to report on environmental, social, and governance (ESG) impacts using standardised European Sustainability Reporting Standards (ESRS). NCRB's data fields align with ESRS E1 (climate), E2 (water and pollution), and E4 (biodiversity), enabling buyers to use NCRB-sourced credits and data directly in their CSRD disclosures.
D
Double Counting When the same emission reduction or environmental benefit is claimed more than once — for example, by both the project developer and the buyer, or by both the host country and the importing country. Double counting is prevented on NCRB through: (1) token burning upon retirement, (2) the BuyerClaimsRegistry recording each retirement against exactly one wallet, and (3) corresponding adjustment status tracked on each certificate.
E
ERC-20 The foundational fungible token standard on Ethereum-compatible blockchains. An ERC-20 token is interchangeable (each unit is identical) and compatible with wallets, exchanges, and DeFi protocols that support the standard. All NCRB RWA tokens are ERC-20 compatible, meaning they work in MetaMask and any EVM-compatible wallet without special configuration.
ERC-7943 (uRWA — Universal Real-World Asset)
The emerging EVM token standard that NCRB uses for all issued credits. ERC-7943 extends ERC-20 compatibility with lightweight compliance hooks (canTransfer, canTransact, getFrozenTokens) that allow on-chain enforcement of transfer restrictions, KYC/AML requirements, and regulatory recovery — without mandating a specific identity system or heavy metadata schema. It reduces gas costs for transfer checks by approximately 70% compared to earlier compliance-focused token standards (ERC-3643, ERC-1400). See the ERC-7943 FAQ for a detailed comparison.
Emission Reduction A measurable decrease in the volume of greenhouse gases released into the atmosphere, expressed in tCO₂e. Emission reductions can be achieved by switching fuel sources, improving energy efficiency, capturing methane from landfills or agriculture, or protecting forests that would otherwise have been cleared. Each verified tonne of emission reduction can be represented by one carbon credit.
F
Forestry Rights Legal entitlements to manage, harvest, or conserve forested land for economic purposes. Tokenised forestry rights on NCRB represent verified, sustainable forest management entitlements. They differ from carbon credits in that the primary value is in the timber, conservation, or land asset itself rather than a specific quantity of CO₂. NCRB supports forestry rights as asset type 8.
Fractional Ownership The division of a high-value asset into smaller, tradeable units, enabling investors to hold a proportional stake without purchasing the entire asset. Tokenisation on NCRB enables fractional ownership of natural capital assets — a forestry right or large carbon credit batch worth millions of dollars can be subdivided into tokens each worth a small fraction, lowering the minimum investment threshold and widening market access.
G
GHG (Greenhouse Gas) Any gas in the Earth's atmosphere that absorbs and re-emits infrared radiation, contributing to the greenhouse effect and climate warming. The primary GHGs are carbon dioxide (CO₂), methane (CH₄), nitrous oxide (N₂O), and fluorinated gases (HFCs, PFCs, SF₆). All are expressed in CO₂ equivalent (CO₂e) using their Global Warming Potential (GWP) for comparison. Carbon credits represent one tonne of CO₂e avoided or removed.
Gold Standard (GS4GG)
A certification standard founded by WWF and other NGOs, requiring carbon and broader sustainability projects to demonstrate rigorous additionality, measurable SDG co-benefits, and stakeholder engagement. Gold Standard projects command a price premium in the voluntary market and are CCP-eligible. On NCRB, the registry type is identified as goldstandard and project IDs take the format GS{sustaincert_id}.
Governance (NCRB Platform) The process by which certificates are reviewed, scored, and approved for token minting on NCRB. After a registry submits a certificate, the oracle runs a quality assessment, then submits a mint proposal to the MultiSigGovernance contract. Designated governance signers (holding GOVERNANCE_ROLE) must approve the proposal before tokens are minted and distributed to recipients. Admins holding ADMIN_ROLE also have access to the governance portal.
I
I-REC (International Renewable Energy Certificate) A globally recognised certificate standard for renewable electricity generation, used outside North America (North America uses RECs). One I-REC represents 1 megawatt-hour (MWh) of electricity generated from a renewable source. Buyers retire I-RECs to substantiate renewable energy claims in sustainability reports. NCRB supports renewable energy certificates (I-RECs and equivalent schemes) as asset type 7.
ICVCM (Integrity Council for the Voluntary Carbon Market) An independent governance body that sets threshold quality standards — the Core Carbon Principles (CCP) — for voluntary carbon credits. ICVCM assesses carbon programmes (such as Verra VCS and Gold Standard) against the CCPs and designates specific credit categories as "CCP-Approved". CCP approval is the highest integrity designation in the voluntary carbon market and is tracked on each NCRB listing.
ITMO (Internationally Transferred Mitigation Outcome) A unit of emission reduction authorised by a host country government for transfer to another country or buyer under Article 6.2 of the Paris Agreement. ITMOs enable countries to meet NDC targets through international cooperation. They must be accompanied by a corresponding adjustment in the host country's greenhouse gas accounts. Not all voluntary carbon credits are ITMOs — only those specifically authorised by the host country government.
K
KYC / AML (Know Your Customer / Anti-Money Laundering) Regulatory requirements for financial service providers to verify the identity of their clients and monitor transactions for suspicious activity. On NCRB, all participants (buyers, sellers, registry partners, and governance signers) must pass KYC/AML checks before their wallet is registered in the AccountManager contract and granted an active status. This gating prevents anonymous actors from participating in the marketplace.
L
Leakage A reduction in the effectiveness of an environmental project when its activities cause emissions or harm to shift to another location rather than being eliminated. For example, a forest protection project may cause loggers to move to and clear an adjacent forest (carbon leakage). Methodologies address leakage with discount factors applied to the credit volume; higher leakage risk reduces the quality score on NCRB.
M
MiCA (Markets in Crypto-Assets Regulation) A comprehensive EU regulatory framework for crypto-assets, effective from 2024. MiCA classifies tokens, imposes disclosure requirements (whitepapers), reserves requirements for asset-referenced tokens, and establishes a complaints handling process. NCRB is building MiCA compliance infrastructure including token classification, whitepaper publication, and reserve attestation endpoints. See Task 14 in the roadmap.
Minting The process of creating and issuing new tokens on a blockchain. On NCRB, minting occurs after a governance proposal is approved: the MultiSigGovernance contract calls the RWAToken contract to mint the authorised volume of tokens and distribute them to the designated recipients (project owner, NCRB treasury, and any third parties) in the proportions set in the distribution schedule.
MRV (Monitoring, Reporting, and Verification) The systematic process of measuring greenhouse gas emissions or environmental benefits (Monitoring), recording and disclosing results (Reporting), and having an independent third party confirm the data is accurate (Verification). All carbon and environmental credit programmes require MRV as the foundation for credit issuance. Rigorous MRV is a key component of the Technical Quality and Certification Level dimensions in NCRB's quality scoring.
MultiSigGovernance The NCRB smart contract that governs the mint proposal lifecycle. A mint proposal is submitted by the oracle (with distribution recipients, volumes, and quality scores), reviewed by governance signers, and executed or rejected by multi-signature approval. The contract enforces that the sum of distribution percentages equals 100% and prevents execution of rejected proposals.
N
Natural Capital The world's stocks of natural assets — including soil, air, water, biodiversity, forests, minerals, and ecosystems — that provide flows of goods and services (ecosystem services) valuable to humanity and the economy. Natural capital accounting seeks to measure and assign economic value to these assets. NCRB's mission is to create transparent, liquid markets for tokenised natural capital assets across ten asset classes.
NCSC (Natural Capital Stablecoin) NCRB's USD-pegged stablecoin (ticker: NCSC), backed by natural capital asset tokens locked in the TreasuryAssetContract. For every RWA minting event, at least 1% of the minted tokens are locked in the treasury as collateral; the NCSC supply is adjusted to match the USD value of those locked assets. NCSC is ERC-20 compatible. Redemption for fiat currency is gated pending regulatory approval. See the NCSC FAQ for details.
NDC (Nationally Determined Contribution) A climate action plan submitted by each country under the Paris Agreement, setting out national targets for reducing greenhouse gas emissions and adapting to climate impacts. NDCs are updated every five years with progressively more ambitious targets. The corresponding adjustment mechanism under Article 6 ensures that carbon credits traded internationally are properly accounted for in both the host and buyer country NDCs, preventing double claiming.
Nitrogen Credit A tradeable unit representing a verified reduction of nitrogen pollution — typically nitrogen runoff into waterways from agriculture. Nitrogen credits are generated by farmers who implement practices reducing fertiliser use or improving nutrient management, and purchased by municipalities or industries facing nutrient discharge limits. NCRB supports nitrogen credits as asset type 2.
NCRB Rating Bands NCRB's quality rating system that maps a numerical quality score (0–100) to a letter band, aligned with institutional rating conventions used by Sylvera and BeZero Carbon:
| Band | Score Range | Description |
|---|---|---|
| AAA | 90–100 | Highest integrity — premium-tier assets |
| AA | 80–89 | Very high quality |
| A | 70–79 | High quality |
| BBB | 60–69 | Good quality — institutional standard |
| BB | 50–59 | Moderate quality |
| B | 40–49 | Below average |
| CCC | 30–39 | Low quality |
| CC | 20–29 | Very low quality |
| C | 10–19 | Minimal quality |
| Not Eligible | 0–9 | Does not meet minimum standards |
O
On-chain Describes data, transactions, or logic that exists and is executed directly on a blockchain. On-chain records are transparent, immutable, and auditable by anyone. On NCRB, credit issuance, transfers, retirements, governance votes, and quality scores are all stored on-chain, providing a verifiable and tamper-evident audit trail without reliance on a central database.
Oracle
A service that brings external (off-chain) data onto a blockchain, or that executes off-chain actions triggered by on-chain events. The NCRB oracle service (ncrb-oracles) is a Node.js API that reads blockchain events, runs quality assessments, submits governance proposals, aggregates prices from multiple sources, and pushes price data to the RWAPriceOracle contract. The oracle is the bridge between the off-chain registry data and the on-chain smart contracts.
P
Paris Agreement The 2015 international treaty on climate change, adopted under the UN Framework Convention on Climate Change (UNFCCC), committing countries to limit global average temperature rise to well below 2°C above pre-industrial levels and to pursue efforts to limit warming to 1.5°C. The Paris Agreement introduced Nationally Determined Contributions (NDCs) and Article 6 cooperative mechanisms, which underpin modern carbon market architecture.
Permanence The expected duration over which a carbon or environmental benefit will persist. A carbon removal is only as valuable as its permanence — a forest that is later cut down or burns releases its sequestered carbon back into the atmosphere. Standards address impermanence risk through buffer pools (a percentage of credits held in reserve to cover reversals) and long-term monitoring requirements. Permanence is weighted at 20% in NCRB's quality scoring.
Phosphorus Credit A tradeable unit representing a verified reduction in phosphorus pollution entering waterways — typically from agricultural runoff, sewage, or industrial discharge. High phosphorus levels cause eutrophication (algal blooms, oxygen depletion) in lakes and rivers. Phosphorus credits are purchased by regulated entities that cannot meet nutrient discharge limits from their own operations. NCRB supports phosphorus credits as asset type 3.
Plan Vivo A certification standard for community-based environmental projects, particularly in smallholder forestry, agroforestry, and land restoration in developing countries. Plan Vivo has a strong focus on co-benefits, Indigenous and local community engagement, and long-term land stewardship. It is one of the supported standards for biodiversity and forestry credits on NCRB.
Plastic Credit A tradeable unit representing the verified collection and responsible disposal or recycling of one kilogram (or metric tonne, depending on the programme) of plastic waste. Plastic credits are generated by waste collection and recovery organisations and purchased by companies seeking to address plastic pollution linked to their products or operations. NCRB supports plastic credits under the Verra Plastic Program (VPP) as asset type 1.
Proof-of-Reserve
An on-chain attestation mechanism that verifies the value of assets held in a treasury or reserve matches the liabilities (e.g., outstanding stablecoin supply) they are intended to back. NCRB's Proof-of-Reserve infrastructure (planned) will use a ProofOfReserve.sol contract implementing the Chainlink Aggregator interface so the collateralisation of NCSC can be independently verified by anyone at any time.
Q
Quality Assessment The process by which NCRB evaluates each submitted certificate across six weighted dimensions: Technical Quality (25%), Additionality (20%), Permanence (20%), Certification Level (15%), Social Impact (12%), and Vintage / Condition (8%). The assessment is run automatically by the oracle service and results in a numeric score (0–100) and a rating band (AAA → Not Eligible). The score is submitted on-chain and disclosed on each listing.
Quality Score The numeric output of NCRB's quality assessment, expressed as a value from 0 to 100. A score of 90+ earns a AAA rating; scores below 10 render an asset ineligible. The score aggregates six weighted dimension scores using registry-specific rating bands (e.g., Sylvera ratings for carbon credits, USDA land classes for agricultural land). See Quality Scoring for the full methodology.
R
Real-World Asset (RWA) A physical or legally recognised off-chain asset — such as a carbon credit, land title, commodity, or bond — that is represented as a token on a blockchain. Tokenising an RWA makes it tradeable, fractionable, and programmable without requiring physical transfer of the underlying asset. NCRB specialises in tokenising natural capital RWAs across ten asset classes.
REDD+ (Reducing Emissions from Deforestation and forest Degradation) A UN-backed framework that incentivises developing countries to protect and sustainably manage their forests. REDD+ projects generate carbon credits by measuring the difference between the forest's baseline deforestation rate and its actual deforestation under the project. REDD+ is one of the largest categories in the voluntary carbon market by volume and is supported under Verra VCS methodology VM0015 and others.
Registry
An organisation that issues and tracks environmental credits under an established standard. Registries maintain databases of credit issuance, transfer, and retirement records; verify project compliance; and provide serial numbers for each credit batch. Registries accepted on NCRB include Verra (VCS and Plastic), Gold Standard, Isometric, Plan Vivo, and others. In NCRB's smart contract architecture, the AssetRegistry contract is the on-chain record of submitted and approved certificates.
Renewable Energy Certificate (REC) A tradeable instrument representing the environmental attributes of one megawatt-hour (MWh) of electricity generated from a renewable source. RECs (and equivalent instruments such as I-RECs and GOOs) allow buyers to claim renewable electricity use regardless of which electrons physically flow to their facility. NCRB supports renewable energy certificates as asset type 7.
Retirement The permanent cancellation of a credit to claim its environmental benefit. Once retired, a credit cannot be re-sold, re-transferred, or re-used. On NCRB, retirement burns the corresponding token and creates an immutable record in the BuyerClaimsRegistry against the retiring wallet's address, the standard claimed, and the timestamp. Retirement is the end-of-life event for every credit.
S
SBTi (Science Based Targets initiative) A corporate framework that defines and promotes science-aligned emission reduction targets. SBTi's Net-Zero Standard requires companies to reduce emissions by at least 90% by 2050 and to use only high-quality carbon removals to neutralise the residual 10%. Credits retired as "beyond value chain mitigation" (BVCM) under SBTi must meet VCMI claims criteria. NCRB's BuyerClaimsRegistry supports SBTi-compatible retirement recording.
SDGs (Sustainable Development Goals) The 17 global goals adopted by the United Nations in 2015 as part of the 2030 Agenda for Sustainable Development. Environmental credit projects frequently align with specific SDGs — for example, forest protection supports SDG 15 (Life on Land), clean water projects support SDG 6 (Clean Water), and renewable energy projects support SDG 7 (Affordable and Clean Energy). NCRB tracks SDG alignment for each certificate and displays SDG badges on listings.
Smart Contract Self-executing code deployed on a blockchain that automatically enforces predefined rules when specified conditions are met, without requiring a trusted intermediary. NCRB uses ten core smart contracts to govern the full lifecycle of natural capital assets: AccountManager, AssetRegistry, MultiSigGovernance, RWAToken, QualityAssessment, RWAPriceOracle, StandardsRegistry, ComplianceRegistry, BuyerClaimsRegistry, and RWAMarketplace.
Stablecoin A cryptocurrency designed to maintain a stable value relative to a reference asset — typically the US dollar. Unlike Bitcoin or Ether, whose prices fluctuate, stablecoins enable predictable pricing for transactions and savings. NCRB's native stablecoin is NCSC (Natural Capital Stablecoin), pegged to USD and backed by locked natural capital asset tokens. USDC (USD Coin) is also accepted as the payment currency for marketplace trades on NCRB.
T
TNFD (Taskforce on Nature-related Financial Disclosures) A global framework helping organisations identify, assess, and report on nature-related risks and opportunities, following a structure similar to the TCFD climate framework. TNFD recommendations were published in 2023 and are increasingly integrated into corporate ESG reporting. NCRB's data fields align with TNFD's LEAP (Locate, Evaluate, Assess, Prepare) approach, supporting buyers' TNFD-compatible disclosures.
Token A digital representation of an asset or right on a blockchain. On NCRB, each RWA token represents a portion of an approved environmental asset certificate — for example, one tonne of a carbon credit batch or one unit of a forestry right. Tokens are ERC-7943 (uRWA) compatible, meaning they enforce on-chain compliance checks and are simultaneously ERC-20 compatible for use with any standard wallet or DeFi protocol.
TreasuryAssetContract The NCRB smart contract that holds natural capital asset tokens as collateral backing the NCSC stablecoin. At least 1% of every RWA minting event is automatically deposited into the TreasuryAssetContract. The contract tracks locked tokens by asset type, records a deposit log, and supports retirement and redemption flows. Its total locked USD value is used to determine the target NCSC supply.
U
uRWA (Universal Real-World Asset)
The informal name for the ERC-7943 token standard, denoting its intended use as a universal, cross-asset-class standard for tokenised real-world assets on EVM blockchains. The "u" prefix distinguishes it from asset-specific RWA token implementations. All NCRB tokens are uRWA-compliant, identified by the interface ID 0x29388973. See ERC-7943 FAQ for details.
V
VCM (Voluntary Carbon Market) The ecosystem of buyers and sellers who trade carbon credits on a voluntary (non-mandated) basis, typically to meet corporate sustainability commitments, ESG targets, or reputational goals. The VCM is distinct from compliance markets (EU ETS, California Cap-and-Trade), where participation is legally required. NCRB operates primarily in the voluntary carbon market, though it also lists credits eligible for compliance use where applicable.
VCS (Verified Carbon Standard) Verra's flagship carbon credit standard — the largest programme in the voluntary carbon market by volume. VCS credits are known as VCUs (Verified Carbon Units). Verra's registry tracks issuance, transfer, and retirement of VCUs. NCRB supports VCS credits, using Verra's API and public registry data for project lookup, serial number verification, and autofill of certificate submission forms. Project IDs are numeric; serial numbers follow a structured format.
VCMI (Voluntary Carbon Markets Integrity Initiative) An initiative that has developed a Claims Code of Practice defining credible corporate claims for carbon credit use. VCMI recognises three claim tiers: Silver (at least 20% of remaining emissions offset), Gold (at least 50%), and Platinum (100%). All VCMI claims must use credits that meet ICVCM CCP criteria. NCRB's BuyerClaimsRegistry supports recording retirements against specific VCMI claim levels.
Verra A non-profit organisation that manages the Verified Carbon Standard (VCS), the Climate, Community & Biodiversity (CCB) Standards, the Sustainable Development Verified Impact Standard (SD VISta), and the Verra Plastic Program (VPP). Verra is the largest carbon registry by volume of credits issued. NCRB supports both VCS (carbon) and VPP (plastic) projects from the Verra registry.
Vintage The calendar year in which the greenhouse gas emission reduction or removal occurred (for carbon credits), or more broadly the year in which the environmental benefit was generated. Vintage affects price — older vintages (e.g., pre-2016 credits) typically trade at a discount due to concerns about additionality and market changes, while recent vintages (2020 and newer) command a premium. On NCRB, vintage year is displayed on each listing and used in the Vintage / Condition quality dimension.
W
Wallet
A software application or hardware device that stores cryptographic keys and enables a user to interact with a blockchain — sending and receiving tokens, signing transactions, and connecting to decentralised applications (dApps). NCRB is compatible with any EVM wallet; MetaMask is recommended for new users. Wallets are identified by their public address (a 42-character hexadecimal string beginning with 0x). See the Quickstart guides for wallet setup instructions.
Water Rights Legal entitlements to use a specified volume of water from a surface or groundwater source. Water rights are allocated by governments under various legal frameworks (prior appropriation, riparian rights, regulated allocation). Tokenised water rights on NCRB represent verified, transferable entitlements, enabling transparent price discovery and fractional trading of water access in water-stressed regions. NCRB supports water rights as asset type 6.